my Social Security Account my Social Security is a secure portal that gives you immediate access to important information and tools that allow you to verify and manage your benefits. With your free, personal my Social Security account, you can receive personalized estimates of future benefits based on your real earnings, see your latest Statement, and review your earnings history. It even makes it easy to request a replacement Social Security Card or check the status of an application, from anywhere! If you are receiving benefits or have Medicare, you can also: Review Social Security and Medicare benefit details Get a Benefit Verification Letter Change your address and telephone number Start or change direct deposit of your benefit payment Review or print your Social Security Earnings Record and contact Social Security about errors Request a replacement Medicare card View and print your SSA-1099 Access to online services is being expanded all the time, so check back often to see new choices being offered.
The Internal Revenue Service is seeking civic-minded volunteers to serve on the Taxpayer Advocacy Panel (TAP). The TAP is a federal advisory committee that listens to taxpayers, identifies major taxpayer concerns and makes recommendations for improving IRS service and customer satisfaction. Taxpayers interested in serving on the panel may apply through May 3, 2019. To the extent possible, the TAP includes members from all 50 states, the District of Columbia, Puerto Rico and one international member who represents U.S. taxpayers working, living or doing business abroad or in a U.S. territory. Each member is appointed to represent the interests of taxpayers in their geographic location as well as taxpayers overall. “In trying to comply with an increasingly complex tax system, taxpayers may find they need different services than the IRS is currently providing,” said Nina E. Olson, the National Taxpayer Advocate. “The TAP is vital because it provides the IRS with the taxpayers’ perspective as well as recommendations for improvement. This helps the IRS deliver the best possible service to assist taxpayers in meeting their tax obligations.” The TAP reports annually to the Secretary of the Treasury, the IRS Commissioner and the National Taxpayer Advocate. The Office of the Taxpayer … Read More
NSTP is pleased to once again be presenting during the IRS Tax Forums. Be sure to come hear the two timely topics we will be discussing, visit us in the National Tax Forum (NTF) Exhibit Hall and follow us on Twitter to discuss your questions, observations and concerns. Tax Cuts and Jobs Act: Things Learned During the 2019 Filing Season This course discusses the experiences realized after actually applying the provisions that were changed, created, repealed and temporarily suspended as a result of enacting TCJA. The course will review the winners, the losers, updated forms and challenges encountered. The course will discuss planning issues and federal tax policy issues dealing with individuals, corporations, partnerships and the underlying investors. Learning Objectives: At the completion of the course, participants will understand the impact of the changes made by the TCJA and the need to provide more tax planning opportunities for individuals, partnership and corporate clients. Presented by the National Society of Tax Professionals. Properly Substantiating the §199A Qualified Business Income This presentation provides tax professionals with information to educate their clients on the importance of understanding what is required for substantiating the §199A deduction. The course will discuss the proper substantiation for … Read More
The IRS issued Revenue Ruling 2019-09, which suspends the two 1957 revenue rulings until a study is completed on the active conduct of a trade or business requirement under sections 355(a)(1)(C) and (b)) of the tax code. In one of the old revenue rulings, Rev. Rul. 57-464, the IRS considered the section 355 qualification of a company’s separation of a manufacturing business from a group of real estate assets that included an old factory building used for storage, along with four other buildings. One of them was a duplex apartment building that had been rented to some of the corporation’s own employees. Another was a small office building rented to a single tenant. The other two were houses, one of which was occupied by a sister-in-law of the corporation’s president. The use of the old factory building for storage “was not in itself the active operation of a business as defined in the regulations,” according to the old revenue ruling, and the rental activities “produced only a nominal rental.” There was “negligible” net income, and the properties “were acquired either as an investment or as a convenience to employees of the manufacturing business.” Back in 1957, the IRS said the … Read More
California FTB Announces System Error: Unverified Wage Withholding – Possible Changes to Tax Returns For those of you in California, or who file California taxes, this news flash was issued April 16 by the State of CA Franchise Tax Board: “During the period from March 8, 2019 to March 11, 2019, a system error caused us to issue refunds to approximately 23,500 taxpayers without first verifying the claimed wage withholding. This may have led to the taxpayer’s withholding being increased or decreased incorrectly. Additionally, the taxpayer may have received a Notice of Tax Return Change with an incorrect explanation of the adjustment. “In order to correct this error, in the coming weeks we are going to review each potentially impacted account and ensure that the proper amount of withholding is applied. This may result in a change to the refund that the taxpayer received. If they did not receive a refund, either an accurate bill will be mailed to them, or they will receive the refund that they are due. “We will be contacting affected taxpayers directly beginning the week of April 22nd. At that time, we will request additional information, if needed. Please accept our apology for any inconvenience … Read More
Dear Tax Professional, Increasingly, there has been a lot of discussion and messaging around the importance of data and information security. It’s because tax professionals are the prime targets for identity thieves and data breaches continue to affect tax professionals at an alarming rate. Cybercriminals use sophisticated and ever evolving techniques to gain access to your systems. These criminals steal sensitive taxpayer data, file fraudulent tax returns and create financial havoc for you and your clients. Data security is a necessity for every tax professional; protecting taxpayer data is your legal responsibility. While there are many steps you can take to reduce the risk of becoming a victim of cybercriminals, creating and maintaining a data security plan tops the list. The Federal Trade Commission requires all financial institutions (yes, tax return preparers are included in the definition of financial institutions) to have a data security plan. Your plan should be designed to protect all the sensitive taxpayer data entrusted to you as a tax professional. A data security plan is an essential step in protecting your business against data loss and tax related identity theft. A security plan does not guarantee that your business will not be targeted, but it … Read More