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The Gear Up Room Block Closes October 14! Timing is running out to book your room for NSA’s Gear Up 1040!  Book your room by October 14 th , 2019 and take advantage of the group rate of $124/night!   NSA’s Gear Up 1040 is in Hartford, CT on November 14-15, 2019 at the DoubleTree Bradley Airport this year. Book your room NOW! Reserve online today or call 860-627-5171 and tell them you're with NSA's Gear Up event. Gear UP 1040 is a comprehensive course taught by qualified, experienced instructors that covers major tax issues like preparing complicated individual returns. Participants can expect to learn about the changes to the QBI deductions, ...
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On October 7, 2019, the IRS announced that victims of Tropical Storm Imelda in parts of Texas (including the Houston area) have until January 31, 2020 to file various individual and business tax returns and make tax payments. The IRS is offering this relief to any area designated by the Federal Emergency Management Agency ( FEMA ) as qualifying for individual assistance. At present, this includes Chambers, Harris, Jefferson, Liberty, Montgomery and Orange counties in Texas. Taxpayers in localities added to the disaster area will automatically receive the same filing and payment relief. The current list of eligible localities is available on the disaster relief ...
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In 2014, the IRS shortened the timeframe in which customer service representatives would answer basic domestic tax law questions to between January and April. This decision was based upon limited resources and declining demand for this type of information, except in the case of employment taxes, heavy highway vehicle use tax, the Affordable Care Act and injured spouse.  The National Public Liaison's analysis produced data showing that more than 90% of taxpayers were using online and/or software services to file their tax returns and, during the filing season most taxpayers only needed answers to basic tax law questions like filing status, dependents, exemptions, ...
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On September 16, 2019 the Internal Revenue Service announced the mailing of a limited time settlement offer for certain taxpayers who participated in abusive micro-captive insurance transactions and are being audited.  Following recent U.S. Tax Court cases, the IRS has opted to offer settlements to taxpayers currently under exam. The IRS has begun sending notices to as many as 200 taxpayers. Taxpayers who are offered this private resolution and decline to participate will not be eligible for any potential future settlement initiatives. Those who are eligible for this offer will be notified by letter with the applicable terms. Those who do not receive such ...
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Should you be free to express your individuality at work and, if so, how and to what extent? For example, should you be able to wear anything you want and say whatever you please regardless of what others think? Some people believe you have to be yourself at work and if that means others will think poorly of you or will be offended, that's their problem, not yours. They feel that expecting someone to be anything other than their true self amounts to nothing less than censorship. You're Wearing That?! Let's say one of the ways you express yourself is through your physical style. You like to dress in a way that some people might consider inappropriate for the ...
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NSA has partnered with Dashlane to offer members a significant discount on their monthly Premium service. Dashlane is a simple-to-use password management system that protects you and your passwords when you’re browsing the web. Their product is state-of-the art digital protection that syncs across all your devices so that every password you use is available to you everywhere. It can auto-fill your passwords on sites you frequent, and generate complex passwords that you won’t even need to remember (because Dashlane does it for you). The Premium package includes tools like two factor authentication, secure file storage, virtual private network (VPN) to encrypt ...
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Enterprise Resource Planning (ERP) systems help companies streamline their accounting needs through integration of data. It provides you with a better view of all areas of the business, and this enables you to make faster and more accurate decisions that affect the operations of your company. Insight into financial data promotes cost efficiency and improves the financial productivity of the organization. This post will share with you some of the benefits you will have for using an ERP system for your accounting department. Managing accounting needs The accounting department of any organization is essential. There are many areas you can manage ...
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Evolving technology has had a number of different implications to all professions the world over, and accounting is one of them. With the rise of new technologies such as deep learning, the foundational aspect of machine learning, more professionals fear that disruption is inevitable. The constant signaling that automation will change the industry and put accountants out of the job is everywhere. However, it's closer to the reality that these new technologies serve to enable accounting, streamline the practice and evolve the job into something more concrete. This will require the new age accountant to be equipped with ever more relevant skills in what's ...
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The National Society of Accountants (NSA) is offering a Live Enrolled Agent (EA) Exam Review Course in Charlotte, North Carolina, August 19-21, 2019. The August EA Exam Review Course covers material pertinent to the Tax Cuts and Jobs Act of 2017 and will prepare students for the SEE exam updates to be published July 1, 2019. The review course will be led by Bill Duncan and John Everett. Students are provided with updated class materials and customized study guides, as well as access to an online discussion community. Registrants will be able to choose from individual sections of the exam preparation — parts 1, 2, or 3 — or the entire 3-part, 3-day review ...
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The National Society of Accountants (NSA) is pleased to announce that registration for the 74 th Annual Meeting — to be held August 21 st -24 th , 2019 in Charlotte, NC — is now open. The NSA Annual Meeting programming incorporates peer-to-peer networking, free time, a night out at BB&T Ballpark for a Charlotte Knights game, and other social activities. Attendees are also invited to take part in NSA’s Annual Awards and Installation Luncheon on Saturday the 24 th , and the Governor’s Gala that night. NSA’s 2019 Annual Meeting also offers CPE sessions that will allow attendees to gain up to 18 hours of credits towards their annual requirements. The sessions ...
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Tax season can bring a lot of stress to many people. The thought of how much money you may owe the Government can be stressing enough. If you own a business or two, it can be even more stressful as you work with your CPA to figure out where you stand for the year. Once you get your taxes submitted, it's time to relax. Here are some great ways to kick up your feet and enjoy relaxing your stress away.   Journaling Journaling   can be a great way to help you unwind. This activity assists in allowing a free flow of creativity between the mind and the soul. You'll be able to discover more about yourself, solve problems that have been troubling you, and see ...
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On April 18, 2019, the IRS released IR-2019-77, announcing a multi-year plan to modernize and update the entity’s IT systems. According to the IRS statement, the drivers for these changes are grounded in customer service for both the consumer and the tax and accounting professional. National Society of Accountants (NSA) CEO John Rice responded to the news. “The NSA agrees with the philosophy of the modernization initiative. Our organization has been a vocal advocate for customer service since its inception seventy-four years ago.” When asked for further comments, Rice cited recent data breaches at Facebook and Microsoft Outlook as prime examples of the ...
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Finding the best employees for your enterprise is not as easy as it might sound. You want to find the ideal employee who has the necessary knowledge and skills to do the job. They should also be an organizational fit. And, above all, they should have the potential to go beyond their job description and contribute to the growth of your company. Not being selective can leave an employer with egg on their face. After scanning a resumé and conducting a brief interview, an appointment is made. However, within months, the employee’s true colors have emerged, and they’re not who you thought they were. Here are some sound strategies for finding the best possible ...
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As an accountant, your career trajectory will depend on your accounting qualification and the area of accountancy you choose to pursue. It’s important to be aware of your options, whether you are a recent graduate entering the workforce or you’re considering a career change. CPA and EA   accounting certifications have some crucial differences. An Enrolled Agent specializes in tax issues whereas CPAs have many different job opportunities. The ultimate decision between the two will depend on your career aspirations. If you like accounting with a microfocus, becoming an EA may be the right path for you. However, there’s a greater demand for CPAs and ...
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Every business shares one common need: the need for more clients. In the accounting industry, it’s no different—but the way you search for and approach clients is very much unlike how a retail store would go about it. Here are four tips to help make your efforts more successful. Target The Most Ideal Client Many firms make the mistake of going too broad, throwing out the biggest net in hopes of catching the most fish. But it’s a matter of quality over quantity. Don’t waste your time trying to attract as many people as possible. Instead, you need to focus on attracting high-quality leads that will actually convert. This is a multi-step ...
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Accounting is a project that is best done using tools. These tools include software to cut down on paper consumption and office accessories to keep papers organized on the desk. There are many supplies that managers need to run an orderly, successful business. Review the five basic tools needed to run your accounting practice.  1. Business Management Software  Every task that's required to manage a business is now available through software. Business managers do not have to forget their duties or write their notes down by hand. Using this tool is not necessary but recommended to improve efficiency, save time and reduce errors.  There are different types ...
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The IRS has just released information that tax preparers and accountants can share with their clients regarding tax payment options. Read more below. As the 2019 tax filing season gets into full swing, the Internal Revenue Service reminds taxpayers who owe of the many easy payment options. The IRS anticipates that most taxpayers will be affected by major tax law changes . While most will get a tax refund, others may find that they owe taxes, many of whom may qualify for a waiver of the estimated tax penalty that normally applies. See Form 2210 , Underpayment of Estimated Tax by Individuals, Estates and Trusts, and its instructions for details. “The ...
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Fashion is a great way to express your individuality. Throughout your whole life, you will buy clothing items from various brands and try out different styles. Experimenting with different looks is always going to be fun, but that is an activity that you should save for your personal life. If you’re about to start working in finance, you will need to stop thinking of fashion as a way to express your individuality. Instead, you should view it as a business communication tool. Transitioning from college to a job in finance can be pretty tough. Nearly every new recruit will struggle with crafting their professional image. You may feel out of place in the ...
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During National Tax Security Awareness Week, be sure to take note of this information provided by the IRS. Be sure to share it with your clients, too. IRS, state tax agencies and the nation’s tax industry joined together to warn small businesses to be on-guard against a growing wave of identity theft and W-2 scams. Small business identity theft is big business for identity thieves. Just like individuals, businesses may have their identities stolen and their sensitive information used to open credit card accounts or used to file fraudulent tax returns for bogus refunds. Employers also hold sensitive tax data on employees, such as Form W-2 data, which also ...
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The Internal Revenue Service and Security Summit partners today warned the public of a surge of fraudulent emails impersonating the IRS and using tax transcripts as bait to entice users to open documents containing malware.   The scam is especially problematic for businesses whose employees might open the malware because this malware can spread throughout the network and potentially take months to successfully remove.   This well-known malware, known as Emotet, generally poses as specific banks and financial institutions in its effort to trick people into opening infected documents. The Summit partnership of the IRS, state tax agencies and the ...
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