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The Hilton Fort Lauderdale Marina early bird hotel rate for #NTPI2019 expires on Friday! Book before October 18 to lock in the conference rate of $149 (+12% tax).
Representing taxpayers before IRS is as much an art as it is a science and NTPI provides necessary insight. For instance, attendees in Level 2 courses work through a representation case from audit to collections in sessions such as “SFR and Audit Reconsideration” and “Examination Appeals.”
In Level 3, we offer more challenging representation scenarios focused on statute of limitations and bankruptcy.
But wait, there’s more. Attendees also have the choice of enrolling a single day of the latest in tax preparation advice or two days of advanced representation seminars—or both! View the schedule of classes.
| || LEGISLATIVE & TAX ADMINISTRATION NEWS|
Deadlines Met and Unmet
We hope you have recovered from the October 15 filing deadline and are looking forward to a gorgeous fall weekend. With another deadline met, attention turns to upcoming deadlines, such as renewing your PTIN and for some of you, it’s time to renew your enrolled agent credential.
2019-2020 Priority Guidance Plan
- First, it is time for all tax practitioners to renew their PTINs. The system opened to everyone on October 16 and we’ve heard from early adopters that the system is working well. It’s easy and this year, it’s FREE!
- Second, for enrolled agents whose Social Security numbers end in either a 4, 5, or 6, this is your renewal year. Starting November 1, enrolled agents in this group may renew online by going to pay.gov (search Form 8554) or on paper by filling out Form 8554. We strongly recommend the online approach, which provides you with proof of renewal and is more efficient for everyone involved. The deadline for renewal is January 31, 2020, right during the start of next year’s filing season. Save yourself the stress and renew early. Keep in mind, it can take up to three months for IRS to process a renewal.
Treasury’s Office of Tax Policy has released its priority guidance plan for the upcoming year. The PGP lays out the tax issues that Treasury intends to address in regulations, revenue rulings, notices, and other administrative guidance in the coming year. As David Kautter, Assistant Secretary for Tax Policy, indicated when he spoke to NAEA during the May Installation Dinner, much of the plan continues to focus on guidance related to the continued implementation of the TCJA. Fortunately, the Taxpayer First Act passed soon after Assistant Kautter spoke with us, so the plan now includes a number of projects to implement the various tax administration provisions enacted in the Taxpayer First Act. The priority plan includes guidance around NAEA’s signature provision in the Taxpayer First Act, the use of electronic signatures.
Cost of Living Adjustment (COLA) Announced
The Social Security Administration recently announced the COLA for 2020 will be 1.6 percent, slightly less than in some recent years given low inflation. The maximum taxable earnings will increase to $137,700, an increase of $4,800 over last year’s amount.
Leonard Oursler, IRS National Director of Legislative Affairs, has announced his retirement at the end of the year. Mr. Oursler spent 15 years working on Capitol Hill before joining the IRS in 1997. While NAEA wishes him well, we will miss his boundless energy and insight on the agency’s annual appropriation and tax legislation in general.
The LB&I and SB/SE divisions have issued a directive to their examiners permitting taxpayers, in certain circumstances, to claim the work opportunity tax credit (WOTC) in the year it receives the required certification from a state agency, even it said certification arrives after the year in which eligible wages were paid.
Disaster Loss in Federally Declared Disaster
IRS has released final regulations (which replace without change the 2016 proposed regulations on the same issue) permitting qualified taxpayers to deduct a disaster loss in the preceding taxable year.
IRS informed California counties it will not pay the full recordation fees for liens and lien releases. So some counties are refusing to record these until the IRS ponies up the full fee. This could have implications for clients who have had their liens released by IRS but those releases have yet to be recorded.
The Department of Revenue has announced 2020 tax brackets and other important details for the upcoming filing season.
The Department of Revenue has issued an information bulletin clarifying no portion of a corporations globally intangible low taxed income (GILTI) will be taxed for state corporate income tax purposes.
| || EVERYTHING BUT THE KITCHEN SINK|
More Dirty Laundry. The leaders of the offshore law firm, Mossack Fonseca, portrayed by Antonio Banderas and Gary Oldman in the upcoming Netflix film, The Laundromat, are suing Netflix for defamation because of the film. The duo are currently under investigation and argue the film could negatively impact their ability to receive a fair trial. They have also asked for an injunction to stop Netflix from showing the film. In good news for weekend Netflix binging, the injunction does not seem to have much momentum.
New ETAAC Members. IRS announced the selection of nine new members of the Electronic Tax Administration Advisory Committee.
Data Security Plans and Information. Another reminder that tax practitioners are required by law to have a data security plan in writing that identifies how taxpayer information is protected. Both the Federal Trade Commission and IRS have a variety of resources available to assist and are listed here.
In Defense of Boredom. Now that October 15 has come and gone, what is a tax practitioner to do with all of his or her extra time? How about doing nothing for a while – it may just lead to a surge in creativity and productivity.
“The best and most beautiful things in the world cannot be seen or even touched, they must be felt by the heart.”
– Helen Keller
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.
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NAEA E@lert | Volume 1: Issue 46
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