The Administration's budget proposal released on Tuesday, May 22, includes two provisions that may affect NSA members.
In the section of the budget proposal related to reducing improper payments, there is a proposal to increase oversight of paid tax return preparers as well as a proposal to provide more flexible authority for the IRS to address correctable errors. According to the budget documents, the preparer oversight provision is expected to reduce the federal budget deficit by $439 million during the ten year budget window, whereas correctable error authority is expected to reduce the budget deficit by $655 over the same timeframe.
NSA Executive Vice President, John Ams has already been in contact with IRS official offering NSA's assistance in working on these two matters if/when they are enacted.
Today, during a meeting at the IRS, the head of the IRS Tax Reform Office told NSA EVP John Ams that the 199A regulations will be released in mid-July. In addition to the expected release date, EVP Ams ...
Treasury Secretary Mnuchin announced the department will unveil a new Form 1040, U.S. Individual Income Tax Return, next week that will come in the shape of a postcard “as promised.”
In the lead-up ...
As a service to our members at the upcoming NSA Annual Convention in Minneapolis, the NSA Accounting Standards Committee will offer to critique financial statements prepared by your office. The statements ...
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