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And the Nominee Is …
Do you know someone who is active in the EA community and should be recognized for his or her outstanding contributions? How about someone who tirelessly sacrifices his or her time to enhance the enrolled agent profession?
NAEA is accepting nominations for the following awards:
Email or fax awards nominations to firstname.lastname@example.org; 202-822-6270, Attn: Awards or submit nominations online.
- NAEA Founders Award
- NAEA Excellence in Education Award
- Excellence in Public Awareness Award
- EA Mentor Award
- Outstanding Volunteer Award
- Outstanding Supporter of EAs Award
- Bill Payne Advocacy Award
- The Emerging Leader Award
Deadline to submit nominations is June 15, 2019.
| || LEGISLATIVE & TAX ADMINISTRATION NEWS|
Where are We Now? If history is any guide, the next two months could be quite busy in Congress. House Democrats are looking to score some legislative victories before the long August recess. During the fall, Congress’ attention will likely turn to contentious spending issues, including increasing the debt ceiling. The Presidential election season will begin in earnest in January 2020 and continue through early summer. Seven current U.S. Senators are running for the Democrat nomination so the odds are good that Congress won’t get a ton of legislating done after the Christmas break. The next legislative session, therefore, will be a critical time to push for NAEA’s priorities, as articulated by our member advocates during the 2020 Fly-In on May 14th.
NAEA Fly-in Legislative Agenda Begins to Move through Congress. NAEA’s three-part legislative agenda is increasing the IRS’s budget, minimum standards for unenrolled tax preparers and enactment of the Taxpayer First Act – including NAEA’s private-sector eSignature proposal. We are happy to report that all three items are on the move on Capitol Hill.
The End is Near. The IRS has announced it will end the faxing of tax transcripts to third parties on July 1. This likely won’t come as a surprise to dedicated E@lert readers as we have mentioned in recent editions that NAEA has worked out almost all of the remaining issues with the new transcript delivery system. For the most part, NAEA is satisfied with the new program but will continue to follow it as IRS personnel and enrolled agents learn to navigate the new system.
- IRS Budget. As many fly-in participants noticed during their Hill meetings, increasing the funding for IRS seems to be gaining steam on both sides of the aisle. Just this week, the House subcommittee — with jurisdiction over the IRS budget approved a $12 billion appropriation for the agency — $700 million over last year’s budget. The package provides for an additional $400 million for hiring auditors and collection personnel.
- Minimum Standards. Congressman Jimmy Panetta’s office (D-CA 20th) (good job California delegation – and you know who you are!) has contacted NAEA’s GR team about being the lead sponsor of the legislative language we shopped during the Fly-in. We are working with the Panetta staff to ensure that the bill is bipartisan and that our fellow Circular 230 brethren do not sneak in any unwanted changes to the language.
- Taxpayer First Act/eSignatures. As our fly-in advocates learned in their 250 meetings with Congressional offices, a provision dealing with the IRS Free File program has stymied quick action on the Taxpayer First Act in the Senate. Fortunately, leaders of the tax writing committees in both houses have agreed to remove the Free File provision and will likely re-pass the bill in the House next week. The bill will then move to the Senate where it is hoped it will pass without controversy. NAEA’s eSignatures provision is in the Taxpayer First Act and we are encouraged by Congress’ intention to get this bill across the finish line and to the President’s desk. However, NAEA has expressed concern to IRS Commissioner Rettig that IRS personnel continue to pursue a proprietary software program for eSignatures when most Americans have used and are comfortable solutions provided by the private sector and allowed by the IRS for the mortgage industry.. NAEA will continue to work with IRS and Congress on this long overdue customer service project.
More to Come. The IRS released its draft of the new Form W-4 and is soliciting comments. NAEA is working on a detailed response for official submission, so keep checking back for updates.
Proposed Regulations on Qualified Foreign Pension Funds Sec. 897(l) will be published in the Federal Register today (June 7, 2019).
The quarterly interest rates for tax overpayments and underpayments were released in Rev. Rul. 2019-5.
Per the hint in last week’s E@lert, OIRA has completed its review of the final SALT work-around regulations disallowing certain charitable contributions when given in exchange for consideration.
Alabama. Alabama has become the latest state to regulate and tax fantasy sports betting.
Arizona. The governor signed the bill to conform the Arizona tax code to the IRC for purposes of defining federal taxable income on May 31.
Oklahoma. In what seems to be increasing frequency, the IRS has offered tax relief to folks impacted by natural disasters this week in Oklahoma — particularly those in Muskogee, Tulsa and Wagoner counties who were affected by recent storms and flooding.
Pennsylvania. The latest revenue bulletin for April and May is available.
| || EVERYTHING BUT THE KITCHEN SINK|
Who knew they were so hip? The IRS has launched an official Instagram account and embracing the new social media platform for its visual format. “They’re really leaning into being weird and making bad puns,” said Stephanie Meyers, group director of digital growth for Inc. and Fast Company magazines. “And they’re so committed to it that I look forward to seeing them in my Instagram feed every day.”
Headed to the beach and need some light reading? Well, this probably isn’t the best choice, but the Joint Committee on Taxation’s recent pamphlet on GILTI and FDII provides an excellent overview of the current rules.
Audits and Investigations. The TIGTA Semiannual Report to Congress was released earlier this week and highlights a number of the notable audits, investigations, and inspections and evaluations performed by TIGTA over the six months from October 2018 to March 2019.
Deadlines, deadlines. June 17 is the deadline for quarterly estimated payments.
“Do I contradict myself? Very well, then, I contradict myself; I am large — I contain multitudes.” ”
| || |
NAEA E@lert | Volume 1: Issue 29
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