ANNUAL FILING SEASON PROGRAM UPDATE

NSTPAnnual Filing Season Program (AFSP), Internal Revenue Service (IRS)

To encourage non-credentialed return preparers to participate in the Annual Filing Season Program, the IRS is sending emails to about 5,000 people this week who are within 3 hours or less of having enough continuing education (CE) to participate for 2018. They must get the remaining CE by December 31. There are two versions of the email depending on whether the preparer is in the 15 or 18 hours category. Following is a sample of the email. In addition, there are a significant number of preparers who have obtained enough CE to participate, but who have not completed their Circular 230 consent in order to officially participate and receive the Annual Filing Season Program Record of Completion. IRS sends a monthly email reminding them to take this step. Even though CE is due by December 31, 2017, preparers have until April 18, 2017, to sign the consent. Our records indicate you need three or less hours of continuing education by December 31, 2017, to be eligible for the Internal Revenue Service’s 2018 Annual Filing Season Program. Don’t miss the deadline!  You must have a total of 15 hours of continuing education from IRS-Approved CE Providers in the following categories to participate in the 2018 … 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

2017 FEDERAL TAX UPDATE & REVIEW COURSE

NSTPFederal Tax Update & Review Course, Mr. Isaac R. McRae, III, MST, EA, Fellow, National Society of Tax Professionals (NSTP), Nina Tross, EA, MBA, NSTP Education, NSTP Instructors, Paul La Monaca, CPA, MST

Thanksgiving Discount Use Code: FTU1217 Offer valid through December 15, 2017 Member Rate: $209.00 Non-Member Rate: $309.00 Save $20.00 off any Federal Tax Update & Review Courses if you register before December 15, 2017 NSTP coupon and discount codes may not be applied to VASEA – SPRINGFIELD, VA , WILLIAMSBURG, VA Locations Visit our website for a complete listing of all Federal Tax Update & Review Courses locations View all Locations & Register Online! → Download Locations and Registration form →

2017 FEDERAL TAX UPDATE & REVIEW COURSE Copy

NSTPFederal Tax Update & Review Course, Mr. Isaac R. McRae, III, MST, EA, Fellow, National Society of Tax Professionals (NSTP), Nina Tross, EA, MBA, NSTP Education, NSTP Instructors, Paul La Monaca, CPA, MST

Thanksgiving Discount Use Code: FTU1217 Offer valid through December 15, 2017 Member Rate: $209.00 Non-Member Rate: $309.00 Save $20.00 off any Federal Tax Update & Review Courses if you register before December 15, 2017 NSTP coupon and discount codes may not be applied to VASEA – SPRINGFIELD, VA , WILLIAMSBURG, VA Locations Visit our website for a complete listing of all Federal Tax Update & Review Courses locations View all Locations & Register Online! → Download Locations and Registration form →

CONGRESSIONAL UPDATE – TAX CUTS AND JOBS ACT

NSTPInternal Revenue Service (IRS)

After weeks of work by the House Ways and Means Committee, the full House approved its tax reform bill, HR 1, by a 227-to-205 vote on November 16. Further action by the House is not expected until the Senate passes its version of tax reform and a Conference Committee is convened to iron out the differences. The Senate Finance Committee finished marking up its version of a tax reform bill. Controversy surrounding a handful of provisions remains, indicating that a Senate floor vote will likely be delayed until at least early December. Both the House and Senate GOP bills call for lowering the individual and corporate tax rates, repealing many tax credits and deductions, eliminating the AMT, enhancing the child tax credit, affecting business deductions, research credit retained and international reforms. However, there are many differences which will be heard in the joint conference committee when a Senate bill is passed. So, still nothing definitive to report. NSTP continues to monitor the hearings and will present a comprehensive analysis when the bill has been signed by the President.

UPDATE ON TAX CUTS AND JOBS ACT

NSTPUncategorized

While any discussion regarding the new tax bill under consideration by both the House and the Senate is a moving target the most current update is that the House Ways and Means Committee has advanced the bill to the full House for consideration and it will be on the agenda for this week. The committee approved, along party lines, a number of amendments to the original bill. The House is expecting to hold a vote on the bill during the week of November 13, 2017. Meanwhile, the Senate Finance Committee also released their version of the Tax Cuts and Jobs Act, which in many respects varies greatly from the version approved by the House Ways and Means Committee. The Senate Finance Committee is expecting to mark up their version during the week of November 13, 2017. Possible roadblocks to ultimately getting a bill to the president’s desk before year end are unified opposition from Democrats, intense lobbying efforts to preserve tax breaks slated for elimination, and the significant differences between the House and Senate versions. See Tax Tidbits from last week for links to the full context of the bill.