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Alexandria, VA, November 22, 2021  — NSA sent a letter to the IRS and Congress calling attention to the need for improved transparency from the IRS in its communications with both taxpayers and practitioners, as well as the importance of increased funding for the agency. It is NSA’s position that there is a crisis occurring involving the IRS, taxpayers, and practitioners, much of which can be attributed to insufficient funding. Therefore, NSA encourages Congress to fund the IRS more adequately and consistently. “The steady increase of responsibility that Congress continues to legislatively place upon the IRS year-after-year greatly exceeds the declining and ...
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November 9, 2021 Marchelle Foshee, CPA NSA President  What are you doing to prepare for the 2022 tax filing season? NSA’s First Virtual Member Roundtable was held on November 3, 2021. Many members of NSA joined in the conversation which produced some important information one hopes to obtain when networking with fellow peers.   Online Accounts One of the takeaways produced during the first roundtable was the importance of taxpayers having an online account with the IRS. Those who have an online account may: see your payment history and any scheduled or pending payments; see the total amount you owe, including balance details by year; ...
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November 8, 2021 Jessica L. Jeane, J.D. Managing Director, Public Policy Congress has sent a bipartisan tax-related infrastructure bill to President Biden’s desk where he is expected to sign the measure into law. The House late on November 5 approved the Infrastructure Investment and Jobs Act ( H.R. 3684 ), as amended, by a 228-to-206 vote. The measure cleared the Senate by a 69-to-30 vote last August. Employee Retention Credit Most notably, section 80604 of the legislation repeals the fourth-quarter extension for the Employee Retention Credit (ERC), making wages paid after Sept. 30, 2021, ineligible for the credit (except for wages paid by an eligible ...
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TAX PRO ACCOUNTS LIVE WITH SHARYN FISK 11/05/2021  |  2:00 PM (EDT)  Individual Tax Pros will see a walk-thru of the initial release of the IRS’ Tax Pro Account and learn tips and techniques for submitting a successful authorization request. The program will include how tax professionals can access a variety of features through Tax Pro Account. Learning Objectives: After this webinar you will be able to: Identify the differences between online authorizations and traditional Forms 2848 and 8821, and how to determine which type may be needed for the taxpayer. Initiate, electronically sign, and request an online Power of Attorney ...
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NSA is bringing you a new live webinar every day this week! Topics include Ethics and Compliance, Casualties, Disasters & Settlements, Maximum Deductions for Retirement Plans, Criminal Tax, and Payroll & Employment Tax. As always, all webinars are free with an NSA membership. Learn more about this week's lineup below! Ethics and Compliance Monday, Oct. 25, 2:00 p.m. ET |  CPE Credit: 2 hours This course will discuss the ethical responsibilities for members of the Society in their roles as representatives on behalf of clients before the IRS and State Taxing Authorities. We will also explore the Internal Revenue Manual and Treasury ...
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This month, NSA has 9 new webinars that are now open for registration. Topics include practice management, federal tax law, ethics, and more! As always, all webinars are free with your NSA membership. Stay at the top of your game and check out the lineup below! Workplace Efficiency for Tax Pros Tuesday, Oct. 19, 2:00 p.m. ET  |  CPE Credit: 2 hours This course will examine the basics of workplace efficiency. We will cover beating procrastination, planning your day to accomplish the maximum- especially getting done that one big task you absolutely have to finish before going home- grouping tasks, and multitasking. We will also examine methods ...
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September 17, 2021 Jessica L. Jeane, J.D. Managing Director, Public Policy The House Ways and Means Committee has advanced by a largely party-line 24-to-19 vote a sweeping tax reform proposal of $2.2 trillion in tax increases along with approximately $1.3 trillion in tax breaks. The congressional tax-writing committee spent four days marking up the tax reform package, which Democrats hailed as their “historic” achievement when it cleared the committee this week. Generally, the tax provisions include some of the following proposals: return to a corporate income tax rate structure with a top rate of 26.5 percent; restore the 39.6 percent top marginal individual ...
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Last week, NSA sent a letter to bipartisan leadership of Congress's tax writing committees expressing its concerns with recent IRS guidance issued in  Notice 2021-49  on the Employee Retention Credit (ERC) under section 3134 of the Internal Revenue Code, as added by section 9651 of the American Rescue Plan Act (ARPA), (P.L. 117-2). "NSA urges Congress to act quickly to clarify and resolve the conflicting guidance issued and take the necessary actions needed for the IRS to apply the intent of the original legislation that does not exclude small family owned businesses from taking the credit. Time is of the essence to allow all stakeholders (taxpayers, practitioners, ...
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Congressman Jack Bergman, R-MI, in an August 9 letter to IRS Commissioner Chuck Rettig, expressed concerns with recent IRS guidance on the Employee Retention Credit under Section 3134 of the Internal Revenue Code, as added by section 9651 of the American Rescue Plan Act (ARP), ( P.L. 117-2 ). Specifically, Bergman objected to language in IRS Notice 2021-49 that prevents wages paid to a majority owner of a corporation from qualifying under the ERC solely if the owner has a direct family member. ERC Guidance The IRS on August 4 released Notice 2021-49 , which provides guidance on the ERC applicable to qualified wages paid after June 30, 2021, and before ...
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Other Income: Taxable or Not? August 10, 2021 2:00 - 3:00 P.M. ET Last year, NSA's seminar, “Other Income: Taxable or Not” was the single most highly attended out of 30 seminars at the 2020 IRS Nationwide Tax Forum. According to information provided to NSA by the IRS, a total of 7,838 attendees participated in the NSA seminar. Presented again by NSA Past President, Christine Freeland, “Other Income: Taxable or Not?” will use real life examples, scenarios, and resources to examine: when a refund, credit, or offset of income taxes received may have to be reported as additional income, and the tax treatment of alimony received. ...
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Alexandria, VA, July 1, 2021 — NSA expresses support for the proposed legislation, Tax Deadline Simplification Act , introduced by U.S. Congresswoman Debbie Lesko (R-AZ) and Representative Bradley S. Schneider (D-IL). The bipartisan legislation will streamline the quarterly installments for estimated income tax payments for individuals and small businesses, setting the deadlines to 15 days after the end of a quarter. This legislation would move the deadlines to January 15 th , April 15 th , July 15 th , and October 15 th . Current law sets estimated tax payment deadlines at uneven intervals that do not align with calendar year quarters. This causes unnecessary ...
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Today, National Taxpayer Advocate Erin M. Collins released her mid-year report to Congress . The report presents an evaluation of the 2021 filing season, identifies key objectives the Taxpayer Advocate Service will pursue during the upcoming fiscal year, and contains the IRS’s responses to the 73 administrative recommendations the Advocate made in her 2020 Annual Report to Congress. The statutorily mandated report highlights the following significant challenges the IRS faced entering the 2021 filing season. Agency operations remained at a reduced capacity due to social distancing measures taken to protect the health and safety of both taxpayers, employees, ...
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NSA's July CPE Blitz is now open for registration . This month, webinars focus on accounting-related topics. See the lineup below. Financial Statement Preparation July 12, 2021 2:00 - 4:00 P.M. ET 2 CPE Lynn Fountain, CPA, CGMA, CRMA Cash Versus Accrual Accounting July 13, 2021 2:00 - 3:00 P.M. ET 1 CPE Robert K. Minniti DBA, CPA, CFE, Cr.FA, CVA, MAFF, CFF, CGMA, PI President and Owner, Minniti CPA, LLC Accounting for Leases July 14, 2021 2:00 - 4:00 P.M. ET 2 CPE Lynn Fountain, CPA, CGMA, CRMA Revenue Recognition July 16, 2021 2:00 - 3:00 P.M. ET 1 CPE Robert K. Minniti DBA, CPA, CFE, Cr.FA, ...
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NSA’s 75th Annual Convention Keynote Address will be provided by Tony Nitti, CPA, MST, partner-in-charge of National Tax at RubinBrown and adjunct professor at the graduate tax programs of the University of Denver (DU) and Golden Gate University. Tony Nitti is a well-known contributor of tax content to   Forbes , as well as a frequent speaker and trainer at seminars and webcasts across the country. Nitti focuses primarily on corporate and partnership tax planning, with a special focus on the consolidated return regulations and the reorganization provisions, including the structuring of acquisitions, mergers, reorganizations, spin-offs and other restructuring ...
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Join NSA's director of public policy, Jessica L. Jeane, J.D., as she takes a deep dive into President Biden’s “Made in America Tax Plan,” which proposes several significant tax increases, some of which include raising the corporate income tax rate from 21 to 28 percent and a new 15% minimum tax on large corporations’ book income. These and other proposed tax increases are intended to pay for Biden’s proposed infrastructure overhaul, the “American Jobs Plan.” Join us as we walk through each of the proposal’s tax provisions as well as discuss the congressional support and procedures needed to make it law. This webinar is free for members! Register here. ...
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NSA’s Federal Taxation Committee, consisting of volunteer members who are tax pros just like yourself, have put together the following tax tips as the May 17 deadline nears closer: It’s been a long haul this tax season! Go easy on yourself as you wind through the last week of the filing season. When in doubt, file an extension. Many tax preparers are exhausted at this time. It is better to let clients know that it might be best to do their return when you are rested. Remind clients that processing and refunds are taking longer this year. Everyone needs to be patient. Secure the correct stimulus payments from clients to avoid processing delays ...
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NSA's director of public policy, Jessica L. Jeane, J.D., served as a special guest expert on Western CPE's non-partisan tax news series, All Tax. No Bull . In an article titled, "You Say Yes, I Say No I Say High, You Say Low: Corporate Tax Reform Debate Continues," Jessica explores President Biden's Made in America Tax Plan and why increasing the corporate tax rate may be harmful to corporate investment and America's economic competitiveness.  If this topic interests you, you may also sign up for NSA's CPE Blitz non-partisan webinar, "NSA Reviews Biden’s “Made in America Tax Plan,”  where NSA's director of public policy, Jessica L. Jeane, J.D., ...
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The IRS and Treasury Department announced additional details of tax credits available under the American Rescue Plan Act of 2021 (ARPA) (P.L. 117-2) to help small businesses. In a fact sheet released today, the IRS outlines basic facts regarding the employers eligible for the tax credits. It also provides information on how these employers may claim credit for leave paid to employees receiving COVID-19 vaccinations. The news release states, "Eligible employers, such as businesses and tax-exempt organizations with fewer than 500 employees and certain governmental employers, can receive a tax credit for providing paid time off for each employee receiving ...
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The IRS has announced that it will automatically refund money to taxpayers who reported unemployment compensation in their tax return before the recent changes made by the American Rescue Plan signed on March 11, 2021.  The American Rescue Plan allows taxpayers earning less than $150,000 in modified adjusted gross income to exclude unemployment compensation up to $20,400 if married filing jointly and $10,200 for other taxpayers. The legislation only applies to 2020 unemployment benefits.  The news release clarifies that those who filed before the legislation was signed will have the appropriate changes made to their returns, which may result in a refund. ...
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Jessica L. Jeane, J.D. Director of Public Policy March 30, 2021 Pre sident Biden on March 30 signed into the law the bipartisan Paycheck Protection Program (PPP) Extension Act of 2021 ( HR 1799) , which moves the application deadline to May 31, 2021. The PPP application window was originally set to expire the next day on March 31.   The bill was overwhelmingly approved in the House by a 415-to-3 vote; the Senate cleared it 92-to-7. Additionally, the measure provides the U.S. Small Business Administration (SBA) with an extra 30 days to process loans submitted prior to June 1. However, no additional funding was provided for the program, which is expected ...
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