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NAEA
This issue reviews the Taxpayer First Act of 2019, weighs in on the one year after South Dakota v. Wayfair Supreme Court decision one year later, and examines the TCJA challenges of SALT refunds. “Your Questions Answered” dives into natural disasters and amending a married filing separately return under the TCJA. NAEA President Jerry Gaddis encourages members to cast their votes for NAEA’s Officer and Director elections, and the Editor’s Message looks ahead to 2020.
Don’t forget to take the EA Journal CE test to earn four credits.
NAEA
NAEA is seeking volunteers to help raise the visibility of the enrolled agent profession by serving as media experts.
NAEA needs expert assistance in fielding regular calls from reporters requesting interviews on topics ranging from the general (e.g., tax reform, IRS, and tax returns) to the specific (e.g., TCJA, refunds, IRS collection procedures).
Interested members should complete and submit the online form. A member of NAEA’s Public and Professional Awareness Committee/Media Relations Subcommittee will contact you about your application.
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NAEA
This webinar will take a close look at the real estate professional provision within the passive activity loss rules under IRC 469. While this Code section has existed for years it is often not well understood by many preparers and the IRS. The session will take a detailed view in applying the Code and regulations related to real estate professional. Attendees will have the opportunity to have questions answered online during the presentation for timely and practical guidance. Knowledge gained will provide attendees with a solid platform to proactively guide clients through the real estate professional maze.
Upon completion of this course, you will be able to:
- Define real property trade or business
- Understand which properties are included
- Make an aggregation election
- Apply qualified business income deduction
- Apply net investment income tax
- Investigate tax planning considerations
- Review cases and rulings.
REGISTER TODAY
NAEA
Enter the World of FATCA: From the halls of Montezuma to the shores of Tripoli, we will fight our country's battles in the air, on land, and sea with a regulatory onslaught of paperwork. This webinar will focus on FBAR reporting and contrast it with the filing requirements for Form 8938. But what about Forms 3520, 5471, 8621, 8865, 8891? And Forms 926, 5472, 8300, 8854? Wade into the quagmire to learn what the wrath of FATCA has wrought.
Upon completion of this course, you will be able to:
- Identify when a taxpayer has a foreign reporting obligation.
- Recognize the overlap of reporting mandates stemming regulations enacted decades apart.
- Compile the information necessary to properly report foreign tax information.
- Implement best practices to help clients avoid penalties and potential criminal prosecution.
- Understand the options available to those who have been non-compliant.
REGISTER TODAY
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Stay up to date on the significant changes made to Form 1120S. This 10 CPE hour bundle covers S-Corp tax prep and planning fundamentals, reporting of trade and business income, Schedule K and more. These on-demand self-study courses review everything you need to know to complete S corporation income tax returns for only $99. Save now through Nov. 30 Save now through Nov. 30
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NAEA
Does an issue have you stumped? Check out the NAEA Member Forum to find answers to your questions such as how to report sales of notes (loans).
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.
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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.
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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.
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Terry Durkin, EA, was interviewed by The Wall Street Journal. Read “Make These Tax Moves for 2019 Before It’s Too Late.”
John R. Dundon, EA; Phyllis Jo Kubey, EA; and Kathy Morgan, EA; were interviewed by Tax Notes Today. Read “Tax Pros Praise New Spirit of Practitioner Support at IRS.” (Subscription required)
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Forbes
We are entering the giving season when the majority of charitable donations are made. Most affluent individuals make charitable donations, but the vast majority continue to simply pay cash. That’s the most expensive and inefficient possible method to benefit their charitable causes. It’s easy to write a check or pull out your credit card, but but may waste possible tax benefits.
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Accounting Today
According to the author, the U.S. Treasury Department plans to pare back Obama Administration regulations intended to prevent American companies from moving profits offshore to avoid taxes, according to guidance released recently. The instructions mark a change in U.S. tax policy that has in recent years focused on imposing stricter rules on American corporations using complex transactions to move money overseas to skirt taxes.
READ MORE
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Efile4Biz offers all-inclusive print, mail and e-file services for quick, efficient and secure e-filing of 1099 and W-2 forms. Everything is done online, eliminating the need for software or paper forms. Maintain and file 1099 and W-2 forms for multiple clients under one account. Get started today!
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Forbes
What happens to an Individual Retirement Account when the IRA owner dies? It can be a quick online process: The custodian bank or wirehouse transfers the IRA assets into an inherited IRA that the beneficiary can hold onto for life — or cash out. So why in Donna Aliberti’s case did it take two and a half years dealing with the custodian, UBS, until she got access to the funds in a large IRA left to her by her lover? A family feud was part to blame, but it appears as if UBS could have done better by her, according to a recent Massachusetts Supreme Judicial Court ruling in UBS Financial Services v. Aliberti.
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Bloomberg Tax
The Internal Revenue Service has a message for companies that owe taxes on overseas profits: Auditors are closely watching. The IRS included repatriation tax payments — the levies companies owe on their accumulated offshore earnings, according to the 2017 tax law &mash; as an area of focus for the agency’s auditors, according to a list on their website updated Monday. Agency officials previously said the area is ripe for abuse because companies could try to minimize their foreign profits in an attempt to reduce their tax bills.
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CPA Practice Advisor
Opportunity is knocking for businesses that invest in “Opportunity Zones” designated under the Tax Cuts and Jobs Act (TCJA). Initially, the IRS issued proposed regulations in 2018 clarifying some of the main rules. Now the IRS has released additional guidance for 2019. Here’s the skinny: Opportunity Zones were created by the TCJA to spur investment in distressed communities throughout the country. Under a process completed in 2018, more than 8,700 communities spread throughout all 50 states, the District of Columbia and five U.S. territories were designated as qualified Opportunity Zones.
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Forbes
If you’re running a company, you’re about to discover new costs that weren’t on your Twitter feed five minutes ago. British Airways was just fined about $228 million for data privacy violations. California has disrupted the Gig Economy with a new employment law requiring Uber and others to pay higher wages and provide costly benefits. Around the country, fires and floods are shutting down businesses and raising their costs when they’re open. Now you need to figure out how to pay these hidden “taxes” on staying in business.
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NAEA Tax Break | Volume 1: Issue 51
Connect with NAEA
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Colby Horton, MultiView, Executive Vice-President, Publishing/Marketing, 469-420-2601 | Media Kit
Bethanney Standerfer, Content Editor, 469-420-2688 | Contribute news
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