Search This Blog

Loading...

Thursday, May 28, 2015

CCH Unlimited Seminar Package: Many states have a CPE deadline on June 30

CCH Unlimited Seminar Package: Many states have a CPE deadline on June 30

With our new CCH Unlimited Seminar package, you have access to over 200 two-hour AND half-day seminars.  Use it now to meet your June CPE deadline and use it later when it’s time to take Tax Update courses.  Discover new topics during your downtime, or cram for those complex issues when you’re in the trenches.

Upcoming Webinars

Friday, May 29
1:00 PM - 3:00 PM Eastern
Top Tax Practitioner Blunders That Must be Avoided
What Tax Practice Blunders Should You be Watching for in Your Practice? 


Monday, June 1
1:00 PM - 3:30 PM Eastern
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


Tuesday, June 2
1:00 PM - 3:30 PM Eastern
Understanding Social Security, Medicare and Medicaid: Advising Clients on Critical Issues
Learn How to Maximize Social Security, Medicare and Medicaid Benefits for Clients


Friday, June 5
1:00 PM - 5:00 PM Eastern
(Half-Day Course)
Half day courses included in the Unlimited Seminar Package!
Understand Distinctions between Capitalization and Repair and Maintenance Expenses – The True Heart of the 'Repair Regs'


Tuesday, June 9
1:00 PM - 3:00 PM Eastern
Divorce and Separation: Tax Issues
Learn About Tax Considerations for Divorced, Divorcing or Separated Clients


Wednesday, June 10
1:00 PM - 3:00 PM Eastern
Letters! We Get Letters … Responding to IRS Notices
Learn Best Practices for Helping Clients When They Receive Notices from the IRS

Download the schedule to view more two -hour and half-day seminars
included in the CCH Unlimited Seminars package
Call your account manager to learn more - 800-495-4626.


Saturday, May 23, 2015

Unlimited Access to CCH Seminars

June 30 CPE Deadline
Is your continuing education deadline coming up soon? Don't let the date sneak up on you, utilize the many education options from CCH to meet your professional requirements.

Take advantage of one of our UNLIMITED education packages today:

CCH Self Study - only $399
CCH Seminars - only $799

Call your Account Manager to learn more - 800-495-4626

Form 3115 Case Studies under the 'Repair Regs' (Half-Day Course)
Fix 'Repair Regs' Issues and File Correct Forms 3115 for 2014 Returns on Extension
Tuesday, May 26, 1:00 PM – 5:00 PM Eastern
Register Now
Top Tax Practitioner Blunders That Must be Avoided 
What Tax Practice Blunders Should You be Watching for in Your Practice?
Friday, May 29, 1:00 PM - 3:00 PM Eastern
Register Now
View more half-day or two hour seminars included with this package here.


2015 Post Filing Season Update
Learn more about the top ten tax issues you may face during the remainder of 2015 - CCH Tax Briefing.

Vote Here and let us know which of these issues concern you the most.





IRS Representation Cerification Program
Are you a licensed tax professional and want to represent your clients before the IRS? Learn how to represent IRS collection clients with confidence with our IRS Representation Certification program.
Learn More Here





Friday, May 22, 2015

IRS Quick Alert- Memorial Day weekend maintenance

IRS Quick Alert- Memorial Day weekend maintenance
All times shown in this communication are in Eastern Time Zone.


Subject:  Routine Memorial Day power outage begins May 23

IRS will conduct its annual Memorial Day power outage beginning Saturday, May 23, 2015, starting at 10:00 p.m. Eastern and ending Tuesday, May 26, 2015, at 6:00 a.m. Eastern. E-Services Registration, Transcript Delivery System, Taxpayer Identification Number (TIN) Matching and e-file application tool will not be available during these times.

Subject:  Modernized e-File (MeF) Power Outage for Memorial Day Weekend


IRS will conduct its annual Memorial Day Power Outage beginning Saturday, May 23, 2015 at 10:00 p.m. and ending on Tuesday, May 26, 2015 at 6:00 a.m.
The Modernized e-File Systems (both Production and ATS) will not be operational during this timeframe. Please refrain from accessing the MeF Systems to transmit business/individual/state tax returns, retrieve acknowledgements or submit any other service requests.

Monitor the MeF Status Page for any updates.

We apologize in advance for any inconvenience.

Thursday, May 21, 2015

Limited Support May 21

On Thursday afternoon, you may experience longer than normal wait times—we apologize for any delay in response time. Please visit the customer support website to review the knowledgebase where you can find answers to the most common issues or questions regarding our software. You may also submit an email which we will respond to once our offices re-open on Tuesday, 5/26, following the Memorial Day holiday. 

Wednesday, May 20, 2015

Upcoming Webinars


Preparing Amended Returns for 1040 Clients: When, Why and How to File Form 1040X
Learn How to Fix Problems or Take Advantage of Refund Opportunities for Clients by Filing Amended 1040 Returns
Wednesday, May 20, 2015 Today!
1:00 PM - 3:00 PM US Eastern
Click
here to register
Upcoming Webinars

Understanding the Federal Gift Tax
Learn How the Federal Gift Tax Works, How to Plan With It and Avoid Pitfalls

Thursday, May 21, 2015
1:00 PM - 3:00 PM US Eastern
Learn More

Form 3115 Case Studies under the 'Repair Regs' (Half-Day Course)
Fix 'Repair Regs' Issues and File Correct Forms 3115 for 2014 Returns on Extension

Tuesday, May 26, 2015
1:00 PM - 5:00 PM US Eastern
Learn More

Top Tax Practitioner Blunders That Must be Avoided
What Tax Practice Blunders Should You be Watching for in Your Practice?

Friday, May 29, 2015
1:00 PM - 3:00 PM US Eastern
Learn More
Can’t decide?  We now offer the CCH Unlimited Seminars package

2 hour and half-day seminars are included

Call your account manager to learn more - 800-495-4626.

 

Monday, May 18, 2015

Taxwise 1040 Individual 11.0 update is now available for download

Release Notes


CALCULATIONS
     a) Form 8962, line 28 - this line will now calculate as zero when
        the family size on line 1 is zero
     b) Form 1040, line 16a - Corrected an issue where amounts were not
        included from Form 1099R when the disability box was marked and
        the recipient was 65 or over
    
FORMS
     a) Form 1040X - Corrected an issue with the 508 text on lines 9
        through 29
    
PRINTING
     a) No change

ELECTRONIC FILING
     a) Changed diagnostic 49 to only require the foreign address,
        foreign country and foreign country code when a foreign address
        is used
    
SPECIAL INSTRUCTIONS
     a) None

Thursday, May 7, 2015

ACA- Employer Mandate Webinar May 11th

ACA- Employer Mandate Webinar May 11th

How much will the Employer Mandate affect your clients, if at all?

Are you curious about the ACA Employer Mandate but don’t want to pay?  Now, you don’t have to! 

With our new CCH Unlimited Seminar package, you have access to over 200 two-hour AND half-day seminars.  Use it now to meet your June CPE deadline and use it later when it’s time to take Tax Update courses.  Discover new topics during your downtime, or cram for those complex issues when you’re in the trenches.

You’ll love the advantage you will have by learning from the top minds in the tax and accounting profession.  These programs are “courses”— not brief newsy updates. Our instructors teach not only what the rules are, but what to do about them and how to apply practical solutions to real-world situations.

Check out our upcoming courses and discover timely, practical training on the latest tax, accounting, and auditing issues all year long.

Affordable Care Act: Understanding the Employer Mandate
Monday, May 11, 1:00 PM – 3:00 PM Eastern
Learn More

Loss Limitations in Passthrough Entities 
Tuesday, May 12, 1:00 PM - 3:00 PM Eastern
Learn More

Multistate Taxation of Passthrough Entities: Planning to Avoid Pitfalls
Friday, May 15, 1:00 PM - 3:30 PM Eastern
Learn More

View the full schedule here.


Call your account manager to learn more about the CCH Unlimited Seminar package - 800-495-4626.

Weekly Report from Washington, D.C.,(May 4, 2015)

Weekly Report from Washington, D.C.,(May 4, 2015)


House Ways and Means Committee Chairman Paul Ryan, D-Wis., expressed his belief that the best way to achieve momentum on tax reform is to get a head start on tax extenders, making some provisions permanent. He said he plans to complete tax extenders by the end of the summer if negotiations fail with the Obama administration to combine them with some kind of limited tax reform. House and Senate Republicans agreed on a nonbinding budget resolution that would repeal the Patient Protection Affordable Care Act (PPACA) (P.L. 111-148). The Treasury Inspector General for Tax Administration (TIGTA) said that the IRS has taken significant actions to eliminate the selection of potential political cases based on names and policy positions and to expedite the processing of social welfare organization applications. Meanwhile, the IRS has issued a notice stating that it intends to issue new regulations applicable to refund and credit claims for amounts withheld with respect to the tax liability of foreign persons.

Congress

House and Senate Republican lawmakers on April 29 reached agreement on a Fiscal Year 2016 Budget Resolution that calls for full repeal of the PPACA (TAXDAY, 2015/04/30, C.2). The nonbinding agreement also includes reconciliation instructions that would allow passage in the Senate with only a simple majority. The proposal reconciles the budget blueprints passed by the House and Senate, and does not require President Obama’s signature. House Budget Committee Chairman Tom Price, R-Ga., and Senate Budget Committee Chairman Mike Enzi, R-Wyo., said the measure balances the budget within 10 years without raising taxes and would replace the PPACA with patient-centered reforms.
Lawmakers from both parties have responded positively to news that the National Football League’s (NFL) central office is voluntarily surrendering its tax-exempt status (TAXDAY, 2015/04/30, C.3). In recent years, legislation has been introduced to end the tax-exempt status of professional sports leagues under Code Sec. 501(c)(6). In an April 28 letter to team owners, NFL Commissioner Roger Goodell explained that income earned by the teams is taxable and this will remain unchanged when the league central office files returns as a taxable entity. Goodell added that the change in filing status will make no material difference to the organization’s business.
House.
Ryan believes the best way to achieve momentum on tax reform is to get a head start on tax extenders, making some provisions permanent, such as Code Sec. 179 expensing and the research and development tax credits, which the committee has already approved (TAXDAY, 2015/05/01, C.1). Some provisions already have bipartisan support and Ryan is pressing Senate lawmakers to take similar steps. Speaking at a Bloomberg Government Today news event on April 30, House Ways and Means senior member Erik Paulsen, R-Minn., said early action on tax extenders, along with making some permanent would give small businesses the confidence to hire more employees and expand their operations. According to Paulsen, Ryan is bullish on supporting small businesses, especially passthrough entities that file taxes as individuals. However, small business is a sticking point with President Obama, who is more interested in corporate tax reform and does not want to address individual tax reform or lower tax rates.
Ryan said on April 30 that he plans to complete tax extenders by the end of the summer if negotiations fail with the Obama administration to combine them with some kind of limited tax reform (TAXDAY, 2015/05/01, C.2). Ryan said he believed extenders can either be part of a limited tax reform package this summer or, if lawmakers are unable to come to agreement with the administration, he would move to extenders and do those as early as possible in the fall. In the meantime, Ryan said his committee would likely mark up more of the extenders individually. Ryan nixed the idea of using revenue from repatriated profits from U.S. corporations overseas to bail out the Highway Trust Fund, which is set to expire at the end of May, saying it could only be done in the context of permanent tax reform.
Rep. Joe Courtney, D-Conn., on April 28 introduced legislation, the Middle Class Health Benefits Tax Repeal Bill, which would repeal the excise tax on high-cost health insurance plans scheduled to go into effect in 2018 (TAXDAY, 2015/04/29, C.1). The so-called "Cadillac" tax would apply a 40-percent tax on health insurance expenditures over $10,200 per person and $27,500 per family. The tax is intended to help reduce the costs of the PPACA.
Senate. The Senate Finance Committee on April 29 approved, by a vote of 26 to 0, the chairman’s mark, as modified, of Sen 335, a bipartisan bill to improve and extend Code Sec. 529 college plans (TAXDAY, 2015/04/30, C.1). The bill would change the way Code Sec. 529 education savings accounts currently operate. The full House approved a similar measure (HR 529) on February 25.
Senate Finance Committee ranking member Ron Wyden, D-Ore., and committee Democrats are urging Chairman Orrin G. Hatch, R-Utah, to hold bipartisan meetings and a hearing to consider funding proposals for the Highway Trust Fund (HTF), including those that previously passed the Finance Committee and the Senate in 2014 (TAXDAY, 2015/04/29, C.2). The program that supports the building, maintenance and operations of highways, roads and transit systems expires on June 1. In a letter to Hatch dated April 28, lawmakers wrote that the committee "must identify a clear path for a long term, fully funded surface transportation bill at funding levels that would make a significant investment above baseline funding." The senators said that they need to consider options within the committee’s jurisdiction, including new revenues, as opposed to spending cuts.

Treasury

TIGTA has issued reports finding:
  • The IRS has taken significant actions to eliminate the selection of potential political cases based on names and policy positions and to expedite the processing of social welfare organization applications, based on recommendations the TIGTA made in a prior audit (Ref. No. 2015-10-025TAXDAY, 2015/05/01, T.1). For example, the IRS eliminated the use of Be On the Look Out listings that TIGTA determined contained inappropriate criteria regarding political advocacy cases.
  • The IRS needs to do a better job of ensuring that health insurance policy issuers and self-insured plan sponsors are paying the new fee required under the PPACA (Ref. No. 2015-33-019TAXDAY, 2015/04/30, T.1). TIGTA found that the data the IRS obtained did not include the necessary information to calculate the potential Patient-Centered Outcomes Research (PCOR) fees owed by nonfilers.
  • Improvements are needed to measure the success and productivity of the IRS’s partnership audit process (Ref. No. 2015-30-004TAXDAY, 2015/04/29, T.1). Although the IRS has taken actions to improve the partnership audit process, due to the complexity of many partnerships it is difficult for the IRS to know how much additional tax is ultimately assessed to the partners as a result of adjustments made to the partnership returns.
Lois Lerner Emails Found. TIGTA has recovered some 6,400 emails by former IRS official Lois Lerner, who was at the center of a congressional investigation into the Service’s targeting of conservative nonprofit organizations seeking tax-exempt status (TAXDAY, 2015/04/30, T.2). The emails date back to 2004, with most of them coming from 2012. There has been no indication of what is in the emails.

IRS

Penalty Relief for Form 5500 Returns. The IRS has issued a reminder to small businesses that have failed to timely file certain required retirement plan returns (in the Form 5500 series) that they have until June 2, 2015, to file their retirement plans and take advantage of a special penalty relief program (IR-2015-74TAXDAY, 2015/05/04, I.2). Eligible filers can avoid penalties of up to $15,000 per return.
Low-Income Taxpayer Clinic Grant Applications. The IRS is now accepting applications for low-income taxpayer clinic (LITC) grants for the 2016 grant year (IR-2015-75TAXDAY, 2015/05/04, I.3). The application period runs until June 15, 2015. The LITC grant program is a federal program administered by the Office of the Taxpayer Advocate.
Small Business Week Tips. The IRS has issued a list of its popular products for small business owners and self-employed individuals marking National Small Business Week, May 4 to May 8 (IR-2015-73TAXDAY, 2015/05/01, I.1). In addition to webinars and videos on its video portal, the IRS has special tabs for business use of a home office, depreciation basics, child and daycare provider tax compliance and everything a business owner needs to know about taxes.
Commissioner Delegation Order/Circular 230. The IRS Commissioner had delegated authority to the Director, Office of Professional Responsibility, over conduct, discipline and fitness to practice before the IRS under Circular 230 (CDO No. 25-16 (Rev. 1); TAXDAY, 2015/04/29, I.1). This authority includes, but is not limited to, receiving and processing referrals regarding allegations of misconduct under Rev. Proc. 81-38, I.R.B 1981-2, 592.
FATCA and Non-U.S. Resident Withholding/Refunds and Credits. The IRS has issued a notice stating that it intends to issue new regulations applicable to refund and credit claims for amounts withheld with respect to the tax liability of foreign persons under Code Secs. 1441 through 1443 and with respect to foreign financial institutions and certain nonfinancial foreign entities under Code Secs. 1471 and 1472 (Notice 2015-10TAXDAY, 2015/04/29, I.2). These new regulations will provide that a claim for refund or credit made by the beneficial owner of a withheld payment will only be allowable to the extent that the relevant withholding agent deposited the amount withheld.
CHIP "Buy-In" Program. The IRS has issued guidance for coverage dates on or after January 1, 2015, for purposes of qualifying for the premium tax credit under Code Sec. 36B (Notice 2015-37TAXDAY, 2015/04/27, I.3). Under the guidance, an individual who may enroll in a CHIP "buy-in" program that HHS has designated as minimum essential coverage is eligible for minimum essential coverage under the program for purposes of the premium tax credit only for the period the individual is actually enrolled (and not merely eligible to enroll).

By Jeff Carlson and Jennifer Cordaro, Wolters Kluwer News Staff

Outstanding State or Federal ACKs

  • As long as the return reached our EFC before midnight of the preparer’s local time, the electronic postmark will reflect the date of April 15, 2015 and will therefore be considered by the IRS as timely filed.
  • Verify acks for all of your outstanding efiles; April 20th is the deadline for re-transmission of rejected returns and extensions that will still be considered as timely efiled. 
  • Returns not extended and not efiled by April 15th can still be efiled until October 15th or beyond, though there could be penalties for non-filing or non-payment of tax owed on those returns. 

The following have outstanding acks older than five days old. We proactively work with the states to clear up these acks.
If you can view the return in the Return Query tool on the support site, then we have the return and no action is needed.


2014 returns
Updated 5-7-15 NC has successfully posted and we have picked up all of the outstanding NC acknowledgment. They are now current
We still have about 27 Washington DC Acknowledgements that are outstanding and they are working to get these resolved.



2013 returns
Current, with the exception of a small number (less than 20 returns) from various days in the past week

2012 returns
Current, with the exception of a small number (less than 20 returns) from various days in the past week.

Thursday, April 30, 2015

Forms 3115 live conference webcast

Wolters Kluwer
CCH Webinars - Exclusive CPE Offer

Form 3115 Case Study Examples
(8 CPE)
1 Day left to register!

Many tax practitioners breathed a huge sigh of relief when the IRS removed the requirement to file Form 3115 for small taxpayers.  However, filing Form 3115 may benefit your clients in various situations.

Join us for our full-day, live conference or live webcast.  Presenter Eric P. Wallace, CPA, will discuss the key concepts, actual forms you must file for 2014 and ways to "fix" what you may have already filed or missed filing for 2014.

Don't miss this opportunity to learn how to maximize the benefits of the repair regulations and reduce or eliminate problems for your business or clients.