This message was sent to ##Email## February 12, 2020         Home  |   About  |    Membership   |    Education & Events   |    EA Advocacy  |    Become an Enrolled Agent       YOUR MEMBERSHIP INFORMATION Full Name: ##firstname## ##lastname## NAEA ID: ##userid## Membership Exp. Date: ##membertype##     ASSOCIATION UPDATES NAEA announces 'Enrolled Agent Week' proclamations NAEA Every year, NAEA works with its state affiliates nationwide to have the first week in February proclaimed "Enrolled Agent Week." With tax season upon us, we are pleased to see these states recognize the knowledge, professionalism, and integrity of enrolled agents. Thus far for 2020, governors from the following states have issued Enrolled Agent Week proclamations: Florida Louisiana Missouri New Hampshire New Mexico New York Ohio Oklahoma Oregon Pennsylvania South Carolina Vermont Virginia If your state affiliate has secured a proclamation, let us know at info@naea.org. .  PRODUCT SHOWCASE Boston University Graduate Tax Program Offered through the school’s renowned Graduate Tax Program, our Master in the Study of Tax Law is a 24-credit program designed to provide foundational tax law training to professionals without a law degree, such as aspiring and current accountants, auditors, and other business professionals.     .  SPONSOR SPOTLIGHT     Business Entity Considerations & TCJA - February 13, 2020 (2 PM EST, 2 CE) NAEA You are now preparing tax returns in the second year of the Tax Cut and Jobs Act. You have learned a great deal since last tax season and gotten more guidance from the IRS. This course will review the tax planning and tax preparation issues you need to consider when clients are asking you which entity they should choose to do business. What are the pros and cons? Is there a right answer? This course will examine the new provisions and strategies relating to tax-deferred retirement plans, the pass-through business deduction, salary and compensation strategies, real estate investment, and more. The focus will be on small business issues that you will most likely see with your clients. Upon completion of this course, you will be able to: Understand how the choice of entity will affect QBI outcomes. Understand how a Roth conversion can maximize your QBI deduction. Identify how to avoid a compensation audit from the IRS for your S corporation client. Show your clients the appropriate compensation strategy for your corporate clients. Understand the new real estate strategies for your clients with rental income. Consider the IRS audit rates for the various business entities. Identify the tools this tax season to make good decisions for depreciation. REGISTER TODAY Advanced Collections: Seizures and Summons - February 18, 2020 (2:00 P.M., 2 CE) NAEA This webinar focuses on IRS seizures and summons. The course provides an overview of the authority required to execute seizures and summons. Attendees will be shown the current procedures for how these advanced collection enforcement remedies are executed by the IRS. This course provides practitioners with foreseeability when a client presents a pressing deadline, usually in the form of a summons or pending seizure. Case examples will be reviewed as well as examples of IRS Seizure notices, final 9297s, and summons. Upon completion of this course, you will be able to: Define what enforcement actions are “seizures” and when/why the IRS chooses to seize assets. Understand the procedural requirements before, during, and after a seizure of specific assets. Identify the available remedies that are available to taxpayers, pre and post seizure. Explain to clients what a summons means and why it was issued, as well as, how the IRS will enforce said summons. Educate clients on the consequences of failing to abide by a legally issued summons. REGISTER TODAY .  PRODUCT SHOWCASE Document Management Without the Hassle Amplify the efficiency of your practice and improve collaboration with clients by automating several steps in the tax prep process. The direct integration allows for the import of client data and the ability to print directly to a specific client folder from the Lacerte/ProSeries app. See it in action NAEA Member Forum NAEA Does an issue have you stumped? Check out the NAEA Member Forum to find answers to your questions about first-year residency choice. 2020 NAEA Media Kit NAEA NAEA helps you reach people with the power to purchase. Explore exhibit, sponsor, national training event advertising, and publication advertising opportunities across the organization.  READ MORE     EAs IN THE NEWS A note to our readers: The following is a list of news coverage highlights earned over the past 30 days or so. This is by no means a comprehensive list of all relevant news stories that mentioned NAEA members during that time. NAEA provides recommendations to IRS on the Taxpayer First Act. Bill Nemeth, EA, was interviewed by Accounting Today. Read An inside look at the 2020 tax season.”     INDUSTRY NEWS 2 ways to get out of paying taxes on your social security benefits Motley Fool Taxes are an unpleasant — but essential — part of life. And unfortunately, you won't be able to escape them even in retirement. Not only could you be faced with income taxes if your savings are stashed in a 401(k) or traditional IRA, but you may also have to pay taxes on your Social Security benefits. Considering half of baby boomers expect their benefits to make up the majority of their income in retirement, according to a survey from American Advisors Group, taxes could put a serious damper on your senior years.  READ MORE Can't pay the IRS what you owe in taxes? This is the one thing you should do The Washington Post If you owe federal taxes and can’t pay them, the first thing you should do is call the IRS. Don’t call the number you see on your television screen or the one you hear in a radio ad. Make the IRS your first stop so that you don’t fall prey to a scam. Because, contrary to the claims on the commercials promising quick relief, private companies are not likely to get your tax debt reduced to pennies on the dollar.  READ MORE New study suggests raising taxes on e-cigarettes could encourage traditional smoking Forbes Sin taxes are excise taxes imposed on goods or behaviors - like booze and cigarettes - that lawmakers deem harmful. In addition to raising revenue, the idea is that bumping taxes high enough should trigger a slowdown in the behavior. But what happens if taxpayers simply exchange the "sinful" behavior - not for a "better" response - but for another bad behavior?  READ MORE Will there be another tax refund scare in 2020? Motley Fool Everybody likes to get money back from the IRS, and as tax season has finally begun, millions of Americans hope that they'll be able to get tax refunds after they file their returns in 2020. With more than 70% of taxpayers for the 2018 tax year having received refunds, it's not uncommon to expect to get at least something back.  READ MORE Collaboration is key in push for IRS Practitioner Services Division Accounting Today A group of ten IRS stakeholder organizations, led by the American Institute of CPAs, has recommended the creation of a Practitioner Services Division as one of a number of suggestions on implementing the Taxpayer First Act. AICPA president and CEO Barry Melancon considers the collaborative efforts of the organizations involved to be a key indicator of the broad support for the recommendations outlined in the letter.  READ MORE Why you should care about the new tax form The Tampa Bay Times If you are starting a new job this year, or just want to update your tax information with your employer, some of the paperwork is going to look different. A lot different. The IRS has introduced a new Form W-4 that must be used by all employers in 2020 to better accommodate recent changes to the tax law.  READ MORE Guide to cryptocurrency tax rules Forbes How many bitcoin investors are not up to speed with the IRS crackdown? Millions, probably. Coinbase has 35 million customer accounts. The number of taxpayers reporting crypto trades was, until recently, in the hundreds. If it was once hard to plead ignorance of tax laws regarding crypto, it’s now impossible. The new Form 1040 demands that taxpayers say whether or not they own any virtual currencies.  READ MORE IRS: Suffolk, New York, residents who take septic grants should pay taxes Newsday Suffolk County, New York, homeowners should pay federal taxes on county grants used to upgrade their septic systems, the Internal Revenue Service has ruled. The grants count as taxable income, even if homeowners never receive a check themselves, the IRS said in a letter dated January 15. In most cases, the county pays grant money directly to contractors who install the systems, not to homeowners, officials said.  READ MORE Facebook and IRS prepare for $9B US tax court fight The Wall Street journal Facebook Inc. and the Internal Revenue Service will square off in a U.S. Tax Court case that could cost the social-media giant more than $9 billion and shape the government’s ability to crack down on companies’ efforts to shift profits to low-tax countries. The trial slated to start in the week ahead caps a nine-year dispute over how Facebook structured its international operations.  READ MORE   NAEA Tax Break | Volume 2: Issue 12 Connect with NAEA Recent Issues | Unsubscribe | Web Version  Colby Horton, MultiView, Executive Vice-President, Publishing/Marketing, 469-420-2601 | Media Kit Bethanney Standerfer, Content Editor, 469-420-2688 | 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