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

IRS Invites Public Comment on Recommendations for 2019-2020 Priority Guidance Plan

NSTPInternal Revenue Service (IRS)

Public Comment Invited on Recommendations for 2019-2020 Priority Guidance Plan

The Treasury Department and the IRS invite public comment on recommendations for items that should be included on the 2019-2020 Priority Guidance Plan. The Treasury Department’s Office of Tax Policy and the IRS use the Priority Guidance Plan each year to identify and prioritize the tax issues that should be addressed through regulations, revenue rulings, revenue procedures, notices, and other published administrative guidance. The 2019-2020 Priority Guidance Plan will identify guidance projects that the Treasury Department and the IRS intend to actively work on as priorities during the period from July 1, 2019, through June 30, 2020. The Treasury Department and the IRS recognize the importance of public input in formulating a Priority Guidance Plan that focuses resources on guidance items that are most important to taxpayers and tax administration. Published guidance plays an important role in increasing voluntary compliance by helping to clarify ambiguous areas of the tax law. The published guidance process is most successful if the Treasury Department and the IRS have the benefit of the experience and knowledge of taxpayers and practitioners who must apply the rules implementing the tax laws. On December 22, 2017, P.L. 115-97, “An Act to provide for the reconciliation pursuant to … Read More

2019 EA Boot Camp New Orleans, LA

NSTPEnrolled Agent, Internal Revenue Service (IRS)

EA Boot Camp, New Orleans, LA

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

IRS Commissioner Charles Rettig Testifies Before the Senate

NSTPInternal Revenue Service (IRS)

IRS Commissioner Charles Rettig Testifies Before the Senate

Internal Revenue Service Commissioner Charles Rettig testified before the Senate Finance Committee on Wednesday about the 2019 tax season, his first as head of the IRS, as the agency managed to open filing season on time despite the recent government shutdown. “I am pleased to report that the 2019 filing season opened on time on Jan. 28,” he said in his opening statement. “On that first day, we saw an hour when taxpayers e-filed more than 1.9 million returns, at a rate of 536 submissions per second. This set a one-hour record for our systems, breaking the previous record of 1.6 million submissions in an hour at 443 per second on Jan. 29, 2018. The filing season continues to go well in terms of tax return processing and the operation of our information technology systems. As of March 22, the IRS received more than 84 million individual returns, and we have issued more than 65 million refunds for more than $191 billion.” Besides being the first tax season under Rettig’s command, this was also the first tax season in which the IRS had to deal with filings under the revamped tax code after passage of the Tax Cuts and Jobs … 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

With New SALT Limit, IRS Explains Tax Treatment of State and Local Tax Refunds

NSTPTax Exempt and Government Entities Division

With New SALT Limit, IRS Explains Tax Treatment of State and Local Tax Refunds

The Internal Revenue Service has issued clarification of the tax treatment of state and local tax refunds arising from any year in which the new limit on the state and local tax (SALT) deduction is in effect. In Revenue Ruling 2019-11, available on IRS.gov,  the IRS provided four examples illustrating how the long-standing tax benefit rule interacts with the new SALT limit to determine the portion of any state or local tax refund that must be included on the taxpayer’s federal income tax return. Today’s announcement does not affect state tax refunds received in 2018 for tax returns currently being filed. The Tax Cuts and Jobs Act (TCJA), enacted in December 2017, limited the itemized deduction for state and local taxes to $5,000 for a married person filing a separate return and $10,000 for all other tax filers. The limit applies to tax years 2018 to 2025. As in the past, state and local tax refunds are not subject to tax if a taxpayer chose the standard deduction for the year in which the tax was paid. But if a taxpayer itemized deductions for that year on Schedule A, Itemized Deductions, part or all of the refund may be subject to … Read More