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Monday, August 24, 2015

CCH Unlimited Seminar Package: options for your CPE and educational needs

CCH Unlimited Seminar Package: options for your CPE and educational needs

With our new CCH Unlimited Seminar package, you now have options when it comes to covering your CPE and education needs:

-          Individual seminars: Purchase individual topics as you go and stay up to date on critical compliance issues.  Click on a link below to purchase a seminar.

-          Unlimited seminars: Gain access to over 200 two-hour AND half-day seminars.  Use it now to brush up on some hot topics ahead of time and use it later when it’s time to take Tax Update courses.  Call your account manager to learn more about this option: 800-495-4626.

Upcoming Webinars

INCLUDED in unlimited package
Monday, August 24
1:00 PM - 3:00 PM Eastern
2 CPE
State Tax Issues of Services and Service Businesses
Learn IRS Tactics for Auditing Cash-Based Businesses

Tuesday, August 5
1:00 PM - 3:30 PM Eastern
3 CPE
Tangible Property Regs: Specific Accounting Method Changes for Repair and Maintenance with Sample Forms 3115
Understand How to Work with the Repair and Maintenance Rules in the 'Repair Regs'
Tuesday, August 25
1:00 PM - 3:00 PM Eastern
2 CPE
New Financial Statement Preparation Standards: Grow Your Practice with Preparation Engagements
Master the New AR-C Section 70, Preparation of Financial Statements to Benefit Your Firm and Your Clients
Thursday, August 27
1:00 PM - 3:30 PM Eastern
3 CPE
Tangible Property Regs: Specific Accounting Method Changes for Partial or Prior Asset Dispositions with Sample Forms 3115
Understand How to Work with Asset Dispositions and Related Tax Accounting Method Changes under 'Repair Regs'
Monday, August 27
1:00 PM - 3:00 PM Eastern
2 CPE
Affordable Care Act: Understanding the Employer Mandate
Prepare for Challenges of Dealing with ACA Mandates for Employers
Monday, August 31
1:00 PM - 3:30 PM Eastern
3 CPE
Tangible Property Regs and Tenant Improvements: Apply ‘Repair Regs’ to Real Estate Landlord or Tenant Lease Situations
Landlord and Tenant Tax Treatments - How to Apply the 'Repair Regs' to Real Estate Lease Situations
Thursday, Sept 3
1:00 PM - 3:00 PM Eastern
2 CPE

Maximizing Your Value to Clients by Improving Your Tax Return Review Process
Learn How to Perform More Effective Tax Return Reviews in Less Time
FULL day program (not included in unlimited package)
Wed, Sept 2
10:00 AM - 5:40 PM Eastern
8 CPE

Partnership Taxation Concepts and Planning Strategies (Full-Day Course)
Deep-Dive Course on Partnership Taxation Issues from Top Instructor

Download the schedule to view more two -hour and half-day seminars
included in the CCH Unlimited Seminars package

Weekly Report from Washington, D.C.,(Aug. 24, 2015)

Weekly Report from Washington, D.C.,(Aug. 24, 2015)


While Congress continued its August recess, the IRS issued guidance in a number of areas. The Service also acknowledged that the breach of one of its popular online apps exposed more taxpayers to the risk of identity theft than originally believed.
IRS Data Breach. The IRS reported that the May 2015 breach of its Get Transcript app was larger than originally believed (TAXDAY, 2015/08/18, I.1). According to the IRS, as many as 220,000 more taxpayers may have had their account information downloaded by criminals.
AFRs. Various prescribed rates for federal income tax purposes for September 2015 have been provided by the IRS (Rev. Rul. 2015-19TAXDAY, 2015/08/20, I.2). The annual short-term, mid-term and long-term applicable federal interest rates (AFRs) are 0.54 percent, 1.77 percent and 2.64 percent, respectively.
Tax Preparers. The IRS has reminded tax professionals to review their e-file application information through e-services (TAXDAY, 2015/08/21, I.1). The IRS requires e-file application information to be updated within 30 days of any changes, such as individuals involved, addresses or telephone numbers and failure to do so may result in EFIN deactivation.
Tax Deposits. The IRS has provided additional information on the early contact program for payroll tax problems that was previously announced (IRS Collection Launches Early Interaction Initiative; TAXDAY, 2015/08/21, I.2). According to the IRS, the Early Interaction Initiative will accelerate and enhance the current Federal Tax Deposit Alerts program under which collection field staff are assigned to cases when the IRS’s records indicated that an employer’s payroll tax deposits have declined.
PPACA Reporting. The IRS has released draft instructions for electronically filing some information returns required by the Patient Protection and Affordable Care Act (PPACA) (P.L. 111-148) (TAXDAY, 2015/08/21, I.6). The draft instructions detail communication procedures, transmission formats and validation procedures.
Returns. The IRS had reminded owners of heavy highway vehicles that the federal highway use tax return is due on August 31, 2015 (IR-2015-101TAXDAY, 2015/08/19, I.3). The August 31 due date generally applies to Form 2290 and the accompanying tax payment for the tax year that begins on July 1, 2015, and ends on June 30, 2016.
Fuel Credits. The IRS has issued guidance about the federal income tax treatment of credits under Code Sec. 6426(c) and Code Sec. 6426(d) that are paid in cash under the one-time claim submission process of section 160(e) of the Tax Increase Prevention Act of 2014 (P.L. 113-295) (Notice 2015-56TAXDAY, 2015/08/17, I.1). The guidance amplifies Notice 2015-3, I.R.B. 2015-6, 583.
Farm Valuation. A listing of the average annual effective interest rates on new loans under the Farm Credit System has been issued by the IRS (Rev. Rul. 2015-18TAXDAY, 2015/08/21, I.4). The rates are used in computing the special use value of farm real property for which an election is made under Code Sec. 2032A.
Reg Hearing. The IRS has scheduled a public hearing on a proposed regulation addressing when a foreign insurance company’s income is excluded from the definition of passive income for the passive foreign investment company rules (NPRM REG-108214-15, I.R.B. 2015-23, 1035) (TAXDAY, 2015/08/19, I.1). The hearing is scheduled for Friday, September 18, 2015.
Disaster Relief. The Federal Emergency Management Agency (FEMA) has announced that President Obama determined that certain areas are eligible for disaster assistance from the federal government (TAXDAY, 2015/08/19, I.5). The areas are located in the Commonwealth of the Northern Mariana Islands, West Virginia, the Oglala Sioux Tribe and Texas.
By Brant Goldwyn, Wolters Kluwer News Staff

706 returns- Federal and NY state

Refer to this Knowledge Base article for information about the 706 return types



KB Article 15033

Friday, August 21, 2015

TaxWise Bulletin - Save the Date for our Virtual Summit

Renew Now - Win a Microsoft Surface 3
With school back in session and the holidays right around the corner, tax season isn’t far behind. Renew your TaxWise software by August 31, 2015 and you'll be entered for a chance to win a Microsoft Surface 3*. Call your Account Manager at 800-867-5718 or renew online.
Save the Date for our Virtual Summit
UNLOCK YOUR POTENTIAL—2015 Virtual Summit
December 4, 2015 | From the Location of your Choice

This year, to crush your travel expenses we’re bringing you a powerful day of innovationcollaboration and connections—from the comfort of your own office.

The Unlock Your Potential Virtual Summit combines the convenience and connectivity of the Internet with the valuable educational opportunities of a face-to-face conference. Instead of packing your bags, paying for a flight and hotel room, you can join tax and accounting professionals from across the U.S. to hear:
  • State of the industry
  • Fraud in today’s industry
  • Tax Law Updates
  • Firm of the Future
  • And earn up to 7 CPE or CE credits hours
Reserve time on your calendar: December 4, 2015 from 10AM-5:30PM EST. Watch for the upcoming enrollment communication.
Protect Your Clients with Audit Assistance
Offer your clients audit protection through our partnership with Protection Plus.

Protection Plus audit assistance has been handling IRS issues for over 10 years, and their experience and knowledge will be invaluable to you and your clients. Providing this service allows you assistance with auditsdenied creditsidentity theft issues and more.

Plus, you can also earn additional revenue for your business by offering this option to your clients. Call your Account Manager to learn more or visit myprotectionplus.com.
Share Your Voice – Vote for CCH iFirm
CCH iFirm is a nominee for the Sleeter Group “Awesome App” Award. Vote for CCH iFirm!

Protect Your Client's Identity
Every 2 seconds, someone's identity is stolen in the U.S.Provide complete identity armor with iProtect.

iProtect offers much more than credit monitoring - Call your Account Manager to learn more at 800-495-4626. You can alsosign up to be an affiliate to earn additional revenue for your business.

Windows 10 Compatibilty
Until the TaxWise product team has completed its testing of the new Windows 10 release, we recommend that customers delay purchasing new PCs or upgrading their operating systems to avoid any potential issues with TaxWise 2014. We expect to support the newest Microsoft operating system with TaxWise 2015 and will update our system requirements as we progress toward general availability later this year View the System Requirements for TaxWise 2015

Over 200 CCH® Seminars for One Low Price
Take advantage of live interactive sessions hosted by some of the industry's leading experts with unlimited access to all CCH Seminars for a full year - only $799. Call your Account Manager to find out more about this unlimited offer - 800-495-4626View upcoming webinars included with this package


Thursday, August 20, 2015

IRS Quick Alert: Is it Time to Verify your e-file Application Information?

IRS Quick Alert: Is it Time to Verify your e-file Application Information?

As you are transitioning into the next filing season, remember to take time to review your e-file application information through e-services. Your e-file application information should be updated within 30 days of any changes, such as individuals involved, addresses or telephone numbers. Failure to do so may result in the inactivation of your EFIN.
Your application should only include individuals as Principals who are authorized to act for the entity in legal and/or tax matters. For example:
  • Sole Proprietor is the Principal
  • Partnership should list each partner who has 5% or more interest in the partnership
  • Corporation should list the President, Vice-President, Secretary and Treasurer
Your application should also include a Responsible Official. A Responsible Official is an individual with authority over the Provider’s IRS e-file operation at a location, is the first point of contact with the IRS and has authority to sign revised IRS e-file applications. The Responsible Official may oversee IRS e-file operations at one or more offices, but must be able to fulfill identified responsibilities for each of the offices. If one individual cannot fulfill these responsibilities, add Responsible Officials to the e-file application.

Note: Only individuals involved in the operation of the business can be on the e file application.

For more information see Frequently Asked Questions and Publication 3112.

Friday, August 14, 2015

EFC Summer Processing Schedule

In preparation for the 2016 Filing Season regularly scheduled maintenance work will be done on the Electronic Filing Center (EFC) through August 31st.  

To facilitate this, we will be processing efiles Monday 9am thru Friday 5pm ET during the summer months.  

You may continue sending efiles at any time, including weekends, which we will send to the agencies by 9am ET Mondays. If an efile deadline falls on a Saturday or Sunday, IRS moves the deadline to Monday. 

Wednesday, August 12, 2015

CPE Webinar Schedule: 1pm today, Thursday, and Friday Aug 12-14

With our new CCH Unlimited Seminar package, you now have options when it comes to covering your CPE and education needs:
-          Individual seminars: Purchase individual topics as you go and stay up to date on critical compliance issues.  Click on a link below to purchase a seminar.

-          Unlimited seminars: Gain access to over 200 two-hour AND half-day seminars.  Use it now to brush up on some hot topics ahead of time and use it later when it’s time to take Tax Update courses.  Call your account manager to learn more about this option: 800-495-4626.

Upcoming Webinars

Wednesday, August 12
1:00 PM - 3:30 PM Eastern
3 CPE
Understand How to Work with the De Minimis Safe Harbor Rules in the Final 'Repair Regs'

Thursday, August 13
1:00 PM - 3:00 PM Eastern
2 CPE
Learn IRS Tactics for Auditing Cash-Based Businesses

Friday, August 14
1:00 PM - 3:00 PM Eastern
2 CPE
Understand Debt Basis and At-Risk Tests for S Corp Shareholders Deducting Losses

Thursday, August 20
1:00 PM - 3:00 PM Eastern
2 CPE
Help Your Family Business Owner Clients with Succession Planning

Monday, August 24
1:00 PM - 3:00 PM Eastern
2 CPE
Learn IRS Tactics for Auditing Cash-Based Businesses


Download the schedule to view more two -hour and half-day seminars
included in the CCH Unlimited Seminars package

Monday, August 10, 2015

TaxWise Bulletin - Ensure Your System is Ready for TaxWise 2015

Ensure Your System is Ready for TaxWise 2015
TaxWise provides you with powerful technology to help boost your productivity. However, to get the greatest value from your investment, your computer system must meet certain minimum requirements. The performance capabilities of your system have a direct impact on software performance and we encourage you to review the current requirements to make sure that you’ll be ready for the upcoming tax season.
Review the system requirements for TaxWise 2015 and then compare them with your current configuration.
Discounts on New Computers from Dell - To help you meet system requirements for TaxWise 2015, we have partnered with Dell to offer discounted prices on new computers. See Available Offers
Stop by Our Booth at the IRS Tax Forum
Be sure to stop by our booth, #350, this week at the IRS Tax Forum in San Diego. We'll be delighted to meet with you to discuss your business needs, and consult with you on ways to make you more efficient, productive and profitable.
IRS 2015 AFSP Course - Complete Package Available Now‎
The Annual Filing Season Program aims to recognize the efforts of non-credentialed return preparers who aspire to a higher level of professionalism. With your AFSP – Record of Completion, you will get these benefits:
  • Your business listed in the IRS.gov national databasealongside EAs, CPAs and attorneys
  • Differentiation in the marketplace. The IRS is encouraging taxpayers to select return preparers carefully and seek those with professional credentials or other select qualifications.
  • The ability to represent your clients before the IRS. PTIN holders without an Annual Filing Season Program - Record of Completion or other professional credentials will not be allowed to represent clients before the IRS.
This program satisfies all required components (18 hours) of the 2015 ASFP Program. Learn more about the program atNational Tax School, and be sure to use coupon codeCCHSFS10 when purchasing for $10 off the program price.

Offer Audit Assistance
Protection Plus helps your clients should there be any issues with the IRS after the tax return has been processed.Learn More


Tuesday, August 4, 2015

CCH Unlimited Seminar package provides CPE & Education options

CCH Unlimited Seminar package provides CPE & Education options

With our new CCH Unlimited Seminar package, you now have options when it comes to covering your CPE and education needs:

-          Individual seminars: Purchase individual topics as you go and stay up to date on critical compliance issues.  Click on a link below to purchase a seminar.

-          Unlimited seminars: Gain access to over 200 two-hour AND half-day seminars.  Use it now to brush up on some hot topics ahead of time and use it later when it’s time to take Tax Update courses.  Call your account manager to learn more about this option: 800-495-4626.

Upcoming Webinars

Tuesday, August 4
1:00 PM -3:30 PM Eastern
3 CPE


Thursday, August 6
1:00 PM – 3:30 PM
Eastern
2 CPE



Understand How to Treat Materials and Supplies under the Tangible Property Regs (TPRs) – Applicable to all Businesses of All Sizes

Best Practices for Reflecting 1031 Like-Kind Exchanges on Client 1040s
Friday, August 7
1:00 PM - 3:00 PM Eastern
2 CPE

Wednesday, August 12
1:00 PM - 3:30 PM Eastern
3 CPE
Understand How to Work with the De Minimis Safe Harbor Rules in the Final 'Repair Regs'

Thursday, August 13
1:00 – 3:00 PM
Eastern
2 CPE

Friday, August 14
1:00 PM - 3:00 PM Eastern
2 CPE
Hot topic! 
Learn IRS Tactics for Auditing Cash-Based Businesses




Understand Debt Basis and At-Risk Tests for S Corp Shareholders Deducting Losses





Download the schedule to view more two -hour and half-day seminars
included in the CCH Unlimited Seminars package

Monday, August 3, 2015

Weekly Report from Washington, D.C.,(Aug. 3, 2015)

Weekly Report from Washington, D.C.,(Aug. 3, 2015)


Lawmakers approved, and President Obama signed, a three-month highway funding bill in the hope of hammering out a long-term solution in conference. Some House members have asked the president to remove IRS Commissioner John Koskinen from his position, providing evidence in a letter of Koskinen’s alleged violations with respect to the targeting of conservative groups seeking tax-exempt status. The IRS, meanwhile, released final and proposed regulations regarding partners’ distributive shares. It also released updated static mortality tables to be used for defined benefit pension plans.

IRS

Partnerships. Final regulations were released under Code Sec. 706 that address the determination of a partner’s distributive share of partnership items of income, gain, loss, deduction and credit in circumstances under which the partner’s interest varies during a partnership tax year (T.D. 9728TAXDAY, 2015/08/03, I.1). They adopt 2009 proposed regulations, but with modifications.
Proposed regulations were released regarding the determination of a partner’s distributive share specifically related to certain allocable cash basis items and items attributable to an interest in a lower-tier partnership during a partnership tax year in which a partner’s interest changes (NPRM REG-109370-10TAXDAY, 2015/08/03, I.1). Taxpayers may rely on that portion of these proposed regulations relating to a publicly traded partnership’s treatment of all amounts subject to withholding under Reg. §1.1441-2(a) that are not effectively connected with the conduct of a trade or business within the U.S. or withholdable payments under Reg. §1.1473-1(a).
Accounting methods. The IRS has provided a safe harbor under which a taxpayer using an accrual method of accounting may treat economic performance as occurring on a ratable basis for Ratable Service Contracts (Rev. Proc. 2015-39TAXDAY, 2015/07/31, I.2). The revenue procedure applies to an accrual method taxpayer wanting to change to the safe harbor accounting method for liabilities arising out of the provision of services to the taxpayer under a Ratable Service Contract. A change in the treatment of Ratable Service Contracts to conform to the safe harbor method is a change in method of accounting, for which the automatic change procedures must be used.
A C corporation that used last-in first-out (LIFO) inventory accounting had to take a LIFO recapture amount into income when an S corporation acquired the C corporation and the S corporation elected to treat the C corporation as a qualified subchapter S subsidiary (QSub) (FAA 20153001FTAXDAY, 2015/07/29, I.1). In addition, the C corporation could not use consolidated net operating losses (CNOLs) to reduce the LIFO recapture amount.
Affordable Care Act. The IRS has issued a notice intended to continue the process of developing regulatory guidance regarding the excise tax on high-cost employer-sponsored health coverage under Code Sec. 4980I (so-called "Cadillac plans"), which applies to tax years beginning after December 31, 2017 (Notice 2015-52TAXDAY, 2015/07/31, I.3). The new notice addressed additional issues, including the identification of the taxpayers who may be liable for the excise tax, employer aggregation, the allocation of the tax among the applicable taxpayers, and the payment of the applicable tax.
Pension plans. The IRS has released updated static mortality tables to be used for defined benefit pension plans under Code Sec. 430(h)(3)(A) (Notice 2015-53TAXDAY, 2015/08/03, I.3). These updated tables apply for purposes of calculating the funding target and other items for valuation dates occurring during calendar year 2016. The IRS also included a modified unisex version of the mortality tables for use in determining minimum present value for distributions with annuity starting dates that occur during stability periods beginning in the 2016 calendar year.
by Jeff Carlson and George Jones, Wolters Kluwer News Staff