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Tips from the IRS The Internal Revenue Service today reminded taxpayers that a wide range of publications and online resources are available in six languages on IRS.gov, the agency’s popular web site. IRS.gov features online resources in Chinese, Korean, Russian and Vietnamese, as well as English and Spanish. These multilingual resources are available throughout the year, not just during tax season. Available resources include the agency’s cornerstone Taxpayer Bill of Rights document, Publication 1, titled “Your Rights as a Taxpayer.” The publication outlines the 10 key provisions that make up the Taxpayer Bill of Rights, including the right to:...
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Studying for the EA exam? Here are some topics you will want to focus on. To be even more prepared to pass the exam, register for NSA's Enrolled Agent Exam Review Course ! Requirements to File a Return Exemption Deductions – Gross Income Test Filing Status – Head of Household Statutory Fringe Benefit Exclusions Dividend Income – Dividend Reinvestment Plans Prepaid Rental Income and Deposits Reporting Rental Income – Vacation Rental Homes Social Security Income – Basic Computation Passive Activities – The $25,000 Real Estate Exception Investment Incomes – Mutual Funds and REITS...
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Posted by Pat Friesen You can get more value from your smartphone and tablet when you arm them with the right apps. Some of these are free, some have free versions, and others provide big benefits with modest price tags . MANAGE PASSWORDS SECURELY & EFFICIENTLY Accounting professionals typically have a lot of passwords to remember — everything from client logins to internal systems, even personal accounts. According to Allyson Kazmucha in Best apps for accountants and CPAs , 1Password is an efficient way to manage passwords and keep files secure with strong ones. “ 1Password is a safe and secure place to store them all without...
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Tips from the IRS Planning to tie the knot this summer? Arranging a wedding can be overwhelming, from choosing the venue to the flowers, but have you considered the tax planning involved? Here are some tips from the IRS that will help you prepare for next year's tax time and save you some stress down the road. Change of name. All the names and Social Security numbers on your tax return must match your Social Security Administration records. If you change your name, report it to the SSA. To do that, file Form SS-5, Application for a Social Security Card. The easiest way for you to get the form is to download and print it on SSA.gov...
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Webinar Date : July 28, 2015 at 2:00 PM EDT IRS Revenue Ruling 2013-17 stated that the IRS will look to the laws of the state in which a couple was married to determine their federal marital status. Prior to these events no legally married same-gender couple could file jointly. This webinar will review the history of Windsor and Obergefell Cases and the progress of marriage equality in the US and discuss the issues LGBT couples (married and not married) are facing from a tax perspective, including the possible need for amended income tax returns, how to recover payroll taxes, and state level taxation issues for non-marriage equality states. We will...
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NSA Proposes Tax Practitioners Bill of Rights Proposed $838 million cut in IRS funding drives new initiative ALEXANDRIA, VA, June 16, 2015 — In the wake of a proposed $838 million cut in funding for the Internal Revenue Service (IRS), the National Society of Accountants (NSA) has issued a “Tax Practitioners Bill of Rights.” NSA hopes this Bill of Rights, developed during the past few months, will establish timely enactment of tax laws and regulations and reasonable levels of IRS service for tax practitioners, who file 60 percent of the tax returns received by the IRS each year. The U.S. House of Representatives Appropriations...
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Schedule D Questionnaire

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The following handout will be used during our live webinar on Thursday, June 25 (" Schedule D in the Real World ").
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Our upcoming webinar, "Schedule D in the Real World," will be held on Thursday, June 25. It will be presented by Kathy Hettick, EA, ABA, ATP and Gene Bell, EA, ATA, CFP . Both of these popular speakers will represent the NSA at the 2015 IRS Tax Forums. The Schedule D got a major face lift a few years ago, along with the introduction of Form 8949. In this session we will discuss various aspects of reporting the sale of capital assets on Schedule D. When is the Schedule D required? When is Form 8949 required? How do I read that Form 1099-B? How do you use Form 8949 "Adjustment Codes"? We will present scenarios and provide resources you need so you can...
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NSA Proposes Tax Practitioners Bill of Rights Proposed $838 million cut in IRS funding drives new initiative ALEXANDRIA, VA, June 16, 2015 — In the wake of a proposed $838 million cut in funding for the Internal Revenue Service (IRS), the National Society of Accountants (NSA) has issued a “Tax Practitioners Bill of Rights.” NSA hopes this Bill of Rights, developed during the past few months, will establish timely enactment of tax laws and regulations and reasonable levels of IRS service for tax practitioners, who file 60 percent of the tax returns received by the IRS each year. The U.S. House of Representatives Appropriations...
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Tips from the IRS Day camps are common during the summer months. Many parents pay for them for their children while they work or look for work. If this applies to you, your costs may qualify for a federal tax credit that can lower your taxes. Here are the top ten tips to know about the Child and Dependent Care Credit: 1. Care for Qualifying Persons . Your expenses must be for the care of one or more qualifying persons. Your dependent child or children under age 13 usually qualify. For more about this rule see Publication 503 , Child and Dependent Care Expenses. 2. Work-related Expenses . Your expenses for care must be work-related. This...
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The National Society of Accountants (NSA) 70th Annual Convention and Expo will be held August 19-22, 2015 at the Hyatt Regency Vancouver in Vancouver, British Columbia. The event will draw accountants and tax professionals from across the United States and Canada, and offers continuing education and networking opportunities. Leading industry speakers will address critical topics including ethics, practice management, accounting, and risk management, providing up to 14 hours of continuing professional education (CPE). On August 20, the NSA Business Session will feature Karen Hawkins, who will shortly conclude a six-year stint as the Director of the...
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In response to their growing number of security breaches, the IRS released the following press release today, detailing their plan to protect taxpayers from identity theft tax fraud. The Internal Revenue Service joined today with representatives of tax preparation and software firms, payroll and tax financial product processors and state tax administrators to announce a sweeping new collaborative effort to combat identity theft refund fraud and protect the nation's taxpayers. The agreement — reached after the project was originally announced March 19 — includes identifying new steps to validate taxpayer and tax return information at the time of...
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The IRS Return Preparer Office sent out the following message to select tax professionals this week. Although only available to EAs now, this feature is expected to be offered to more tax preparers once it has been beta tested. Dear Tax Professional, You can now view the number of federal tax returns processed by the IRS with your PTIN. Visit the IRS website and log into your online PTIN account. On the Main Menu, select "View Returns Filed Per PTIN". The screen will display the number of tax returns with your PTIN processed this year. The data is updated monthly and includes only Form 1040 series returns. If the number is substantially higher...
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The National Society of Accountants (NSA) is offering an intensive live NSA Enrolled Agent (EA) Exam Review Course August 7-9, 2015, in Minneapolis, MN. Designed to give tax professionals the best opportunity to pass the EA exam on the first try, the course provides in-depth review of all the key components of the exam. Enrolled Agents (EAs) are authorized to represent taxpayers before the IRS and tax professionals who hold the EA credential can command higher fees. They must pass a three-part IRS exam covering individual and business tax returns, adhere to ethical standards, and complete 72 hours of continuing education courses every three years. ...
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Tips from the IRS Whether or not your organization is considered an applicable large employer depends on the size of your staff. However, there are exceptions where seasonal workers are concerned. If an employer’s workforce exceeds 50 full-time employees for 120 days or fewer during a calendar year, and the employees in excess of 50 who were employed during that period of no more than 120 days were seasonal workers, the employer is not considered an applicable large employer. A seasonal worker for this purpose is an employee who performs labor or services on a seasonal basis. For example, retail workers employed exclusively during holiday...
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Tips from the IRS Hurricane season officially began this week and the IRS released the following best practices for keeping your tax records safe from natural disasters. Create an Electronic Additional Set of Records Taxpayers should keep a duplicate set of records including bank statements, tax returns, identifications and insurance policies in a safe place such as a waterproof container, and away from the original set. Keeping an additional set of records is easier now that many financial institutions provide statements and documents electronically, and much financial information is available on the Internet. Even if the original records...
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In the past, when identity thieves stole your identity by submitting a false tax return, you would not be notified by the IRS. That is about to change, thanks to Senator Kelly Ayotte, R-N.H. Senator Ayotte wrote to IRS Commissioner John Koskinen last month urging the IRS to provide tax-related identity theft victims with copies of fraudulent returns, which the agency had previously refused to do. One reason cited for not releasing copies to victims was that often additional social security numbers are on a return, which would compromise those identities as well. On the other hand, by not providing copies of the fraudulent returns, victims did not know...
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The IRS released the following the information this week, which corrects or clarifies several items in Rev. Proc. 2015-13, 2015-13 I.R.B. 419, regarding certain procedures for changing a method of accounting: Specifically, this revenue procedure (1) modifies the transition rules under section 15.02(1)(a)(ii) of Rev. Proc. 2015-13 to provide additional time to file Forms 3115 under Rev. Proc. 2011-14, 2011-4 I.R.B. 330; (2) clarifies when the automatic change procedures do not apply if the taxpayer engages, within the requested year of change, in a transaction to which § 381(a) applies; (3)clarifies the meaning of "three-month window" under...
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This week, the IRS sent emails to 2015 Annual Filing Season Program Record of Completion recipients explaining the benefits of the program and encouraging participation again for 2016. The emails included a link to Annual Filing Season Program information and how to find an IRS approved Continuing Education provider. Examples of emails sent to tax professionals Email to all non-exempt, non-credentialed 2015 AFSP Record of Completion recipients: Dear Tax Professional, Congratulations on your participation in the 2015 IRS Annual Filing Season Program. We hope you plan to participate again for 2016. Our records show that you were required...
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Tips from the IRS June 1 marks the start of hurricane season. When a hurricane or other disaster strikes, the IRS wants you to know you can count on us for help. We can help you prepare for, and recover from, the destruction it causes. Here is some of the key disaster-related help and assistance you can get 24/7 on our IRS.gov website: Make a plan. Check out our IRS.gov page Preparing for a Disaster . It’s dedicated to help you plan before a disaster hits. Federally declared disasters. Special tax law provisions apply when the federal government declares a major disaster area. These rules can help victims recover financially...
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