NSA constantly monitors developments at the Internal Revenue Service and serves as your eyes and ears inside the IRS.  Through regular meetings with IRS officials, NSA works to influence IRS practice, procedure and operations to promote the interests of practitioners and your clients.  You can play a major role this work by keeping NSA apprised of problems you experience in dealing with the IRS.

NSA Urges U.S. Senate Finance Committee to Enact Tax Preparer Legislation
Proposed legislation would require tax preparers to demonstrate expertise; national exams offered by credentialing organizations would demonstrate proficiency.

National Society of Accountants Statement for the Record to the Senate Finance Committee: Filing Your Taxes: An Ounce of Prevention is Worth a Pound of Cure

NSA President Robert Fukuhara Testifies at SBA National Regulatory Fairness Hearing
Voices concerns about Sarbanes-Oxley, proposed changes to IRS practice rights, and other issues 

If you attend a local IRS/Practitioner liaison meeting, please take a few minutes and fill out an ASO-IRS Liaison Meeting Report and send it to the NSA national office.  By completing this form, you can alert NSA to developments in the field and help elevate important issues to the national level. 

IRS NEWS & FACT SHEETS
Click here for:  IRS News Releases and Fact Sheets

Recent IRS News
IRS Extends Documentation Deadline for 409A Compliance
The IRS announced that taxpayers will have until December 31, 2008 to bring documents into compliance with the final nonqualified deferred compensation regulations under section 409A of the Internal Revenue Code. Click here:   409A Compliance Deadline Extended.

IRS Releases Partnership Rev Proc and Correction
Revenue Procedure 2007-59 permits certain partnerships to aggregate gains and losses from an expanded class of qualified financial assets for purposes of making reverse § 704(c) allocations under § 1.704-3(e)(3) of the Income Tax Regulations. It will appear in   IRB 2007-40, dated Oct. 1, 2007.

Revenue Procedure 2007-60 corrects the inflation adjusted amounts contained in Rev. Proc. 2006-53 that apply to taxpayers who elect to expense certain depreciable assets under section 179 of the Internal Revenue Code. This correction reflects legislative changes enacted after the publication of Rev. Proc. 2006-53. It will appear in IRB 2007-39, dated Sept. 24, 2007.

Increase in Federal Minimum Wage Will Not Reduce 45B Credit
A recent change to tax law affects the portion of employer Social Security paid with respect to employee cash tips known as the 45B Credit. For the complete release, click here:  IR-2007-155, Sept. 5, 2007

No Change in the Interest Rates for the Fourth Quarter, 2007
There is no change in the interest rates for the calendar quarter beginning Oct. 1, 2007. For the complete release, click here:  IR-2007-154, Sept. 4, 2007.

IRS Launches On-Line Workshop for Exempt Organizations  
The Internal Revenue Service has launched a new Web-based version of its popular Exempt Organizations Workshop covering tax compliance issues confronted by small and mid-sized tax exempt organizations. Users can access this new training program at www.stayexempt.org. Users can complete the modules in any order and repeat them as many times as they like.  The online training website does not require registration and its visitors will remain anonymous.