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This course discusses the experiences realized after actually applying the provisions that were changed, created, repealed and temporarily suspended as a result of enacting TCJA.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
Are you included in the Directory of Federal Tax Return Preparers with Credentials and Select Qualifications? This searchable directory is intended to help taxpayers find preparers in their area who currently hold professional credentials recognized by the IRS or who hold an Annual Filing Season Program Record of Completion. Take a look. https://irs.treasury.gov/rpo/rpo.jsf
IRS: Be on the lookout for promises of inflated tax refunds Taxpayers are warned to be alert to unscrupulous tax return preparers boasting of inflated tax refunds, a common scam tactic during filing season. Return preparers promising larger refunds than competitors or providing refunds substantially larger than taxpayers have routinely seen could be a warning sign. Con artists promising overly large refunds frequently prey on older Americans and low-income taxpayers and those who don’t have a filing requirement. They may also victimize non-English speakers who may or may not have a requirement to file a tax return. Scam artists can use flyers, advertisements, phony storefronts or word-of-mouth to attract victims. They may even make presentations through community groups or churches. These unscrupulous individuals may dupe others into making claims for fictitious rebates, benefits or tax credits. They may also file a false return in their client’s name, and the client never knows that a refund was paid. Cons may also target those with a filing requirement who are due a tax refund. This may be done by promising larger refunds based on fake Social Security benefits and false claims for education credits or the Earned Income Tax Credit (EITC), among … Read More
On Friday, March 1, Nina Olson, National Taxpayer Advocate (NTA), posted her farewell message on the NTA’s blog. In it, she announces that she will retire on July 31, 2019, after eighteen years of service. During her tenure as the NTA, the IRS adopted the Taxpayer Bill of Rights, a concept she both advocated for, and played a major part in designing. Ms. Olson hopes to further develop the services surrounding the Taxpayer Bill of Rights prior to her retirement. Among her goals for the Taxpayer Bill of Rights are: the addition of mandatory employee training on identification and public disclosure of Program Manager Technical Advice (PMTA) memoranda; and developing rights-based notices of math errors, collections, and more. Ms. Olson’s voice as the champion for the individual taxpayer will be missed. The National Society of Tax Professionals (NSTP) appreciates her years of service with the IRS and wishes her every success in her future endeavors. Ms. Olson’s retirement blog entry can be read in its entirety here.
Tax professionals, as well as taxpayers, who call the IRS will be asked to verify their identity. Being ready to verify identity before a call or visit can save taxpayers and tax professionals time by avoiding having to make multiple calls. Before calling, taxpayers and tax professionals should instead consider using IRS.gov to access resources like the IRS Service Guide to get faster answers to their tax questions. If a taxpayer decides to call, they should know that IRS phone assistors take great care to only discuss personal information with the taxpayer or someone the taxpayer authorizes to speak on their behalf. To make sure that taxpayers do not have to call back, the IRS reminds taxpayers to have the following information ready: Social Security numbers (SSN) and birth dates for those who were named on the tax return An Individual Taxpayer Identification Number (ITIN) letter if the taxpayer has one in lieu of a SSN Filing status – single, head of household, married filing joint or married filing separate The prior-year tax return. Telephone assistors may need to verify taxpayer identity with information from the return before answering certain questions A copy of the tax return in question Any … Read More