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Scheduled System Maintenance – Starting Tonight
We will be performing scheduled maintenance on a few of NAEA’s systems. Details follow:
- As noted in a Tuesday all-member email, the NAEA Member WebBoard will be undergoing scheduled maintenance starting tonight at 11:00 P.M. (EST) through 3:00 A.M. Saturday, February 22, 2020 (EST). You may experience service interruption and account login difficulties during this window.
- Our PAC website is also undergoing upgrades and maintenance, starting at 10:00 P.M., Saturday, February 22, 2020, through 4:00 A.M. (EST) Sunday, February 23, 2020, and Monday, February 24, 2020, from 9:00 P.M. to 9:30 PM (EST).
Need Timely, Relevant Cryptocurrency Education? NAEA Has You Covered
You may have heard in virtual currency news, Fortnight gamers will not need to report their virtual currency holdings to IRS. If you’re not quite up to snuff on virtual/cryptocurrency, tune into next Tuesday’s NAEA webinar, Cryptocurrency Taxation Updates, led by Jason Dinesen, EA. If you are not able to watch live, you may watch the recorded version (which, btw, is how E@lert completed our own CY19 CE requirements).
IRS Reorganization Must Protect Taxpayers by Strengthening Role of Practitioners
NAEA dedicates a sizeable portion of its advocacy resources to preserving and enhancing a taxpayer’s right to representation. In this final installment outlining NAEA’s recommendations under the Taxpayer First Act, our white paper, Creating a Taxpayer-Focused Internal Revenue Service, advances this cause. A strong IRS-enrolled agent partnership is one of the best practical actions the agency can do to ensure a better tax administration system, and NAEA makes three recommendations, namely that IRS should:
Through this white paper, NAEA hopes to provide the IRS with a blueprint for improvement. We anticipate a continuing, constructive dialog with the agency.
- create a dedicated, executive-level practitioner services unit to centralize and modernize its approach to all practitioners.
- provide practitioners in the US and abroad a robust practitioner priority hotline(s) with higher-skilled employees who have the experience and training necessary to address more complex technical and procedural issues.
- assign, under the practitioner services unit, customer service representatives (also known as a single point of contact) to each geographic area to address unusual or complex issues practitioners were unable to resolve through the priority hotline(s).
IRS Making High-Income Nonfiler House Calls
IRS this week announced it would be sending more revenue officers on surprise house calls to higher income ($100K+) individuals who failed to file in 2018 or earlier. CNBC’s Darla Mercado covers the issue well, and suggests while some 800 unannounced in-person visits will take place in the next few months, thousands more will follow.
E@lert chatted briefly with IRS’ SB/SE chief or collection operations, Paul Mamo, and happens to agree with the Politico article in which Mamo essentially says those who play by the rules want to see those who are delinquent pay their fair share as well.
Amen. And if you hear from any client who receives a house call, let us know.
IRS to Tax Pros: Use Multifactor Authentication
IRS and its Security Summit partners, through a news release, urge all tax professionals to use the free, multifactor authentication feature offered in their tax preparation software. While the release explains multifactor authentication, NIST’s overview is helpful as well.
While you are thinking about protecting your data, you may want to consider an exclusive NAEA benefit, access to preferred rates for cyber insurance coverage, which offsets the major costs associated with a security breach.
A few state items of interest:
- According to The Oregonian, Oregon’s new corporate activity tax, which went into effect January 1, is both (probably) the largest tax hike in state history and missing final regulations (though temporary rules, 17 in all, started coming out in December 2019).
- The Massachusetts Department of Revenue’s website provides a nifty list of the major personal income tax law changes for 2019.
- New Jersey has issued two technical bulletins addressing 2018 legislation that changed the net operating loss (NOL) and NOL carryover requirements from pre-allocation to post-allocation. Deloitte unpacks the bulletins.
IRS this week released Notice 2020-12 as well as Rev. Proc. 2020-12, both of which provide awaited guidance under §45Q for purposes of a carbon sequestration credit. The Notice provides broad guidance, including on how to determine when construction has begun, in lieu of taxpayers’ requests for private letter rulings. And the white-shoes over at Miller & Chevalier provide further context.
IRS issued its annual reminder for the special estimated tax payment deadline for farmers and fishermen (or women, presumably), who must also file their 2019 Forms 1040 (E@lert still suspects this quirky rule is designed simply for several questions on the SEE).
| || EVERYTHING BUT THE KITCHEN SINK|
Holy cow, we are in the thick of the filing season. In the outside world, where people sleep more than six hours per night, the first trailer for the new Wes Anderson flick, The French Dispatch, is available (worry not, Bill Murray is cast); tomorrow is National Margarita Day, celebrate if you can; the administration is attempting to prevent government architecture from, well, plain ugliness; and, to soothe your frayed nerves nothing is better than Bach (you may be reminded of the Master and Commander soundtrack).
Otherwise, we offer a lovely list of tax-related items, personally curated especially for America’s Tax Experts®:
- Speaking of member benefits, the Member Forum on NAEA’s website is exclusively for NAEA members (full, associate, etc.), which should be your go-to place if you are stumped by anything that comes across your desk. A recent chain on alimony, of all things, caught E@lert’s eyes as an example of great advice for the taking and of this community of professionals (with a special shout out to Frank Degen, EA, USTCP, and Dave Fogel, EA, CPA, USTCP) working together.
- Here is an interesting piece from RSM, suggesting individuals may capitalize some nondeductible investment fees.
- Meryl Streep and taxes means what? We do not much care if we get Ms. Streep and taxes together. In any event, one of the real players in the onscreen story just pleaded guilty in the Massack Fonseca Panama Papers investigation.
- Reminder: IRS is hiring up to 1,000 seasonal employees at 18 or so collection call sites to help staff the phone lines. According to the Service, “These employees will work with taxpayers who are behind on their tax payments and have received a balance due notice.” Interested in applying? E@lert notes a number of openings on IRS’ job board.
- The New York Times writes on tax strategies for high-net worth individuals ahead of the November elections.
- File under “It Takes a Village”: CNN is reporting a Los Angeles cab driver helped save a 92-year-old person from losing tens of thousands of dollars to a scammer posing as IRS.
“To me, every hour of the day and night is an unspeakably perfect miracle.”
— Walt Whitman (1819-1892), American poet
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NAEA E@lert | Volume 2: Issue 9
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