MEMBER AT LARGE

NSTPNational Society of Tax Professionals (NSTP)

Earlier this year, the NSTP Board voted to add a new position to the organization: a “Member-at-Large” to the Board of Directors.  The position will annually be Board appointed.  Looking back over the years, there have been several Board-member mid-term openings.  Appointments to fill these vacancies by the Board have been made but often were timely and a difficult process to find the right person.  In the event there is a Board vacancy henceforth, the Board may appoint this person to fill the vacancy for the remainder of the vacant term.  In general, this new position will enable the annually appointed NSTP member total access to Board meetings, conversations, notes, financial data, etc.   The Member-at-Large, however, will not be entitled to “vote” on Board motions.  Once a member is appointed, the membership will be notified. Board Member at Large: The following criteria were initially agreed upon by the Board along with the Executive Director concerning the Board Member at Large:         NSTP member appointed annually by the Board of Directors         During appointment:    Invited to monthly Board Web-meetings    Will have access to the all Board Minutes and communications    Allowed access to face-to-face Board meetings at their own … Read More

TAS ASSISTANCE OFFERED AT LOCAL PROBLEM SOLVING DAYS

NSTPUncategorized

The Taxpayer Advocate Service (TAS) will conduct Problem Solving Day events in communities throughout the country in the coming months and year. During these events, TAS employees from a local office will be available to assist taxpayers in person with tax problems they have not been able to resolve with the IRS. Generally, TAS can assist taxpayers whose problems with the IRS are causing financial difficulties, who’ve tried but haven’t been able to resolve their problems with the IRS, or believe an IRS system or procedure isn’t working as it should. And our service is free. Why is TAS holding Problem Solving Days? Congress created the Office of the National Taxpayer Advocate as we know it today through the IRS Restructuring and Reform Act of 1998 (RRA 98). The law further strengthened the role of TAS and provided for Local Taxpayer Advocates in each state. TAS maintains a geographic presence in each state, the District of Columbia, and Puerto Rico, and continues to look at changing taxpayer demographics to adjust its footprint to meet taxpayer needs. Recognizing the importance of personal contact, we work one-on-one with taxpayers and their representatives within our area to resolve their tax issues. As the IRS develops … Read More

ALL OF GEORGIA NOW ELIGIBLE FOR DISASTER TAX RELIEF

NSTPNatural Diaster, Tax Relief

Hurricane Irma victims in the entire state of Georgia now have until January 31, 2018, to file certain individual and business tax returns and make certain tax payments, the Internal Revenue Service announced today. This includes an additional filing extension for taxpayers with valid extensions that run out on October 16, and businesses with extensions that ran out on Sept. 15. It parallels relief previously granted to Irma victims throughout Florida and in parts of Puerto Rico and the Virgin Islands, and Harvey victims in parts of Texas. For taxpayers in Georgia, this relief postpones various tax filing and payment deadlines that occurred starting on September 7, 2017. As a result, affected individuals and businesses will have until January 31, 2018, to file returns and pay any taxes that were originally due during this period. This includes the September 15, 2017 and January 16, 2018 deadlines for making quarterly estimated tax payments. For individual tax filers, it also includes 2016 income tax returns that received a tax-filing extension until October 16, 2017. The IRS noted, however, that because tax payments related to these 2016 returns were originally due on April 18, 2017, those payments are not eligible for this relief. … Read More

FLORIDA CPAS OFFER HELP IN THE WAKE OF HURRICANE IRMA

NSTPNatural Diaster

The Florida Institute of CPAs has created a website to assist accountants in the Sunshine State and line up volunteers and office space for those affected by Hurricane Irma. The site, https://irma.ficpa.org/, said FICPA has a Member Services Team to help FICPA members recovering from the effects of the devastating storm. They can be reached at (800) 342-3197 or by emailing msc@ficpa.org. Volunteers who can help FICPA CPAs or others in the affected areas can also send a message to the same email address and they will be contacted about how they can pitch in with the relief efforts. In addition, people who have disaster-related technical tax questions can email them to the same address, and FICPA experts plan to provide answers to technical questions on an ongoing basis. FICPA has also set up an online form for CPAs who need office space if their buildings have been damaged. After they fill it out, FICPA will try to match them with available office space in their area. CPAs and their clients should also beware of shady charities that spring up in the wake of disasters like Hurricane Irma, one anti-fraud expert is warning. “We need to be very careful because after … Read More

IRS WAIVES DIESEL FUEL PENALTY IN FLORIDA DUE TO HURRICANE IRMA

NSTPInternal Revenue Service (IRS)

The Internal Revenue Service (IRS), in response to shortages of undyed diesel fuel caused by Hurricane Irma, will not impose a penalty when dyed diesel fuel is sold for use or used on the highway in the state of Florida. This relief is effective as of September 6, 2017.  Consistent with the Environmental Protection Agency (EPA) waiver for Florida regarding use of Non-Road Diesel Locomotive and Marine Fuel, this relief will remain in effect through September 22, 2017. This penalty relief is available to any person that sells or uses dyed fuel for highway use. In the case of the operator of the vehicle in which the dyed fuel is used, the relief is available only if the operator or the person selling the fuel pays the tax of 24.4 cents per gallon that is normally applied to diesel fuel for highway use. The IRS will not impose penalties for failure to make semimonthly deposits of this tax. IRS Publication 510, Excise Taxes, has information on the proper method for reporting and paying the tax. Ordinarily, dyed diesel fuel is not taxed, because it is sold for uses exempt from excise tax, such as to farmers for farming purposes, for … Read More

LIKE HARVEY, RETIREMENT PLANS CAN MAKE LOANS, HARDSHIP DISTRIBUTIONS TO VICTIMS OF HURRICANE IRMA

NSTPRetirement

The Internal Revenue Service has announced that 401(k)s and similar employer-sponsored retirement plans can make loans and hardship distributions to victims of Hurricane Irma and members of their families. This is similar to relief provided last month to victims of Hurricane Harvey. Participants in 401(k) plans, employees of public schools and tax-exempt organizations with 403(b) tax-sheltered annuities, as well as state and local government employees with 457(b) deferred-compensation plans may be eligible to take advantage of these streamlined loan procedures and liberalized hardship distribution rules. Though IRA participants are barred from taking out loans, they may be eligible to receive distributions under liberalized procedures. Retirement plans can provide this relief to employees and certain members of their families who live or work in disaster areas affected by Hurricane Irma and designated for individual assistance by the Federal Emergency Management Agency (FEMA). For a complete list of eligible localities, visit https://www.fema.gov/disasters. To qualify for this relief, hardship withdrawals must be made by Jan. 31, 2018. The IRS is also relaxing procedural and administrative rules that normally apply to retirement plan loans and hardship distributions. As a result, eligible retirement plan participants will be able to access their money more quickly with a minimum … Read More