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Registration Now Open for NSA Convention, August 22-25, Minneapolis, Minn. The National Society of Accountants (NSA) Annual Convention bridges the gap between the signing of H.R.1-- Tax Cuts and Jobs Act and preparing tax professionals to understand how the changes will impact their clients. The event is slated for August 22-25 in Minneapolis, Minn. “Thus far, 2018 has been a very exciting and challenging year,” said NSA President Brian L. Thompson, CPA. “New tax changes made widespread changes to the Internal Revenue Code, impacting nearly everything from child tax credits to divorce calculations, and small business deductions to homeownership deductions. ...
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Registration Open for NSA’s highly-acclaimed EA Exam Prep Course  in Minneapolis, prior to NSA National Conference   Accounting and tax professionals looking to take the Enrolled Agent (EA) Exam in 2018 can increase their success rate by participating in NSA’s highly-acclaimed Enrolled Agent Exam Preparation Course August 20-22, at the Minneapolis Marriott City Center. Future EA exams and supporting course materials will reflect changes under the new tax law. As such, the 2018 exam and prep course enables professionals to become an EA under previous tax laws. NSA's Enrolled Agent Exam Review Course is a comprehensive review geared toward a single ...
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The IRS and its state and industry Security Summit partners today warned tax practitioners to beware of phishing emails posing as state accounting and professional association. The IRS this week received reports from tax professionals who received fake emails that were trying to trick them into disclosing their email usernames and passwords. Cybercriminals specifically targeted tax professionals in Iowa, Illinois, New Jersey and North Carolina. The IRS also received reports about a Canadian accounting association. The awkwardly worded phishing email states: “We kindly request that you follow this link HERE and sign in with your email to view this information ...
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Now that the enrollment renewal cycle has finished, the IRS Return Preparer Office will begin annual clean-up of those Enrolled Agents who have Social Security Numbers (SSNs) ending in 7, 8 or 9 or those who have no SSN and did not renew. Those who did not renew during the 2015 and 2018 cycles will be moved to terminated status. (2,000+) Those who did not renew during the 2018 cycle will be moved to inactive status. (5,000+) Letters will be sent to those whose status has changed advising them of IRS action. Any preparer in inactive status can still submit a late renewal for approval with proof of CE. Any preparer in terminated status must re-take the ...
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The IRS today issued Notice 2018-54 , which announces forthcoming regulations that will address the "tax treatment of certain payments made by taxpayers for which taxpayers receive a credit against their state and local taxes."  A press release accompanying the notice is available here . Under the Tax Cuts and Jobs Act , the amount of state and local taxes individuals can deduct is capped at $10,000. Since the law's enactment late last year, several states have debated proposals to allow residents to contribute to certain entities to gain a credit (most often for a charitable contribution) against state and local taxes owed.  In particular, ...
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May is the time for anyone interested in running for NSA Officer or District Governor positions to submit their Candidate Announcement Form . Elections for office will be held later this summer, but if you have an interest in being considered for office, please submit your application between May 1st and June 1st. Positions open include the office of President First Vice President Second Vice President District Governor (Only Governors for even-numbered districts will be elected this year.) In addition, NSA is seeking candidates to serve as NSA State Director for states in NSA's odd-numbered districts. Candidates for State ...
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IRS, Security Summit Partners Warn of New Twist on Phone Scam;  Crooks Direct Taxpayers to IRS.gov to “Verify” Calls The Internal Revenue Service today warned of a new twist on an old phone scam as criminals use telephone numbers that mimic IRS Taxpayer Assistance Centers to trick taxpayers into paying non-existent tax bills.   The IRS and its Security Summit partners – the state tax agencies and tax industry – urge taxpayers to remain alert to tax scams year-round, especially immediately after the tax filing season ends. Even after the April deadline passes, the tax scam season doesn’t end.   In the latest version ...
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IRS provides additional day to file and pay for taxpayers through Wednesday, April 18; IRS processing systems back online The IRS announced today that it is providing taxpayers an additional day to file and pay their taxes following system issues that surfaced early on the April 17 tax deadline. Individuals and businesses with a filing or payment due date of April 17 will now have until midnight on Wednesday, April 18. Taxpayers do not need to do anything to receive this extra time. The IRS encountered system issues Tuesday morning. Throughout the system outage, taxpayers were still able to file their tax returns electronically through their software ...
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Today, Oversight Subcommittee Chairman Lynn Jenkins (R-KS) and Ranking Member John Lewis (D-GA) released a discussion draft entitled “The Taxpayer First Act.” This bipartisan legislation will propose ways to redesign the Internal Revenue Service (IRS) for the first time since 1998. Chairman Jenkins said: “I ran for Congress to reform our broken tax code and I am honored to have played a part in the most significant tax reform in 30 years. However, tax reform was only half of our promise. Our attention must now turn to modernizing the IRS and improving the taxpayer experience.  “As a CPA, I know from experience the IRS can be very frustrating to deal ...
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NSA leadership today sent a letter to IRS Acting Commissioner, David Kautter requesting an extension of the time by which a corporation must elect to be treated as an S corporation. The request is made due to the lack of clarity in Section 199A of the Tax Cuts and Jobs Act. The letter is copied below: We are writing to request a six month extension of the time by which a corporation must make an election to be treated as a S corporation for the current calendar year.   As you know, The Tax Cuts and Jobs Act enacted in December of 2017 made substantial changes to the tax law as it relates to passthrough entities, including S corporations, with the introduction ...
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Updated Withholding Calculator, Form W-4 Released; Calculator Helps Taxpayers Review Withholding Following New Tax Law The IRS released an updated Withholding Calculator on IRS.gov and a new version of Form W-4 to help taxpayers check their 2018 tax withholding following passage of the Tax Cuts and Jobs Act in December. The IRS and NSA urge taxpayers to use these tools to make sure they have the right amount of tax taken out of their paychecks. “Following the major changes in the tax law, the IRS encourages employees to check their paychecks to help ensure they’re having the right amount of tax withheld for their personal situation,” said Acting IRS Commissioner ...
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Wyden Update

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NSA Executive Vice President John Ams discussed the prospects for tax preparer regulation with Sen Ron Wyden and two members of the Senate Finance Committee staff at an event over the weekend. EVP Ams reminded Sen. Wyden that NSA and the Accreditation Council for Accountancy and Taxation have been long time supporters of such regulation but that any legislation should not require any further examinations for any preparer that has already taken and passed any competency examination that has been recognized by the IRS for purposes of the agency’s Annual Filing Season Program.  Ams mentioned that qualified examinations recognized by the IRS included the tests ...
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NSA Executive Vice President John Ams discussed the prospects for tax preparer regulation with Sen Ron Wyden and two members of the Senate Finance Committee staff at an event over the weekend. EVP Ams reminded Sen. Wyden that NSA and the Accreditation Council for Accountancy and Taxation have been long time supporters of such regulation but that any legislation should not require any further examinations for any preparer that has already taken and passed any competency examination that has been recognized by the IRS for purposes of the agency’s Annual Filing Season Program.  Ams mentioned that qualified examinations recognized by the IRS included the tests ...
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Inappropriate referrals to the IRS e-help Desk are causing longer hold times Each filing season, the e-help Desk receives phone calls from taxpayers because their tax preparer referred them for assistance resolving rejected returns, tax law and tax account matters. This increases the taxpayer’s burden and causes lengthier delays for everyone. The e-help desk cannot help these callers and must direct them to other sources for assistance – typically IRS.gov including Publication 5136 , IRS Services Guide. The EPSS e-help Desk is intended specifically to assist tax professionals (Enrolled Agents, Reporting Agents, Electronic Return Originators, Certified Public ...
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NSA Executive Vice President Discusses IRS Budget and Tax Reform Changes on Federal News Radio NSA Executive Vice President John Ams will discuss the Administration’s proposed IRS budget in a segment on Federal News Radio. The interview, which was taped yesterday, will be broadcast next week. In the discussion, Ams also pointed out that the IRS is still forecasting it will only be able to answer 60% of filing season phone calls but that the proposed budget would cut another $108.7 million, or 4.6%, from Taxpayer Services, with the likely result that the touted benefits of the tax reform law will not be realized until taxpayers and tax professionals are ...
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Tim Sundstrom, a member of the NSA Federal Taxation Committee and John Ams , NSA Executive VP, met with IRS officials including Acting Commissioner Dave Kautter to urge them to issue guidance on issues raised in the tax reform bill as soon as possible, particularly with respect to the much-discussed Section 199A. Sundstrom raised a number of technical issues about the application of the 20% rule as well as how to determine whether an entity’s principal asset is the skill or reputation of one or more of its owners or employees.  Ams pointed out that many small businesses could be disqualified from claiming the deduction unless the determination of skill ...
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Early this morning, the President signed into law the Bipartisan Budget Act of 2018, which primarily served as a vehicle to extend funding for government operations through March 23, but which also includes more than 50 tax provisions, including extensions of expired tax incentives and various other tax policy changes and provides $90 million to the IRS to implement the tax reform act. A summary of the Act's tax provisions is available here
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Seeing the emergence of a new filing season scam, the IRS and NSA urge tax professionals to step up security and beware of phishing emails that can secretly download malicious software that can help cybercriminals steal client data. Only a few days into the filing season, the IRS has already identified a new scam that began with cybercriminals stealing data from several tax practitioners’ computers and filing fraudulent tax returns. In a new twist, the fraudulent returns in a few cases used the taxpayers' real bank accounts for the deposit. A woman posing as a debt collection agency official then contacted the taxpayers to say a refund was deposited in error ...
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The Internal Revenue Service (IRS) today issued  Notice 2018-14 , which provides additional guidance to employers on withholding changes in response to the enactment of the  "Tax Cuts and Jobs Act" (P.L. 115-97) . As described by the IRS, Notice 2018-14: extends the effective period of Forms W-4 furnished to claim exemption from income tax withholding under § 3402(n) for 2017 until February 28, 2018 and temporarily permits employees to claim exemption from withholding under § 3402(n) for 2018 by using 2017 Form W-4; suspends the requirement that employees must furnish their employers new Forms W-4 within 10 days of changes of ...
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Proposed IRS budget appropriation under consideration will not adequately serve the needs of individual and small business taxpayers.   ALEXANDRIA, VA, January 25, 2018 — The National Society of Accountants (NSA) expresses its continuing disappointment with the Internal Revenue Service (IRS) budget appropriation under consideration and its belief that the proposed budget is a disservice to the many individual and small business taxpayers for whom NSA members provide tax services. “The IRS Division responsible for responding to taxpayer telephone calls estimates that it would be able to respond to only 60 percent of calls during the 2018 filing season, ...
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