Great webinars from NSTP! NSTP’s webinars are created with you in mind. Top tax educators provide exclusive material that you won’t find anywhere else! Check out these upcoming webinars: TT. Passive Activity Losses: Complexity Untangled Part III & Part IV 4CE June 14 10am-2pm PDT Instructor: Kelly H. Myers, MBA, Tax Consultant This course takes the Tax Professional with a basic understanding of the Passive Activity Loss (PAL) rules under IRC 469 into the advanced aspects including related Code sections that often coexist. While PAL has been around since 1986 it is often minimally understood and misapplied. There are additional components added over the years that will be addressed including Real Estate Professional (RE Pro), grouping, Net Investment Income Tax, and the Pass-through Deduction. To register or for more course details, please visit the NSTP website. OO. The Ugly 1040 4CE June 18 10am-2pm PDT Instructor: Paul La Monaca, CPA, MST This course reviews federal income tax issues pertaining to individual taxpayers. It discusses the 3 main goals of good tax planning dealing with exclusion and deferral provisions and preferential rates for long term capital gain transactions. This course also addresses various individual tax provisions changed as a result … Read More
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
The Internal Revenue Service plans to add a question regarding divorce and separation information to Schedule 1 of the Form 1040 next year asking taxpayers who claim a deduction for paying alimony to provide the date of their divorce or separation agreement, according to a new report. The report, from the Treasury Inspector General for Tax Administration, is mainly devoted to assessing the IRS’s overall implementation of the Tax Cuts and Jobs Act. It includes a single recommendation, suggesting the IRS revise Schedule 1 of the 1040 to obtain additional information regarding divorce or separation agreements for tax year 2019 and later. IRS management agreed with TIGTA’s recommendation and plans to program and use filters to select tax returns for audit to determine if taxpayers are eligible for the deduction for alimony payments, and to revise Form 1040, Schedule 1 to request the date of divorce or separation agreements. The 2017 tax overhaul eliminated or sharply limited various traditional tax deductions, including the alimony deduction. Only taxpayers who make payments under divorce or separation agreements entered into prior to January 1, 2019, can continue to claim a deduction for payments made, and individuals who receive alimony pursuant to these agreements … Read More
2019 EA Boot Camp, New Orleans, LA As an Enrolled Agent (EA) you can represent taxpayers before the Internal Revenue Service, command higher fees and be recognized as a respected tax professional. Energize your existing tax practice or hit the ground running as you start a new career by becoming an EA. By attending NSTP’s EA Boot Camp, you will master tax basics and be equipped to pass the Special Enrollment Exam (SEE). Our highly experienced instructors will present information to help you to master tax basics and successfully prepare for the SEE. Tax return preparers may earn up to five hours of Federal Tax continuing education credit for each of Parts 1 and 2, and two credit hours of Ethics for Part 3. The maximum amount of SEE prep program is 12 credit hours total. SEE Test Preparation CE is not available to EAs, or ERPAs. Full Course Rates May 20-24 Part 1 Rates May 20-21 Part 2 Rates May 22-24 Part 3 Rates May 21 Executive Member: $1349.00 Executive Member: $309.00 Executive Member: $899.00 Executive Member: $259.00 Full Member: $1449.00 Full Member: $329.00 Full Member: $949.00 Full Member Rate: $279.00 Non-Member: $1649.00 Non-Member Rate: $479.00 Non-Member: $1149.00 Non-Member … Read More
The IRS and its partners in the Security Summit have succeeded in reducing reports of identity theft by 71% in the last three years. Between 2015 and 2018, the number of filed identity theft affidavits fell to 199,000 reports in 2018 from 677,000 in 2015, the IRS said in an April 8th news release, IR-2019-66. During that same period, the IRS protected a combined $24 billion in fraudulent refunds, with financial industry partnerships recovering an additional $1.4 billion. “At a time when many in the private sector continue to struggle with these issues, the tax community has made major progress working together to stop identity theft and refund fraud,” IRS Commissioner Charles Rettig said in the news release. NSTP members should note that the IRS has identified two areas of concern moving forward: data theft from tax professionals, and business identity theft. The theft of business identity information is used to file fraudulent business returns, where the requested refunds are significantly larger than fraudulent individual returns. According to the IRS news release, the number of businesses reporting they were victims of tax-related identity theft increased by 10% in 2018.
It is not too late to contribute to an Individual Retirement Arrangement (IRA) and still claim it on a 2018 tax return. Anyone with a traditional IRA may be eligible for a tax credit or deduction on their 2018 tax return if they make contributions by April 15, 2019. An IRA is designed to enable employees and the self-employed to save for retirement. Most taxpayers who work are eligible to start a traditional or Roth IRA or add money to an existing account. Contributions to a traditional IRA are usually tax deductible, and distributions are generally taxable. To count for a 2018 tax return, contributions must be made by April 15, 2019 (April 17, 2019 for residents of Maine and Massachusetts). Taxpayers can file their return claiming a traditional IRA contribution before the contribution is actually made. The contribution must then be made by the April due date of the return. While contributions to a Roth IRA are not tax deductible, qualified distributions are tax-free. In addition, low- and moderate-income taxpayers making these contributions may also qualify for the Saver’s Credit. Generally, eligible taxpayers can contribute up to $5,500 to an IRA for 2018. For someone who was 50 years … Read More