Summer Webinars – Get 'em while it's HOT! Cool off with the best tax instruction out there from the comfort of your home, favorite cafe, or pool! To register or for more course details, please visit the NSTP website. BB. Introduction to and Overview of the Federal Income Tax Issues of a Subchapter S-Corporation from Start-Up and Operation to Liquidation, 4 CE August 23, 2019, 10:30 am- 2:00 pm PT Instructor: Paul La Monaca, CPA, MST This course introduces the Tax Professional who has never prepared a Subchapter S Corporation Form 1120S with the basic knowledge needed to understand the flow of the tax characteristics of the separately stated and non-separated stated items of income, deductions, losses and credits as well as understanding the importance of a proper election to be taxed as a pass through entity. To register or for more course details, please visit the NSTP website. FF. Managing Your Tax Business to Maximize Efficiencies, 4 CE August 27, 2019, 10:00 am- 2:00 pm PT Instructor: Nina Tross, MBA, EA This course will present information on topics ranging from client management, office operations, and time management to human resource issues. Please note: EAs will not receive any CPE for this … Read More
IRS Advises Truckers To E-File Highway Use Tax Return by September 3rd The Internal Revenue Service issued a reminder for owners of most heavy highway vehicles that the time to file Form 2290, Heavy Highway Vehicle Use Tax Return, began July 1, 2019. The highway use tax applies to highway motor vehicles with a taxable gross weight of 55,000 pounds or more. This generally includes large trucks, truck tractors and buses. The tax is based on the weight of the vehicle and a variety of special rules apply. These special rules are explained in the instructions to Form 2290. In 2019, the IRS expects to receive almost 900,000 Heavy Highway Vehicle Use Tax Returns. Though some taxpayers have the option of filing Form 2290 on paper, taxpayers with 25 or more taxed vehicles must e-file Form 2290. The deadline to file Form 2290 and pay the tax is September 3, 2019, for vehicles used on the road during July. Truckers have the additional time since the normal deadline of Aug. 31 falls on a Saturday this year and Monday, September 2, is a federal holiday. The IRS encourages all owners to take advantage of the speed and convenience of e-file … Read More
pNina Olson – NTA Blog: NTA Farewellp July 31, 2019 Today is the last day of my tenure as the National Taxpayer Advocate. It has been a wild ride over these last 18 years. It will take me years to sort out what has gone on over this period. I have been so privileged to have seen so much, learned so much, worked with wonderful people and assisted long-suffering taxpayers and representatives as they navigate the IRS “underground” (2019 Roadmap). I’ve been fortunate to work with so many committed members of Congress and their staff, in the House and the Senate, on both sides of the aisles. The Taxpayer Advocate Service’s remit – to ensure taxpayers are treated right by the IRS and their rights protected – has no party affiliation; witness the recently enacted Taxpayer First Act. I have been overwhelmed by the outpouring of emails, comments, and reflections these last few weeks. I really don’t know how to express my own gratitude for the patience of taxpayers and their representatives as TAS and I have tried to make their case over the years on all sorts of issues. The way I have been able to accept these tributes … Read More
IRS, Treasury Issue Guidance on Making or Revoking the Bonus Depreciation Elections The Internal Revenue Service issued Revenue Procedure 2019-33 allowing a taxpayer to make a late election, or to revoke an election, under section 168(k) for certain property acquired by the taxpayer after September 27, 2017, and placed in service by the taxpayer during its taxable year that includes September 28, 2017. The Tax Cuts and Jobs Act made several changes to bonus depreciation. For example, the additional first year depreciation deduction percentage was increased from 50 to 100 percent. The property eligible for the additional first year depreciation deduction was expanded to include certain used depreciable property and certain film, television, or live theatrical productions; the placed-in-service date was extended to before January 1, 2027. Finally, the date on which a specified plant is planted or grafted by the taxpayer was extended to before January 1, 2027. There are three additional first year depreciation deduction elections. A taxpayer can elect not to deduct the additional first year depreciation for all qualified property that is in the same class of property and placed in service by the taxpayer in the same tax year. Secondly a taxpayer can elect to … Read More
Summer Webinars – Get 'em while it's HOT! Cool off with the best tax instruction out there from the comfort of your home, favorite cafe, or pool! LL. Choice of Business Tax Entity After the Federal Tax Changes in The Tax Cuts and Jobs Act, 4 CE August 15, 2019, 10:00 am-2:00 pm PT Instructor: Instructor: Nina Tross, MBA, EA This course will examine the various business tax entity choices and the federal tax changes which impact the business taxpayer resulting from the 2017 Tax Cuts and Jobs Act. To register or for more course details, please visit the NSTP website. MM. Things Learned During the 2018 Filing Season: Things We Thought We Knew, 3 CE August 16, 2019 10:00 am-12:30 pm PT Instructor: Paul La Monaca, CPA, MST At the completion of this course, participants will be alerted to some federal tax issues and surprises that they were unaware and other items that they thought they were reporting properly. The participants will be better equipped to address issues that they were not familiar or not comfortable v.ith prior to the presentation. To register or for more course details, please visit the NSTP website. QQ. §121 Principal Home Sale Exclusion Issues, 1 … Read More
Status of Enrolled Agents This year’s enrolled agent renewal cycle has finished, and the IRS is now beginning the annual clean-up of those who have Social Security Numbers ending in 0, 1, 2, or 3 and did not timely renew. Those who did not renew during the 2016 and 2019 cycles will be moved to terminated status (2,700+). Those who did not renew during the 2019 cycle will be moved to inactive status (4,900+). Letters will be sent to all affected Enrolled Agents beginning this week advising them of the IRS planned action. See letter samples here and here. Anyone in inactive status can still submit a late renewal for approval; with proof of continuing education. Anyone in terminated status must re-take the Special Enrollment Exam (IRS SEE) to apply for re-enrollment. If an EA disagrees and has a record of previously renewing their EA status, they should contact the number on the letter they receive.