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The Call for Speakers submission for the 2020 National Conference deadline is fast approaching. If interested, submit your proposal by January 24, 2020!
The event will be held in conjunction with NAEA's National Conference from August 2-6, 2020, at the Westin Kierland Resort & Spa in Scottsdale, Arizona.
Please note that ALL speakers (including returning speakers) are required to fill out an application by the following dates:
Before submitting a proposal, review and print the following items:
Notification of acceptance will be sent by February 14, 2020.
- Graduate Level in Representation and Tax Preparation Issues Deadline: January 24, 2020 at 11:59 P.M. (Pacific Time)
NAEA recently announced two new member benefits, and we are still awfully excited by them:
The Verifyle Pro demonstrations have been so popular, we have scheduled a few more before filing season begins. Sign up for your online training today!
- Verifyle Pro™: A secure, easy-to-use online document sharing, storage, and messaging service that provides private and secure email, cloud file sharing, and encryption.
- Wolters Kluwer TaxAware Center: An online 24/7/365 research portal, spanning state and federal tax news and information.
NAEA Advocacy in Action—Unpacked One Plank at a Time
As we reported last week, NAEA produced a document, Creating a Taxpayer-focused IRS to help guide agency leaders as they strive to comply with requirements of the Taxpayer First Act of 2019. Owing to its importance, adequate IRS funding is NAEA’s first recommendation.
Our white paper cites the need to establish mutually agreed upon (by Congress and Department of Treasury) levels of service and compliance. More specifically, NAEA recommends IRS:
We also highlight the need to provide appropriate staffing at points of significant taxpayer contact (e.g., call centers and TACs) and training at all levels. Additionally, and not surprisingly for those who have been following for a while, we urge policymakers to understand IRS needs additional funding when Congress requires the agency to implement non-core functions (e.g., education, welfare, and corporate incentive programs).
- communicate promptly (within 30 days) to taxpayer responses to IRS-issued notices or letters.
- provide compliance staff greater authority to settle cases early.
Late January frequently finds members feverishly building their calendars for the next three months, so we wanted to drop in two issues, one critical for your practice and the other important for NAEA advocacy purposes.
- EA Renewal: EAs with SSNs terminating in 4, 5, or 6 must renew their licenses to practice by January 31, 2020—that’s next Friday. IRS devotes an entire webpage to the renewal process and details.
- Fly-in: The fly-in will be on May 11-12, 2020. In mid-to-late February, we will be asking potential participants to let us know of their interest.
Several state items of interest:
- The Arizona Department of Revenue issued a summary of key changes to TY19 individual tax returns, including an adjustment to the standard deduction for “charitable deductions that would have been claimed as an itemized deduction.”
- The Louisiana Department of Revenue has promulgated new corporate income tax regulations establishing procedures for pass-through entities electing to be taxed as C-corps. RSM distills the new rules.
- The Vermont Department of Taxes updated its website to explain personal income tax deductions, exemptions, and a half dozen credits.
IRS recently issued refund guidance to exempt organizations that may be claiming a refund or credit of unrelated Business Income Tax (UBIT) for qualified transportation fringe benefits. The Taxpayer Certainty and Disaster Tax Relief Act of 2019 retroactively repealed IRS §512(a)(7), which had increased UBIT by amounts paid or incurred for qualified transportation fringes.
In TD 9891, IRS issues final §721(c) rules, which apply in cases in which a U.S. person transfers property to a partnership with a foreign partner to whom the person is related.
| || EVERYTHING BUT THE KITCHEN SINK|
Since we last spoke, Terry Gilliam passed away (but the best scene in Monty Python and the Holy Grail lives on), we have admired (even if we do not completely agree with) all 104 James Bond villains, ranked; and we also wondered about the stolen (and returned) Klimt (even if not as fabulous as Thomas Crown Affair—yes, the remake, though the McQueen version is, arguably, better). We have also been thinking about the difference between motor and engine, the beginning of the 2020 Census, and how to turn off work thoughts during your free time.
Otherwise, we offer a bucket full of tax-related items, pulled especially for America’s Tax Experts®:
- KPMG offers a detailed analysis of recent final regulations and observations about the future of opportunity zone investments. EAs should recall the O-zone regime allows for the deferral of all or part of any gain otherwise includable in income if the gain is invested into a qualified opportunity fund (QOF).
- Forbes contributor (and former NAEA National Conference keynoter) Kelly Phillips Erb assesses the tax treatment of virtual currency charitable contributions.
- CNBC reports IRS delayed refunds for 275,000 taxpayers in 2019.
- Rumor has it proposed regulations with respect to the deductibility of trust and estate administration fees (and, more specifically, excess deductions) are coming soon.
- Laura Saunders in the Wall Street Journal (subscription required) offers some observations on which retirement breaks could next be on the chopping block. We are not advising anyone to panic, but the article provides interesting context.
- While E@lert loves geometry as much as anyone else out there (OK, probably more), one of our PAC Steering Committee members, who posted this to social media, has a point:
- While some may prefer tax-centric podcasts (this week’s Tax Notes podcast features former National Taxpayer Advocate Nina Olson), the filing season is a long and winding road, so we offer for your consideration this “best of” 2019 list from the New Yorker.
“A good plan violently executed now is better than a perfect plan executed next week.”
— George S. Patton (1885-1946), American general
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 2: Issue 5
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