NSTP Special Topics Workshops 2019

NSTPInternal Revenue Service (IRS), Napa Valley, California, NSTP Education, Special Topics Workshop, Williamsburg, Virginia

NSTP Special Topics Workshops 2019

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

NSTP Special Topics Workshops 2019

NSTPInternal Revenue Service (IRS), Napa Valley, California, NSTP Education, Special Topics Workshop, Williamsburg, Virginia

NSTP Special Topics Workshops 2019

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

The Basics of Estimated Taxes for Individuals

NSTP2019 Tax Season

The Basics of Estimated Taxes for Individuals

The U.S. tax system operates on a pay-as-you-go basis. This means that taxpayers need to pay most of their tax during the year, as the income is earned or received. Taxpayers must generally pay at least 90 percent (however, see 2018 Penalty Relief, below) of their taxes throughout the year through withholding, estimated or additional tax payments or a combination of the two. If they don’t, they may owe an estimated tax penalty when they file. The IRS has seen an increasing number of taxpayers subject to estimated tax penalties, which apply when someone underpays their taxes. The number of people who paid this penalty jumped from 7.2 million in 2010 to 10 million in 2017, an increase of nearly 40 percent. The penalty amount varies but can be several hundred dollars. The Tax Cuts and Jobs Act, enacted in December 2017, changed the way tax is calculated for most taxpayers, including those with substantial income not subject to withholding. As a result, many taxpayers may need to adjust the amount of tax they pay each quarter through the estimated tax system. Here are some simple tips to help taxpayers: Who May Need to Pay Estimated Taxes: Individuals, including sole … Read More

TAX BILL UPDATE: SENATE BUDGET COMMITTEE APPROVES “TAX CUTS AND JOBS ACT

NSTPUncategorized

On November 28, the Senate Budget Committee, voting 12 to 11, advanced the Senate Republicans’ version of the “Tax Cuts and Jobs Act” (¶ 2874), setting the scene for a floor vote. The vote to take up the Senate tax reform bill could occur as early as Wednesday, which would start 20 hours of debate and the amendment process. Final vote on passage could occur as soon as Thursday evening or Friday. It has also been reported that, in exchange for the elimination of the individual mandate under the Affordable Care Act (ACA or Obamacare) in the Senate tax reform bill, President Trump has agreed to accept the “Bipartisan Health Care Stabilization Act of 2017”, a bipartisan deal brokered by Senator Lamar Alexander (R-TN) and Democratic Senator Patty Murray (D-WA). This deal would stabilize the ACA for two years by continuing ACA subsidies to private health insurers for coverage of low-income individuals (i.e., cost-sharing reduction payments). It would also give states more flexibility to offer a wider variety of health insurance plans (see ¶ 2555). In addition, President Trump is reported to have accepted the House’s tax reform provision which would eliminate the deduction for State and local income or sales tax, but retain … Read More