IRS Tax Forum ‘early bird’ registration ends June 15 – register now and save $20!! WASHINGTON — The Internal Revenue Service is reminding tax professionals that reduced cost “early bird” registration for all five 2019 IRS Nationwide Tax Forums ends June 15 at 5 p.m. Eastern time. The IRS hosts forums across the country to interact with tax professionals and provide the latest information on federal and state tax issues. Attendees who register by 5 p.m. Eastern time on June 15 qualify for the early bird rate of $235. After this time, the standard rate of $255 is in effect until two weeks before each location’s event. Attendees registering less than two weeks before a forum or on-site will pay $370. IRS Nationwide Tax Forum dates and locations: July 9 – 11, National Harbor, Md. (Washington, D.C.) July 23 – 25, Chicago, Ill. Aug. 6 – 8, New Orleans, La. Aug. 13 – 15, Orlando, Fla. Sept. 17 – 19, San Diego, Calif. Up to 19 continuing education credits are available for enrolled agents, certified public accountants, Annual Filing Season Program participants, certified financial planners and other tax professionals. Seminars and workshops presented by experts from the IRS and partner … Read More
NSTP Special Topics Workshops 2019 WILLIAMSBURG, VA June 24 – 28, 2019 Classes end early so plan on enjoying the local area that is filled with history. Visit the historic triangle of Williamsburg, Yorktown and Jamestown. It’s revolutionary fun with something for everyone. Visit living-history museums, go biking and hiking, or join us with your family and friends on a special day tour and dinner at Busch Gardens and Water Country USA for fun and adventure. Click here for course details or more information. REGISTER TODAY! Williamsburg Courses: New Course!! Introduction to Taxpayer Representation with Ethics June 24 & 25 14 CPE Ethics for the Tax Professional Including Circular 230 Issues June 25 2 CPE §199A Safe Harbor for Rental Real Estate Activities June 26 2 CPE Tax Cuts and Jobs Act: Things Learned during the 2019 Filing Season June 26 4 CPE Partnership Challenges Before and After the Creation of §199A Qualified Business Income June 27 5 CPE Practice Management: Enhancing your Tax Firm June 28 4 CPE REGISTER TODAY! Click here for course details or more information. NAPA VALLEY, CA July 15 – 17, 2019 Join us in the legendary, enchanting Napa Valley which is home to award-winning … Read More
Closing Your Tax Office for the Year? If you are planning to close your tax office for the year, here are some reminders: Update your IRS e-file Application to allow the IRS to communicate with you and prevent your Electronic Filing Identification Number (EFIN) from being inactivated. Verify and if needed, update your firm’s Principals, Responsible Officials, addresses and telephone numbers. Keep all Forms 8879 and acknowledgment reports for three years. Keep copies of all clients’ tax returns until the end of the calendar year as the electronic return originator (ERO). Check your EFIN status page to verify the number of returns you filed matches the number of returns received by the IRS. While your office is closed, it is a good practice to periodically verify your EFIN is not being used by anyone else. This information can be found through your E-Services account. If you are planning to permanently close your tax office, here are some reminders: The easiest way to notify the IRS of the closing is to use the “Close Office” feature on your IRS e-file Application. Providers may not sell or transfer EFINs, other identification numbers, or passwords when selling, transferring or otherwise discontinuing an IRS … Read More
Enrolled Agent fees are increasing. The IRS has announced that the fees for Enrolled Agent applications and renewals will be changing effective June 12, 2019, as follows: Increase the amount of both the enrollment and renewal user fee for enrolled agents from $30 to $67; and Remove the initial enrollment user fee and increase the amount of the renewal user fee for enrolled retirement plan agents from $30 to $67. In November 2018, IRS issued proposed regulations that would increase the amount of both the enrollment and renewal user fee for enrolled agents from $30 to $67. The proposed regulations would also remove the initial enrollment user fee for enrolled retirement plan agents currently in Reg §300.10 because IRS no longer offers initial enrollment as an enrolled retirement plan agent. In addition, the proposed regulations would also increase the amount of the renewal user fee for enrolled retirement plan agents from $30 to $67. The IRS has now finalized the regulations without any change. The increased fees are effective on June 12, 2019. For more information, click here.
Reminder: Beginning May 13, only individuals with tax identification numbers may be the responsible party on an application for an Employer Identification Number (EIN). Click here for article. Background. Under Code Sec. 6109(a)(1), individuals and entities are required to include identifying numbers on returns, statements, and other documents filed with the IRS. Generally, the IRS assigns an EIN to entities for tax filing and reporting purposes. An entity may apply for an EIN using Form SS-4, Application for Employer Identification Number, or the IRS's online form. (Reg. §301.6109-1(d)(2)(i)) Procedural change. In IR 2019-58, 3/27/2019, the IRS announced that, beginning May 13, only individuals with a Social Security Number (SSN) or an individual taxpayer identification number (ITIN) may be the responsible party on an EIN application. This change prohibits entities from using their own EINs to obtain additional EINs. The new requirement applies to both the paper Form SS-4, and the IRS's online EIN applications. The new requirement will provide greater security to the EIN process by requiring an individual to be the responsible party and improve transparency. If there are changes to the responsible party, the entity can change the responsible official designation by completing Form 8822-B, Change of Address … Read More
Depreciation Methods for Businesses: a Review It is important that businesses know the tax rules for deducting depreciation on real property, personal property, and intangible property. The proper choice of depreciation method can benefit eligible business taxpayers. The Tax Cuts and Jobs Act made changes to the depreciation regulations that affects, and usually benefits, many businesses. First off, businesses should remember they can generally depreciate tangible property, except land. Tangible property includes: Buildings Machinery Vehicles Furniture Equipment Here are some of the changes to business depreciation under tax reform: Taxpayers can immediately expense more. Businesses may choose to expense the cost of a property and deduct it in the year it is placed in service. The maximum deduction increased from $500,000 to $1 million. The phase-out limit increased from $2 million to $2.5 million. Taxpayers may include improvements made to nonresidential property. The improvements must have been made after the date the property was first placed in service. These improvements include: Changes to a building’s interior Roofs Heating and air conditioning systems Fire protection systems *Alarm and security systems Improvements that do not qualify: Enlargement of the building Service to elevators or escalators Internal framework of the building These changes … Read More