Keeping Up With The Changes

As the president of the WSSEA, we sponsored a 16-hour tax update last week with Tom Gorczynski EA USTCP. He did a great job covering the latest tax changes and tax planning strategies. Fortunately, the changes this year were modest compared to the previous years.

There were several changes at the IRS level that had positive impacts on taxpayers. Their interpretation of the COVID based tax benefits were especially generous.

As an Enrolled Agents we are required to have 72 hours of certified continuing education over 3 years. I have accumulated 176 hours over the last 3 years, in addition to hundreds of hours of study that wasn’t certified.

The tax code is huge body of laws, regulations, case law and common practice that has evolved over the 160 years that the IRS has been in existence. Every year there are changes either from Congress, the IRS or the Courts that keep everyone involved on their toes.