Kristen Moosmiller EA, CFP®
We are thrilled to announce, that after waiting four months, the IRS has provided Kristen Moosmiller with her Enrolled Agent (EA) designation. Kristen is able to practice before the IRS. In this case, to practice means to have the ability to communicate to the IRS for a taxpayer, represent a taxpayer, and prepare necessary documents to be filed with the IRS on behalf of the taxpayer.
What does this means for clients of NorthAvenue?
In addition to preparing your tax returns, Form 2848 will allow Kristen Moosmiller/NorthAvenue to have Power of Attorney and Declaration of Representative regarding Income Tax Returns. This means that we would be able to represent our clients at a conference with the IRS, receive copies of correspondence from the IRS, file a written response to the IRS, communicate with them directly, and sign consent or an extension on our clients' behalf.
Additionally, this helps our office be more efficient and ensure that there is a little bit less on our clients' plate. All of this is included in the flat fee!
Form 2848 En Route to You
Now that NorthAvenue has an EA in house, we are preparing the aforementioned Form 2848 and sending it to all clients to review, sign, and return to us. We are including tax years 2016, 2017, & 2018 on this form so that in the case something comes up, we are prepared and in a position to be able to take action.
Networking & Continuing Education
Learning About Bitcoin and the Blockchain
Kristen, Chandler, Martina, and T.J. learned more about cryptocurrencies and the blockchain at the monthly meeting of the FPA of Central Ohio.
Presenter Brian Hurst, principal and portfolio manager at the hedge fund AQR Capital Management, shared that Bitcoin is still the most-used cryptocurrency in the world, calling it a “decentralized, distributed, and trustworthy electronic ledger service.” It’s “decentralized” as there is no regulatory authority overseeing the process; it’s distributed because anyone with a computer and access to the internet can trade in Bitcoin or become a “miner” on the blockchain; and it is “trustworthy” because each Bitcoin transaction input (i.e. “send money to XYZ”) is encoded using a cryptographic hash function, which changes the simple input data into complex output data. This ensures privacy and anonymity in blockchain transactions because it is nearly impossible to trace the output data back to the input data.
Hurst said that “miners” use computers to try to guess the output data in the cryptographic hash function in order to build the next block on the blockchain and move the transaction along. Their reward? A transaction fee of more Bitcoin.
Hurst also said that cryptocurrencies are highly speculative as an investment, but are used widely as currency in areas of the world with an unstable banking system, such as Venezuela.
See If Your Savings Is Covered By FDIC
Those with savings accounts at banks - both local and online - can rest assured that their deposits are protected from bank failure thanks to the FDIC, or Federal Deposit Insurance Corporation. This independent agency is backed by the full faith and credit of the U.S. government. Since its creation in 1933, no deposit has ever lost one penny of FDIC-insured deposits, according to FDIC.gov.
The FDIC protects funds of up to $250,000 per account owner per banking institution, or up to $500,000 for accounts of two or more owners. But what if the account is owned by a single person and he/she has more than $250,000 in deposits--is he/she protected then?
The FDIC has provided a handy calculator to find out. Called EDIE (Electronic Deposit Insurance Estimator), this tool will allow bank account owners to see just how much FDIC insurance is protecting their bank accounts. We have used it to ensure that several clients were protected, and we want to share it with you. Click here to check it out for yourself.
NorthAvenue Supports Jerseys of Hope
In early April, Kristen and T.J. took a break from taxes to attend a fundraiser benefiting Jerseys of Hope.
It was a double date as Kristen brought her husband, Jeff, and T.J. brought his wife, Maria. The annual event, held at Barrel On High in the Short North, consisted of a three-course meal accompanied by creative cocktail concoctions. Everyone agreed that the peach upside down cake for dessert was the best part.
According to its website, Jerseys of Hope is a “non-profit organization committed to inspiring a sense of community and wellbeing in hospitals through the donation of new and gently used athletic jerseys to be worn by patients rooting for their favorite team.”
NorthAvenue is proud to support Jerseys of Hope.
After Tax Season, We Feast!
We postponed celebrating Martina’s birthday until after tax day, and she introduced us all to her favorite Korean spot, Lotte. It was a welcome break and tasty meal, with no tax returns waiting for us back at the office. We have truly enjoyed working alongside Martina and Bobbie as the latest additions to the team over the past few months. Thank you for joining us for tax season!
If looking for some spicy and authentic Korean food, Lotte comes highly recommended. It was so good, that we had to share a photo of our lunch spread. It’s located not too far from our office, so we are happy to have found another lunch-time staple.