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The National Society of Accountants (NSA) Scholarship Foundation is accepting scholarship applications from qualified accounting students across the country. The Foundation awards scholarships to undergraduates who are U.S. or Canadian citizens majoring in accounting at an accredited two- or four-year college or university in the United States. Since it was formed in 1969, the NSA Scholarship Foundation has awarded over $1 million to dedicated students pursuing a career in the accounting profession. “Filling accounting positions with promising students is the most important thing we can do to advance this critical profession,” says NSA Scholarship...
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Mark Your Calendar The 2017 IRS Nationwide Tax Forums are coming to a city near you. Join your colleagues and IRS representatives for three days of education, training, and networking. This is a great opportunity to: Earn valuable CE/CFP Credits Learn about the latest tax laws and regulations directly from the IRS Learn about a wide variety of tax products and services in our exhibit hall Network... Network... Network... For questions contact info@irstaxforum.com . For exhibiting and sponsorship opportunities contact expo@irstaxforum.com . 2017 Dates Orlando, FL July 11-13 Dallas,...
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NSA is warning all tax professionals and taxpayers of a new E-mail scam posing as National Taxpayer Advocate. The subject line for the fraudulent email is “URGENT NOTICE: IMPORTANT STEPS AND PROCEDUTES FOR NEW TAX SEASON” and uses an IRS logo at the bottom. The message purports to be from National Taxpayer Advocate, Nina E. Olson using two email addresses Nina.Olson@irs.gov and spolman@g.sebeka.k12.mn.us . The scam e-mail advices Certified Public Accountants of new guidelines and rules for the upcoming 2017 tax season, claiming that there is a compulsory new act for all CPA’s. A PDF file titled “New Season Shared Docx.pdf”...
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As the tax filing season approaches, the Internal Revenue Service reminds low- and moderate-income workers that they can take steps now to save for retirement and earn a special tax credit in 2016 and years ahead. The saver’s credit helps offset part of the first $2,000 workers voluntarily contribute to IRAs and 401(k) plans and similar workplace retirement programs. Also known as the retirement savings contributions credit, the saver’s credit is available in addition to any other tax savings that apply. Eligible workers still have time to make qualifying retirement contributions and get the saver’s credit on their 2016 tax returns....
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As tax filing season approaches, the Internal Revenue Service is reminding taxpayers there are things they should do now to get ready for filing season. For most taxpayers, Dec. 31 is the last day to take actions that will impact their 2016 tax returns. For example, charitable contributions are deductible in the year made. Donations charged to a credit card before the end of 2016 count for the 2016 tax year, even if the bill isn’t paid until 2017. Checks to a charity count for 2016 as long as they are mailed by the last day of the year. Taxpayers who are over age 70 ½ are generally required to receive payments from their individual retirement...
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Tax return preparers should beware of various ruses and schemes used by cybercriminals. These scams allow criminals to gain access to passwords or computer systems which allows them to steal taxpayer data. Many schemes are currently making the rounds. Protect your clients and yourself from these ongoing and increasingly sophisticated efforts to steal data. How serious is this threat? Here are a few examples of criminal scams and schemes intent on stealing your information from just the past few months: In April and August of 2016, the IRS sent emergency alerts to tax professionals about criminals using remote access technology to gain control of...
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The Internal Revenue Service announced today that the nation’s tax season will begin Monday, Jan. 23, 2017 and reminded taxpayers claiming certain tax credits to expect a longer wait for refunds. The IRS will begin accepting electronic tax returns that day, with more than 153 million individual tax returns expected to be filed in 2017. The IRS again expects more than four out of five tax returns will be prepared electronically using tax return preparation software. Many software companies and tax professionals will be accepting tax returns before Jan. 23 and then will submit the returns when IRS systems open. The IRS will begin processing paper...
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The Internal Revenue Service and Security Summit partners urged taxpayers to take immediate steps to protect their personal data to strengthen expanded efforts being taken this upcoming tax season by federal, state and tax industry leaders against identity theft and refund fraud. The Security Summit, an unprecedented collaborative effort between the IRS, the states and the nation's tax industry, announced in November plans to improve identity theft and refund fraud protections for individual and business taxpayers for the 2017 filing season. “The collective efforts of the IRS, the states and the tax industry have provided new and important protections...
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As tax season approaches, the Internal Revenue Service, the states and the tax industry reminded taxpayers to be on the lookout for an array of evolving tax scams related to identity theft and refund fraud. Every tax season, there is an increase in schemes that target innocent taxpayers by email, by phone and on-line. The IRS and Security Summit partners remind taxpayers and tax professionals to be on the lookout for these deceptive schemes. “Whether it's during the holidays or the approach of tax season, scam artists look for ways to use tax agencies and the tax industry to trick and confuse people,” said IRS Commissioner John Koskinen....
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Tax Professionals: Protect Your Clients; Protect Yourself Due to the sensitive client data held by tax professionals, cybercriminals increasingly target the tax preparation community. Thieves use a variety of tactics, from remote computer takeovers to phishing scams. The IRS and NSA ask for your help to combat identity theft and fraudulent returns. Working in partnership with you, we can make a difference. That’s why we launched a public awareness campaign that we call, “Protect Your Clients; Protect Yourself.” Identity thieves are a formidable enemy. Data breaches are increasing in number and scope. Thieves often use the stolen identity...
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Protect Your Clients: Security Summit Partners Warn Tax Pros of Cybercriminals, Launch New Awareness Tips The Internal Revenue Service, state tax agencies and the tax industry today warned tax professionals of the continuing threat from cybercriminals and launched a series of security tips to encouraging stronger measures to protect taxpayer data. The Security Summit partners note that cybercriminals worldwide are actively targeting tax professionals in an effort to steal taxpayer information that would allow them to file fraudulent tax returns for refunds. The Summit group, a partnership between the public and private sectors, urged the tax community...
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Avoid Identity Theft

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Avoid Identity Theft, Learn How to Recognize Phishing Scams Simply ask for it. That’s the easiest way for an identity thief to steal your personal information. Each day, people fall victim to phishing scams through emails, texts or phone calls and mistakenly turn over important data. In turn, cyber criminals try to use that data to file fraudulent tax returns or commit other crimes. The IRS, NSA, state tax agencies and the entire tax industry -- all partners in the fight against identity theft -- urge you to learn to recognize and avoid phishing scams. We need your help in the fight against identity theft. That’s why, as part of...
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The Internal Revenue Service is urging as many qualifying homeowners as possible to contact their mortgage lenders and see if they can modify their mortgage payments to be eligible for a taxable-income exclusion set to expire at the end of the year. The IRS said will accept debt reduction modifications as long as the borrower receives a trial offer by the sunset of the Home Affordable Modification Program, set for Dec. 30, 2016, according to Notice 2016-72. The program was created to encourage banks to lower monthly mortgage payments to help homeowners stave off foreclosure after the subprime mortgage crisis. Congress extended the relief under §108(a)(1)(E)...
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Next week is National Tax Security Awareness Week As the 2017 tax season approaches, the IRS announced a special “National Tax Security Awareness Week” will take place next week to help taxpayers and the tax community protect sensitive tax and financial data. As part of the Security Summit effort, this joint initiative between the IRS, states and the tax community will share a variety of information throughout the week of Dec. 5-9 to educate taxpayers on steps they can take to protect themselves from identity theft and tax scams as well as protect their valuable financial data. NSA will be sharing valuable information with members...
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The January 20 swearing-in of Donald Trump as President - and the resulting change in control of the Administration to Republican hands – will result in significant changes in tax policy. What can tax professionals expect as we begin tax season and beyond? IRS Commissioner: IRS Commissioner John Koskinen's term expires one year from now, in November 2017, but he has said on numerous occasions that he would tender his resignation if the President requests it. Given that Republicans have for the past year suggested they would try to impeach Koskinen, what is likely to happen? Tax season will formally begin within a few days of Trump's...
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The Internal Revenue Service Advisory Council (IRSAC) Annual Report released on November 16 calls on the agency to "remove obsolete language and clarify inconsistent sections," primarily as a result of the decision in Loving v. IRS, 742 F.3d 1013 (D.C. Cir. 2014), which invalidated the IRS Registered Tax Return Preparer designation because it said the agency does not have the authority to regulate tax return preparers. The IRSAC report noted that Circular 230 currently makes more than 50 references to the RTRP designation, even though it has no continuing significance or effect. Steve Whitlock, head of the IRS Office of Professional Responsibility, said...
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The annual “Giving Tuesday” holiday is coming up on November 29, and many charitable causes will benefit from the generosity of millions of Americans who will give them money. But it’s not all about money – many people choose to donate hard goods ranging from cars to furniture and even real estate. “The end-of-year holidays are a time to celebrate many things in our lives,” says National Society of Accountants (NSA) Executive Vice President John Ams. “Why not make it a time to celebrate some tax savings, too?” But if you’re donating property, what is it worth? The Internal Revenue Service (IRS)...
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The standard deductions for single taxpayers, heads of households and married individuals will increase slightly in 2017, but the personal exemption is unchanged, the IRS said in an October 25 news release ( IR-2016-139 ). Taxpayers will use the information when filing their returns in 2018, the IRS said. According to the release, the personal exemption in tax year 2017 will be $4,050, just as it was in 2016, although a phase-out begins with adjusted gross incomes of $261,500 ($313,800 for married couples filing jointly). The exemption completely phases out at $384,000 ($436,300 for married couples filing jointly). There will be a $50 increase...
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The IRS today issued an urgent alert to tax professionals who use IRS e-services to beware of an email asking them to update their accounts and directing them to a fake website. The subject line for the fraudulent email is “Security Awareness for Tax Professionals.” The “From” line is “Your e-Services Team.” It has both an IRS logo and an e-services logo that hyperlinks to a URL verified as a phishing site. The spoofing site poses as an e-services registration page. The scammers are attempting to exploit current IRS efforts to strengthen the e-services authentication process and its ongoing communications with tax...
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The Internal Revenue Service announced the tax year 2017 annual inflation adjustments for more than 50 tax provisions, including the tax rate schedules, and other tax changes. Revenue Procedure 2016-55 provides details about these annual adjustments. The tax year 2017 adjustments generally are used on tax returns filed in 2018. The tax items for tax year 2017 of greatest interest to most taxpayers include the following dollar amounts: The standard deduction for married filing jointly rises to $12,700 for tax year 2017, up $100 from the prior year. For single taxpayers and married individuals filing separately, the standard deduction rises to $6,350...
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