Final Tangible Property Regulations Necessitate that Many Businesses Apply for Change Of Accounting Method: IRS Form 3115; Rev Procs 2015-13 & 2015-14

Back in June 2014 I blogged about the new IRS Regulations governing tangible personal property. These regulations prompted a vigorous debate over the last 7 months between the most astute students of the US Tax Code as to what constitutes the need to file IRS Form 3115 – Change in Accounting Method for our business clients as a direct result of these new governing regulations.

Many practitioners make compelling points supporting the position that most ALL Read More

That’s right Y’all this is another one of those quite game changers for owners of tangible property concerned about keeping the IRS at bay by actually adhering to the specific US Tax Code and subsequent IRS Revenue Procedures.

My apologies for being so brazen but I more than most appreciate the fact the the IRS compliance and enforcement functions demonstrated segregated profiling beyond reproach in these regards and that in deference to flaccid attempts at enforcement historically to date a ‘hide your head in the sand’ approach stood more than a coin toss chance of being successful as up until recently the IRS has been a day late and a dollar short assessing tax within the time frame allowed by statute. Read More

The Enrolled Agent (EA) is arguably the longest standing professional tax designation.  Although at times overshadowed by other tax professionals EA’s are the only federally licensed tax practitioners who specialize in taxation.

The EA was established in 1884 when Congress acted to regulate persons who represented citizens in their dealings with the U.S. Treasury Department.  Only Enrolled Agents, Attorneys and CPA’s have unlimited rights to represent taxpayers. Enrolled Agents focus specifically on the US Tax Code.

To become a candidate for the EA designation one must pass the Special Enrollment Exam (SEE), a three-part examination covering Individuals, Businesses, and Representation, Practices and Procedures.  If successful an EA candidate is then subjected to a rigorous background check conducted by the IRS.  Once approved as an EA each person must fulfill annual continuing education requirements.

Empowered by the U.S. Department of the Treasury, Treasury Circular 230 provides the rules of practice for Enrolled Agents as well as certified public accountants, and tax attorneys; with oversight provided by the Office of Professional Responsibility (OPR).

Due in large part to the stringent testing required to become an enrolled agent and the requirements to maintain the license, there are only about 46,000 practicing enrolled agents.

Basically Enrolled Agents are federally authorized with licenses issued by the US Treasury enabling practice in all states in the United States. Alternatively CPA’s are state licensed and as such can only practice in the states where they are licensed.

Ultimately though the biggest difference is that the most astute CPA’s rely on the expertise of Enrolled Agents when seeking clarity on the US Tax Code.