Collaboration

One of the benefits of being part of the NAEA/CSEA/NBEA family is the access to current information about tax law and changes in the taxing agencies.  This saves you a ton of time and keeps you on the cutting edge of our industry.

Our blog is here to provide you the latest local tax news and to share insights among our members.

Understanding How to Conduct a Paycheck Checkup by the IRS Stakeholder Liaison

A Webinar for Tax Professionals – Understanding How to Conduct a Paycheck Checkup

Wednesday, August 15, 2018 and Thursday, August 16, 2018

8/15/18 – 11a.m. Eastern; 10 a.m. Central; 9 a.m. Mountain; 8 a.m. Pacific; 5 a.m. Hawaii

8/16/18 – 2 p.m. Eastern; 1p.m. Central; 12 p.m. Mountain; 11a.m. Pacific; 8 a.m. Hawaii

This web conference will provide an overview of the following:

  • Why do a Paycheck Checkup?
  • Who should do a Paycheck Checkup?
  • How to do a Paycheck Checkup using the IRS Withholding Calculator
  • Plus a Live Q & A

Register and Attend:

August 15, 2018 – 11:00 a.m. Eastern

Register & Attend: https://www.webcaster4.com/Webcast/Page/1148/26925

August 16, 2018– 2:00 p.m. Eastern

Register & Attend: https://www.webcaster4.com/Webcast/Page/1148/26928

Closed captioning offered for both dates.

Continuing Education:

Tax Professionals – Earn 1 CE Credit – Category:  Federal Tax

Questions? Email us at: SBSE.SL.Web.Conference.Team@irs.gov

IRS issues guidance on new Section 199A (20% business) Deduction

IR-2018-162, Aug. 8, 2018

WASHINGTON — The Internal Revenue Service issued proposed regulations today for a new provision allowing many owners of sole proprietorships, partnerships, trusts and S corporations to deduct 20 percent of their qualified business income.

The new deduction — referred to as the Section 199A deduction or the deduction for qualified business income — was created by the Tax Cuts and Jobs Act. The deduction is available for tax years beginning after Dec. 31 2017. Eligible taxpayers can claim it for the first time on the 2018 federal income tax return they file next year.

The deduction is generally available to eligible taxpayers whose 2018 taxable incomes fall below $315,000 for joint returns and $157,500 for other taxpayers. It’s generally equal to the lesser of 20 percent of their qualified business income plus 20 percent of their qualified real estate investment trust dividends and qualified publicly traded partnership income or 20 percent of taxable income minus net capital gains.

Deductions for taxpayers above the $157,500/$315,000 taxable income thresholds may be limited. Those limitations are fully described in the proposed regulations.

Qualified business income includes domestic income from a trade or business. Employee wages, capital gain, interest and dividend income are excluded.

In addition, Notice 2018-64, also issued today, provides methods for calculating Form W-2 wages for purposes of the limitations on this deduction. More information may be found at www.IRS.gov.

Taxpayers may rely on the rules in these proposed regulations until final regulations are published in the Federal Register.

Written or electronic comments and requests for a public hearing on this proposed regulation must be received within 45 days of publication in the Federal Register.

IRS Web Conferences – Understanding Virtual Currency & Understanding the Dark Web

The IRS announced today 2 Web Conferences for Tax Professionals and Industry Stakeholders
Date: Thursday, June 14, 2018

Understanding the Basics of Virtual Currency

Presented by: Criminal Investigation Division
This web conference will provide an overview of the following:
• What is virtual currency?
• How do virtual currency transactions work?
• What is the blockchain?
• Plus Live Q & A

Register and Attend: Session 1 (120 minutes)
11:00 a.m. Eastern, 10:00 a.m. Central, 9:00 a.m. Mountain, 8:00 a.m. Pacific

https://www.webcaster4.com/Webcast/Page/1148/25846

Closed captioning will be offered.

Understanding the Basics of the Dark Web

Presented by: Criminal Investigation Division
This web conference will provide an overview of the following:
• What is the Dark Web?
• How does the Dark Web Work?
• What is a Dark Net Market?
• Plus Live Q & A

Register and Attend: Session 2 (120 minutes)
2:00 p.m. Eastern, 1:00 p.m. Central, 12:00 p.m. Mountain, 11:00 a.m. Pacific
https://www.webcaster4.com/Webcast/Page/1148/25848
Closed captioning will be offered.

Continuing Education:
All participants who qualify will receive a Certificate of Completion.
Tax Professionals – Earn 2 CE Credit per session – Category: Federal Tax

Questions? Email us at: SBSE.SL.Web.Conference.Team@irs.gov

IRS Office of National Public Liaison is soliciting Professionals to review the new curriculum for the IRS Nationwide Tax Forums Online

The IRS Office of National Public Liaison is soliciting CPAs and Enrolled Agents to review the new curriculum for the IRS Nationwide Tax Forums Online (NTFO) Curriculum.

NTFO provides education for tax professionals from the IRS Nationwide Tax Forums. Each online, self-study seminar includes interactive video synchronized with PowerPoint presentations, alongside downloadable slides and complete transcripts.

Volunteers who participate in the upcoming review may be eligible for CPE credit for each seminar completed. Testing is expected to begin Sept. 14, 2018, and end Sept. 21, 2018. Volunteers must agree to meet deadlines provided at the time of assignment for each seminar. Although the IRS offers this opportunity to receive CPE credit, it is the responsibility of the reviewer to check with his or her respective state board of accountancy regarding rules governing CPE credit in the reviewer’s state. The Review is completed remotely via computer.

The IRS Office of National Public Liaison will organize an informational conference call to brief selected volunteers and to answer questions. Volunteers will need a computer with internet access, provide a working email address that does not block mass emails and be either a licensed CPA or Enrolled Agent at the time of testing.

Please submit your information via email by close of business on Aug. 31, 2018.

Volunteers must submit Full Name, Telephone Number, and Email address through your local Stakeholder Liaison no later than August 31, 2018. Volunteers must attend an informational conference call.

Or if you have any further questions please contact Maria at: maria.g.jaramillo @ irs.gov

Seasonal and Part-year Workers: Time for a “Paycheck Checkup”

If you work a seasonal or part-year job, a “paycheck checkup” can help make sure your employer is withholding the right amount of tax from your paycheck for your situation. A “paycheck checkup” is important after changes from the Tax Cuts and Jobs Act. Taxpayers can use the Withholding Calculator on IRS.gov. It can help estimate income, credits, adjustments and deductions.

If you work part of the year, it’s best to check early in your employment period so your withholding is the most accurate.

IRS news release, IR-2018-118, Seasonal, Part-year Workers Urged to Check Tax Withholding Amount