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| || LEGISLATIVE & TAX ADMINISTRATION NEWS|
Only a few more days until the end of filing season! Here with advice on filing an extension is Kelly Phillips Erb, the kickoff speaker at NAEA’s National Conference in July.
The House unanimously passed the Taxpayer First Act of 2019 on Tuesday, despite some concerns regarding the free file program. The bill now heads to the Senate where it is unclear if the bill will go through the Senate Finance Committee or be brought straight to the floor for a vote. Senator Grassley has indicated he supports preventing extraneous matters, such as extenders, from being added to the bill in the Senate, which should ease its passage.
For Data Junkies
The IRS released the Winter 2019 Statistics of Income report, which includes preliminary data for the 2017 filing year and shows, among other things, that California and DC had the most residents worth $5 million or more. We’ve also long been fans of the breakout by AGI range on charitable deductions (pages 11 and 12), which, for instance, was roughly $5,600 for those with AGIs between $200K and $250K and claiming the deduction.
Regulation of Return Preparers
NAEA applauds Senators Wyden and Cardin for introducing legislation yesterday to allow the IRS to regulate tax return preparers. The Taxpayer Protection and Preparer Proficiency Act requires that preparers demonstrate competency in preparing returns, claims for refund, and associated documents. It also requires preparers to complete continuing education requirements. The bill’s outlook is unclear given some Republican opposition. In the meantime, the Justice Department is still on the case and continues to go after fraudulent tax return preparers.
Priority Guidance Plan/IRB
The second quarter update to the 2018-2019 Priority Guidance Plan was released on April 5 and reflects an additional 38 completed guidance projects. And the latest Internal Revenue Bulletin includes, among other items, Notice 2019-25, which updates the waiver of addition to tax for underpayment of estimated income taxes for certain TY18 filers.
Sports Safe Harbor
Revenue Procedure 2019-18 provides a safe harbor for sports teams to treat certain player contracts as having zero value for purposes of determining gain on loss on the trade of the player.
Not Really Guidance, but...
IRS reminds U.S. citizens and resident aliens, including those with dual citizenship, of the April 15 deadline for filing an FBAR report.
TE/GE and Federally-Declared Disasters
The Tax Exempt/Government Entities division has provided examination guidance with respect to cases affected by a federally-declared disaster, terrorist, or military action.
Forms and Pubs changes
Here’s a handy IRS web page that links to articles explaining specific, post-production changes to forms, instructions, or publications, including corrections to 2018 Instructions for Form 1065.
The Department of Revenue has moved the East Valley Satellite Office to the City of Mesa.
The public comment period on the Draft Technical Information Release regarding expanded innocent spouse relief ends May 10.
The March Revenue Bulletin has been released.
| || EVERYTHING BUT THE KITCHEN SINK|
Congratulations Are in Order
We understand the results of the biennial U.S. Tax Court exam arrived earlier this week and that the following NAEA members are among the 2018 class of those non-attorneys admitted to practice before the Court: Diane Bishop, EA (NY); Keith Christoff, EA (WI); Tom Figgatt, EA (CT); Susan Gallagher-Smith, EA (OR); Amber Gray-Fenner, EA (NM); Cindy Petersen, EA (ID); Sandra Robb, EA (WA); David Tudor, EA (MT); Ruben Valdes, EA (TX); and Josh Webskowski, EA (MN).
For Comparison Purposes
Korn Ferry released an analysis of the annual earnings of tax professionals across the country and in some of the bigger cities.
A Complicated Intersection
Ed Zollars urges a careful reading of the Program Manager Technical Advice regarding the interplay between the office in home deduction and the SALT deduction limitation from the TCJA.
Royal Baby Watching Just Took an Interesting Turn
According to NAEA member, David Treitel, Meghan Markle and Prince Harry’s bundle of joy could be a dual citizen of both the U.S. and Britain, if Markle does not renounce her U.S. citizenship. As a result, the baby could be subject to U.S. taxation.
Winter Is Coming
Because Game of Thrones season 8 starts on Sunday, April 14 (FWIW, HBO did not clear this date with NAEA), here’s 60 Minutes’ Anderson Cooper transformed into a White Walker.
IRS Tax Forums Early Registration Promo Code Available
Join your colleagues for three days of informative education sessions, training, and networking featuring a full agenda of the latest tax law information, networking opportunities, and exhibits of the latest products and services for your business needs.
The Partner Association Members code is 2019NAEA#@ and is ONLY VALID FOR EARLY BIRD REGISTRATION. Early Bird Registration is from 3/1/19 – 6/15/19.
“There is no passion to be found playing small — in settling for a life that is less than the one you are capable of living.”
Nelson Mandela (1918 – 2013), South African president
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NAEA E@lert | Volume 1: Issue 22
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