This message was sent to ##Email##
|| YOUR MEMBERSHIP INFORMATION|
Full Name: ##firstname## ##lastname##
NAEA ID: ##userid##
Membership Exp. Date: ##membertype##
| || LEGISLATIVE & TAX ADMINISTRATION NEWS|
IRS Reviewing Policy on Recertifying e-Services Accounts After NAEA Inquiry
Thanks to Bill Nemeth for reminding us here at NAEA about IRM 188.8.131.52.1 (12-19-2017). This particular IRM required e-Services users to “recertify” access to their accounts every two years. Apparently, enrolled agents who had authenticated themselves early last time IRS required authentication found themselves locked out of their accounts without warning and the e-Help Desk instructed them to re-authenticate themselves.
If people recall the last time around, authenticating for Secure Access is the IRS equivalent to Dante’s Nine Circles of Hell (here’s the cheat sheet for those of us who weren’t classically educated), requiring users to pass basic ID proofing, financial validation, and cell phone validation. Failure on any one of these tests meant time on the phone with the e-Help Desk (1-866-255-0654) and the U.S. Postal Service.
After inquiries from NAEA, IRS seems to be reconsidering the every-two-years requirement. IRS executives inform us that the lock-outs were a “glitch” that has now been “resolved and all accounts should be available.” Additionally, the “IRM will be updated on October 1.”
So, cross your fingers, it looks like the crisis may have been averted.
The New EA Logo
Be sure you download the new EA logo approved by IRS for use in marketing materials. Please stop using the old logo with the eagle!
Time-Limited Offer to Settle
After three Tax Court wins, IRS announced it is mailing limited- time settlement offers to certain taxpayers who are under audit for participation in abusive micro-captive insurance schemes. Letters to eligible taxpayers will include notice of the terms of the settlement.
It Never Was Post-Card Sized
IRS released a draft Form 1040 for next year that seems to backtrack on the multiple schedules of last year, aimed at getting the form to the size of a postcard. Perhaps this is a good sign that IRS is moving toward schedules that make tax sense, not political points.
Bonus Depreciation Final Regulations
After public comment and review, IRS and Treasury have finalized regulations, originally proposed in August 2018, implementing the new 100 percent additional first year depreciation deduction enacted in TCJA, with changes. Additional proposed regulations were also released to address new issues highlighted during the public review of the August 2018 proposed regulations.
The Department of Revenue has advised some corporate taxpayers may be eligible for penalty relief if they are unable to meet the state October 15 filing deadline due to TCJA complexities.
Special Notice 2019(6) explains recent legislative changes to the Pass-Through Entity Tax (PET).
New York City
Two new memorandum regarding the TCJA foreign-source income provisions, including allocation methodology for the FDII deduction, GILTI (still our favorite new tax acronym of the century, if not the millennia), and deemed repatriation amounts under the city’s business corporation tax (BCT), general corporation tax (GCT), banking corporation tax (BTX), and unincorporated business tax (UBT).
The Department of Revenue has revised its technical bulletin regarding the solar energy investment tax credit.
| || EVERYTHING BUT THE KITCHEN SINK|
Keep Using Form I-9. The U.S. Citizenship and Immigration Service advises employers to continue using the Form I-9 currently available for employment eligibility verification, despite an August 2019 expiration date printed on the form. An updated form is in the works and will be released when available.
When Retroactivity Can Really Hurt. A South Carolina administrative law judge ruled in favor of the S.C. Department of Revenue finding that is not merely a facilitator, but a retailer under the law and is therefore required to collect sales taxes on sales made via its website to third-party out-of-state merchants. The kicker…the Department of Revenue sued for tax revenue lost during the first quarter of 2016. Under the judge’s decision, Amazon could now be liable for lost tax revenue for the past three years (from 2016 to 2019).
Maybe, After October 15. Once this tax year is “put to bed,” look around and see if your office needs some sprucing up. A coat of paint and a different furniture arrangement could be the change you need to up your game next year.
In honor the autumnal equinox, or the first day of fall.
“Every leaf speaks bliss to me, fluttering from the autumn tree.”
– Emily Bronte
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 1: Issue 42
Connect with NAEA
Recent Issues | Unsubscribe | Advertise | 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