This message was sent to ##Email##
|| YOUR MEMBERSHIP INFORMATION|
Full Name: ##firstname## ##lastname##
NAEA ID: ##userid##
Membership Exp. Date: ##membertype##
Dear members —
The journey of a thousand miles begins with the first step — though given how much time over the past 13 weeks I have spent in my house, I have considered altering the adage to "the journey of a thousand steps begins three days ago."
Those of you who are in our Facebook group noticed a change. The header for a long time — I know not how long — simply stated "I am an EA." It now reads "We are EAs."
At first blush, I will concede changing pronouns is a subtle change, yet one I thought worth making. What I have learned over the course of many years is NAEA is about *us,* our community, the profession. NAEA is about something larger than the individual, though I believe each individual gains from her or his membership. We bring our individual knowledge, skills, and experiences to the larger group and through that process we all benefit—personally and professionally.
If we are indeed a community of likeminded professionals who care about our profession, our clients, and one another, then let’s start to drive the message we are together, and, I hope, we are better together in our communities.
Otherwise, I have two important association items to share with you, each of which will be the subject of an individual email today.
Demand better ...
- President Don Rosenberg, EA, has set a board meeting for Friday, June 19 at 3:00 P.M. EDT. The agenda is approval of charges and SOPs for the 2021 governance year committees and approval of chairs not approved at the board's May 15 and May 30, 2020, meetings.
- We are announcing a knock-your-socks-off set of education events, starting with a June extravaganza and continuing into the summer with Summer School (tax summer school, to be more specific). I hope you like the new look of the communication. Our Communications team has been hard at work to create something more visually appealing
Robert Kerr, EA
Executive Vice President
IRS Resumes SEE Testing
Testing for the SEE resumed June 1. Prometric test centers and staff will comply with local, state, and federal regulations and guidelines to safeguard the health and well-being of test takers and staff. At the risk of stating the obvious, all safety procedures at test centers must be followed.
Scheduled exams may be affected by local, state, or federal guidance and/or test center availability. If this occurs, aspiring EAs will receive an email stating that their appointments have been rescheduled and includes new appointment information. Rescheduling fees are being waived. IRS is encouraging test takers to check regularly for testing updates, including test center status and safety requirements.
About That Payroll Protection Program "Cliff"
We wrote last week on PPP developments in the wake of an excellent Jason Dinesen, EA-led 1 CE course entitled "COVID-19 Tax Issues Update" (archive here) and suggested potential troubles with the latest legislative tweak. Two things have happened since then. First, the president signed the bill. Second, Treasury Secretary Steven Mnuchin and SBA Administrator Jovita Carranza issued a joint statement intended to address what appeared to be a 60 percent cliff. Ed Zollars provides his analysis, and links to the joint statement.
NAEA's EVP, Bob Kerr, EA, posted this article, both on NAEA's Facebook group and on the Member Forum (a.k.a. WebBoard), and suggested a reliance on joint statements is part of the heartburn-inducing "new normal." He is an old-fashioned guy and we suspect prefers the old normal to the new.
Otherwise, here is a summary of new (or new-ish) notable legislative, regulatory, and tax administration issues since we last wrote:
- ICYMI: IRS postponed (until July 15, 2020) the June 15 tax deadline for people who live and work abroad. Anyone, including Americans who live and work abroad, nonresident aliens, and foreign entities with a U.S. filing and payment requirement, have until July 15 to file a 2019 federal income tax return and pay any tax due. Visit IRS.gov/coronavirus for details.
- Also, a final reminder: Estimated tax payments originally due on April 15 and June 15 are now due July 15. Any individual or corporation with a quarterly estimated tax payment due may make that payment without penalty, if filed by July 15.
- And one more reminder: The deadline to file 2016 returns (or claims for refund) is also July 15. Taxpayers filing after that date will forgo any refunds otherwise owed to them.
- IRS is warning taxpayers of a variety of pandemic-related scams. Here is what we can do to help:
- COVID-19 scams should be reported to the National Center for Disaster Fraud (NCDF) Hotline at 1-866-720-5721 or submitted through the NCDF Web Complaint Form.
- Fraud or theft of EIPs can be reported to the Treasury Inspector General for Tax Administration (TIGTA). Reports can be made online at tips.TIGTA.gov.
- Unsolicited emails or social media that appear to be from either the IRS or an organization closely linked to the IRS, such as the Electronic Federal Tax Payment System (EFTPS), should be forwarded to email@example.com.
- There is a lot of chatter in DC about a Phase IV coronavirus bill, which is rumored to include a bunch of goodies, some much more likely than others. For instance, Sen. John Cornyn would like the upper chamber to pass by unanimous consent a bill (S. 3612) that would allow companies to deduct expenses paid for by PPP loans. And we will also be on the lookout for a "temporary" waiver of the SALT cap. But do not hold your breath on capital gains relief, even Secretary Mnuchin is throwing cold water on it.
- Notice 2020-46 provides that cash payments employers make to charitable organizations that provide relief to victims of the COVID-19 pandemic in exchange for sick, vacation, or personal leave which their employees forgo will not be treated as compensation. Similarly, the employees will not be treated as receiving the value of the leave as income and cannot claim a deduction for the leave that they donated to their employer. Employers might be able to deduct the cash payments as a business expense or a charitable contribution.
- Notice 2020-42 provides temporary relief from the physical presence requirement for spousal consents under Qualified Retirement Plans.
Ogden CAF Unit is receiving faxes ((855) 214-7522). We do not believe Memphis has joined the party yet. We are also still awaiting something definitive from IRS on how it plans to tackle the tractor trailers full of paper returns as well as long-held refunds from accepted e-filed returns.
We continue to ask, though, and as always, when we know something, you will know something.
Through NAEA's relationship with Wolters Kluwer, you have the ability to find in one place state tax filing relief. Once you log in through NAEA's website, you will see "Coronavirus/COVID-19 Pandemic," and immediately beneath that, you will have access to a document that updates in real time.
Aside from our own resources, you may want to consider the following:
| || GOVERNMENT RELATIONS NEWS|
Everything but the Kitchen Sink
Since last we spoke, we have seen Bill Nemeth, EA, on the editorial pages of Car & Driver (proving, once again, there is a tax angle to everything); received assurance there are two types of people in the world (no, not the "over" and "under" camps); and, speaking of a tax angle to everything, Israeli model Bar Refaeli was fined millions for tax evasion (in a case that has been brewing for years—see this 2015 Kelli Phillips Erb article).
Here is what E@lert is streaming: Pink Floyd (we came to appreciate much later in life than most), plus this cover, plus Rush (because sometimes we need to check the top end of our speakers). And because these are difficult times professionally and personally, we are reading Toni Morrison (you are not the job) and Brené Brown (have the courage to show up even when you cannot control the outcome).
Otherwise, please consider this list of tax-related items, curated for America's Tax Experts®:
- According to Tax Notes, an official in the IRS’s exempt organizations division provided her opinion on how nonprofits should handle the change in tax treatment of transportation subsidies: An organization with a pre-2018 NOL carryforward used to offset a Form 990-T balance could adjust its NOL carryforward schedule instead of filing an amended return if no §512(a)(7) tax was paid the prior year.
- Because we need to see tax protesters prosecuted successfully, we include an article about someone who apparently stopped filing in 1995 and owes Uncle Sam ¾ of a million dollars.
- Government Executive provides an overview on which federal agencies are reopening, and at what pace. Money quote: “IRS has moved among the most aggressively of any federal agency” to bring back employees to wrap up an extended filing season.
- The New York Times provides great coverage on the pandemic and like-kind exchanges. Key quote, "Although, with lockdowns complicating closing deals, the Treasury Department extended the 45- or 180-day deadline, its guidance lacked clarity on some key issues."
- Tax Analysts gathered a high-octane group, including Ways & Means Chairman Richard Neal (D-MA), the fantastic Pam Olson, and Bob Kerr’s former IRS division chief, Mark Mazur, for a webinar addressing the success of economic relief measures and what is to come.
"There must be those among whom we can sit down and weep, and still be counted as warriors."
— Adrienne Rich (1929 – 2012), American poet
Contributions to NAEA PAC are governed by federal law. Only U.S. nationals (citizens and green-card holders) who are NAEA members in good standing may contribute to NAEA PAC. Contributions are voluntary and not deductible for federal or state income tax purposes. Corporate contributions are not permitted. We are required to use our best efforts to collect and report the name, mailing address, occupation and name of employer of individuals who contribute $200 or more in a calendar year. Individual contributions are limited to $5,000 per year.
| || |
NAEA E@lert | Volume 2: Issue 10
Connect with NAEA
Recent Issues | Unsubscribe | Advertise | Web Version
Colby Horton, MultiView, Executive Vice-President, Publishing/Marketing, 469-420-2601 | Media Kit
Jason Zimmerman, Executive Editor, 469-420-2686 | Contribute news
National Association of Enrolled Agents
1730 Rhode Island Avenue, NW, Suite 400 | Washington, DC, 20036, United States
202-822-6232 | Contact Us
Learn how to add us to your safe sender list so our emails get to your inbox.
7701 Las Colinas Ridge, Ste. 800, Irving, TX 75063