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  • 04/18/2017 9:56 AM | Anonymous member (Administrator)

    The Central NoDak Chapter of the Institute of Internal Auditors will be presenting, "Consulting: Activities, Skills, Attitudes" on May 17-18 in Bismarck.  Thanks to a partnership with that organization, ND CPA Society members can attend for the member price of $350 for (1-day cost) and $525 (2-day cost).  Groups of 3 or more individuals will receive a 10% discount. Click here to download the brochure.

  • 04/18/2017 9:09 AM | Anonymous member (Administrator)

    NEWS

    Private Collection of Some Overdue Federal Taxes Starts in April; Those Affected Will Hear First From IRS; IRS Will Still Handle Most Tax Debts

    • The IRS is sending letters to a relatively small group of taxpayers whose overdue federal tax accounts are being assigned to one of four private-sector collection agencies.
    • Taxpayers being assigned to a private firm would have had multiple contacts from the IRS in previous years and still have an unpaid tax bill.
    • As always, the IRS encourages taxpayers behind on their tax obligations to come forward and either pay what they owe or set up a suitable payment plan. This means there’s no need to wait for a phone call or letter from the IRS or any of its contractors.
    • The IRS reminds taxpayers to be on the lookout for scammers posing as private collection firms.

    DID YOU KNOW?

    • Your clients can make Estimated Tax Payments using Direct Pay.
    • Your clients can look up their Estimated Tax Payments using:

    View Your Account Balance and Payment History

    •  If you're an individual taxpayer, you can use this tool to find out:
    • Your payoff amount, updated for the current calendar day
    • The balance for each tax year for which you owe
    • Up to 18 months of your payment history (NEW!)

    Helpful tools when your client gets a notice or letter from the IRS

    Helpful tools for your clients with a balance due

    National Small Business Week

    In recognition of National Small Business Week, April 30 to May 6, the IRS is highlighting products to help small business owners and self-employed individuals understand and meet their tax obligations:                  

    Offers in Compromise – New Policy

     Beginning with Offer applications received on or after March 27, 2017: The IRS will return any newly filed Offer in Compromise application if you have not filed all required tax returns. Any application fee included with the OIC will also be returned. Any initial payment required with the returned application will be applied to reduce your balance due. This policy does not apply to current year tax returns if there is a valid extension on file.

     Form 656-B, revised March 2017  https://www.irs.gov/pub/irs-pdf/f656b.pdf 

    ►Employers

    No news this month.

    ►AFFORDABLE CARE ACT

    No news this month.

    TAXES. SECURITY. TOGETHER. (Identity Theft)

    Identity Protection: Prevention, Detection and Victim Assistance

    •  This is the main page for ID Theft. Check out resources for you and your clients.

    ►NEWS FROM OTHER AGENCIES

    From USA.gov

     As part of your estate and advance health care planning, having a power of attorney is a critical component of protecting your interests. Unlike a will which outlines your wishes, and how your wealth and property will be distributed after you are gone; this legal document authorizes another person to act on your behalf when you are not able to manage your affairs on your own.

     Documenting your requests can be difficult to address but doing so could resolve certain legal issues if done in advance. By designating someone to make decisions for you means your wishes will be carried out when you may not have a voice. Take action on this vital document today.

    Access our Power of Attorney Guide

    ►IN EVERY ISSUE

    Small Business and Self-Employed Tax Center

    Understanding Your IRS Notice or Letter

    Basic Tools for Tax Professionals

    Recent Tax Scams and Consumer Alerts

    Identity Protection: Prevention, Detection and Victim Assistance

    Federal Trade Commission:

    ►UPCOMING WEBINARS

    *Closed captioning offered for afternoon web conferences ONLY.

    Understanding Payment Options – Part II – 75 minutes

    Working with the IRS Office of Appeals -- What to Expect – 90 minutes

    • May 3, 2017 –1:00 pm Central, 12:00 Mountain
    • Register&Attend: https://www.webcaster4.com/Webcast/Page/445/19764 
    • Topics include information on the role of Appeals, an overview of Appeals policies and procedures, and an outline of case procedures for examination and collection cases.

    Understanding Correspondence Examinations – 75 minutes

    Understanding the Automated Underreporter Program – 75 minutes

    Understanding Form 8300 – 75 minutes

    (Report of Cash Payments Over $10,000 Received in a Trade or Business)

    Continuing Education:

    All participants who qualify will receive a Certificate of Completion.

    Tax Professionals – Earn 1 CE Credit Category: Federal Tax

    •   Click HERE for National and Local webinars for Tax Professionals.
    •   Click HERE for webinars and videos recently posted to the IRS Video Portal.
  • 04/02/2017 7:50 PM | Anonymous member (Administrator)

    The Red River Valley Institute of Internal Auditors will be presenting, "Leadership, Influence and Collaboration Skills for Auditors and Accountants on April 25, 2017.  Thanks to a partnership with that organization, ND CPA Society members can attend for the member price of $250.  Click here to download the brochure. 

  • 02/06/2017 8:05 AM | Anonymous member (Administrator)

    Nichols Patrick Current Federal Tax Developments Weekly Update Podcast

    with Ed Zollars, CPA

    ·  Download podcast

    ·  Download citations

  • 01/24/2017 2:34 PM | Anonymous member (Administrator)

    W-2 Filing Deadline Changes

    (Please click each heading for more information)


    Employers Face New Jan. 31 W-2 Filing Deadline

    A new federal law, aimed at making it easier for the IRS to detect and prevent refund fraud, will accelerate the W-2 filing deadline for employers to Jan. 31

    Some Refunds Delayed Until Feb. 15

    A new federal law moves up the W-2 filing deadline for employers and small businesses to Jan. 31. The new law makes it easier for the IRS to find and stop refund fraud. It also delays some taxpayer refunds. Those taxpayers claiming the Earned Income Tax Credit or the Additional Child Tax Credit won’t see refunds until Feb.15, at the earliest.

    Employment Tax Due Dates

    Generally, employers must report wages, tips and other compensation paid to an employee by filing the required form(s) to the IRS. You must also report on the taxes you deposit.


    General Instructions for W-2 and W-3

    Instructions for reminders, help and assistance with completing the W-2 and W-3.

    Filing Information Returns Electronically (FIRE)

    By transmitting your Information Returns through the FIRE system, your files are processed faster with fewer errors.

    ALERT! Extension information effective tax year 2016: Requests for an Extension of Time for Form W-2 must be submitted on paper Form 8809. Requests for an Additional Extension of Time must be submitted on paper Form 8809. Extension of Time for Recipient Copies of Information Returns must be requested on paper.

    Tax Topics - Topic 301 When, How, and Where to File

    Helpful information on tax return due dates and where to file.

     

    Contact: Alan Gregerson

    Phone: 651-726-1589

    Email: Alan.J.Gregerson@irs.gov

     

    Stakeholder Liaison Local Contacts

     

     

    Issue Management Resolution System (IMRS): IMRS is an internal IRS system that captures, develops and responds to significant national and local stakeholder issues. When stakeholders notify the IRS of concerns about systemic problems or IRS policies, practices and procedures, analysts research and respond to the issues. For additional information, see link to IMRS. Tax professionals should forward significant issues regarding IRS policies, practices and issues to their Stakeholder Liaison (SL) Local Contacts

     

    You may prefer to share ideas for reducing taxpayer burden directly with the Taxpayer Burden Reduction (TBR) Program using Form 13285A, Reducing Tax Burden on America’s Taxpayers.

  • 01/24/2017 2:32 PM | Anonymous member (Administrator)

    Refundable Credits Resources

    (Please click each heading for more information)


    Other Refundable Credits Toolkit

    The toolkit brings you tools and resources for other refundable credits along with the Additional Child Tax Credit refundable portions. But, we also provide resources for Lifetime Learning Credit and the Child Tax Credit.

     

    Understanding Who is a Qualifying Child

    Learn the basic tests a child must meet under the Uniform Definition of a Qualifying Child and then each credit has additional rules the child and the person claiming the child must meet.

     

    What You Need to Know about CTC and ACTC

    Here's what you need to know about the CTC, Child Tax Credit, and the refundable portion, the ACTC, Additional Child Tax Credit.


    Child-Related Tax Benefits Comparison

    This chart shows some of the basic eligibility requirements for tax benefits available to those with a qualifying child.

     

    Webinar: Not just college credits, it's tax credits too!

    Learn about education credits and eligibility requirements along with information about the American Opportunity Tax Credits, Form 1098-T and much more.

     

     

    Contact: Alan Gregerson

    Phone: 651-726-1589

    Email: Alan.J.Gregerson@irs.gov  

     

    Stakeholder Liaison Local Contacts

     

     

    Issue Management Resolution System (IMRS): IMRS is an internal IRS system that captures, develops and responds to significant national and local stakeholder issues. When stakeholders notify the IRS of concerns about systemic problems or IRS policies, practices and procedures, analysts research and respond to the issues. For additional information, see link to IMRS. Tax professionals should forward significant issues regarding IRS policies, practices and issues to their Stakeholder Liaison (SL) Local Contacts

     

    You may prefer to share ideas for reducing taxpayer burden directly with the Taxpayer Burden Reduction (TBR) Program using Form 13285A, Reducing Tax Burden on America’s Taxpayers.

  • 01/24/2017 2:31 PM | Anonymous member (Administrator)

    EITC Due Diligence Resources

    (Please click each heading for more information)


    EITC CENTRAL

    The resources on this site will assist you in reaching those eligible workers who qualify for the credit and preparing accurate returns which reduces claims made in error.

    EITC Tax Preparer Toolkit

    This toolkit has everything you need for helping you with the Earned Income Tax Credit, the Child Tax Credit/Additional Child Tax Credit and the American Opportunity Tax Credit claims.

    Form 8867: Paid Preparer's Due Diligence Checklist

    Beginning with tax year 2016, the form has been expanded and revised to include the Child Tax Credit/Additional Child Tax Credit and the American Opportunity Tax Credit.

    Hot Topics for Return Preparers & Penalties

    Learn more about the Path Act, refunds and expanded due diligence requirements. Penalties will apply to each credit incorrectly submitted on a tax return and is now indexed for inflation.

    EITC Training Course

    This module covers the technical parts of the Due Diligence must do's and contains scenarios to walk you through examples of applying due diligence requirements. You may also receive one Continuing Education credit for this course. Be sure you follow the steps to determine if you will qualify to take the credit.

     

    Webinar: Keeping Up with Earned Income and Refundable Tax Credits

    Get the information you need to get EITC correct for your clients and avoid EITC due diligence consequences. For more webinars throughout the year, please check www.irs.gov (key word search “webinars”).


    Frequently Asked Questions

    Contact: Alan Gregerson

    Phone: 651-726-1589

    Email: Alan.J.Gregerson@irs.gov

     

    Stakeholder Liaison Local Contacts

     

    Issue Management Resolution System (IMRS): IMRS is an internal IRS system that captures, develops and responds to significant national and local stakeholder issues. When stakeholders notify the IRS of concerns about systemic problems or IRS policies, practices and procedures, analysts research and respond to the issues. For additional information, see link to IMRS. Tax professionals should forward significant issues regarding IRS policies, practices and issues to their Stakeholder Liaison (SL) Local Contacts

     

    You may prefer to share ideas for reducing taxpayer burden directly with the Taxpayer Burden Reduction (TBR) Program using Form 13285A, Reducing Tax Burden on America’s Taxpayers.

  • 01/19/2017 4:11 PM | Anonymous member (Administrator)

    Tax Steps Now for the Tax Filing Season article….. 

    https://www.irs.gov/individuals/steps-for-tax-filing-season

    The Taxpayer Advocate Service has developed several tools for individuals and employers to help determine how the Affordable Care Act might affect them and to estimate ACA related credits and payments. 

    Individuals

    Because these tools provide only an estimate, you should not rely upon them as an accurate calculation of the information you will report on your tax return. You should use these estimators only as a guide to assist you in making decisions regarding your tax situation.

    The Premium Tax Credit Change Estimator can help you estimate how your premium tax credit will change if your income or family size changes during the year. This estimator tool does not report changes in circumstances to your Marketplace. To report changes and to adjust the amount of your advance payments of the premium tax credit you must contact your Health Insurance Marketplace. Be sure to report all changes directly to that Marketplace because they can affect both your coverage and your final credit when you file your federal tax return.

    The Individual Shared Responsibility Payment Estimator can help you estimate the amount you may have to pay if you did not have minimum essential coverage during the year. This tool can only provide an estimate of your individual shared responsibility payment. To determine the payment when you file your tax return, use the Shared Responsibility Payment Worksheet in the instructions for Form 8965.

    Employers

    The Employer Shared Responsibility Provision Estimator can help employers understand how the provision works and how it may apply. If you are an employer, you can use the estimator to determine:

    ·       The number of your full-time employees, including full-time equivalent employees,

    ·       Whether you might be an applicable large employer, and

    ·       If you are an applicable large employer, an estimate of the maximum amount of the potential liability for the employer shared responsibility payment that could apply to you based on the number of full-time employees that you report if you fail to offer coverage to your full-time employees.

    This tool can only provide an estimate of the maximum amount of potential liability for the employer shared responsibility payment. Estimates are based upon information you enter into the system and, therefore, IRS cannot validate specific payment amounts.  

    The Small Business Health Care Tax Credit Estimator can help you determine if you might be eligible for the Small Business Health Care Tax Credit and how much credit you might receive. This tool provides you with an estimate for tax year 2014 and beyond. However, some figures used in determining the credit are indexed for inflation. Because of this, for future years, the estimator cannot provide a detailed estimate.

    Additional Information

    By clicking on these links, you will enter the Taxpayer Advocate Service website.  The Taxpayer Advocate Service created, operates, and maintains this website and is solely responsible for the content.  

    The calculations provided by the TAS Estimator Tools are only estimates and may not match the actual credits or payments you will report on your tax return. IRS cannot validate the accuracy of the estimator calculations for your specific circumstance.

    To demonstrate how the estimators may help you, TAS has created two YouTube videos –

    ·        Individuals - Individual Shared Responsibility Payment and Premium Tax Credit estimators

    ·        Employers - Small Business Health Care Tax Credit and Employer Shared Responsibility Provision estimators.

    TAS is an independent organization within the IRS whose job is to ensure every taxpayer is treated fairly and that taxpayers know and understand their rights.

     

    Reminder: Employers Face New Jan. 31 W-2 Filing Deadline; Some Refunds Delayed Until Feb. 15

    IR-2016-143, Oct. 28, 2016                                                                           Español

    WASHINGTON — The Internal Revenue Service today reminded employers and small businesses of a new Jan. 31 filing deadline for Forms W-2. The IRS must also hold some refunds until Feb. 15.

    A new federal law, aimed at making it easier for the IRS to detect and prevent refund fraud, will accelerate the W-2 filing deadline for employers to Jan. 31. For similar reasons, the new law also requires the IRS to hold refunds involving two key refundable tax credits until at least Feb. 15. Here are details on each of these key dates.

    New Jan. 31 Deadline for Employers

    The Protecting Americans from Tax Hikes (PATH) Act, enacted last December, includes a new requirement for employers. They are now required to file their copies of Form W-2, submitted to the Social Security Administration, by Jan. 31. The new Jan. 31 filing deadline also applies to certain Forms 1099-MISC reporting non-employee compensation such as payments to independent contractors.

    In the past, employers typically had until the end of February, if filing on paper, or the end of March, if filing electronically, to submit their copies of these forms. In addition, there are changes in requesting an extension to file the Form W-2. Only one 30-day extension to file Form W-2 is available and this extension is not automatic. If an extension is necessary, a Form 8809 Application for Extension of Time to File Information Returns must be completed as soon as you know an extension is necessary, but by January 31. Please carefully review the instructions for Form 8809, for more information.

    "As tax season approaches, the IRS wants to be sure employers, especially smaller businesses, are aware of these new deadlines," said IRS Commissioner John Koskinen. "We are working with the payroll community and other partners to share this information widely."

    The new accelerated deadline will help the IRS improve its efforts to spot errors on returns filed by taxpayers. Having these W-2s and 1099s earlier will make it easier for the IRS to verify the legitimacy of tax returns and properly issue refunds to taxpayers eligible to receive them. In many instances, this will enable the IRS to release tax refunds more quickly than in the past.

    The Jan. 31 deadline has long applied to employers furnishing copies of these forms to their employees and that date remains unchanged.

    Some Refunds Delayed Until at Least Feb. 15

    Due to the PATH Act change, some people will get their refunds a little later. The new law requires the IRS to hold the refund for any tax return claiming either the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) until Feb. 15. By law, the IRS must hold the entire refund, not just the portion related to the EITC or ACTC.

    Even with this change, taxpayers should file their returns as they normally do. Whether or not claiming the EITC or ACTC, the IRS cautions taxpayers not to count on getting a refund by a certain date, especially when making major purchases or paying other financial obligations. Though the IRS issues more than nine out 10 refunds in less than 21 days, some returns are held for further review.


  • 01/19/2017 4:09 PM | Anonymous member (Administrator)

    ►UPCOMING WEBINARS

    ·       Tax Identity Theft – Tax Professionals on the Ramparts

    o   January 30, 2017 – 2:00 pm Eastern, 1:00 pm Central, 12:00 pm Mountain.

    No pre-registration required.

    o   The FTC, IRS, and the National Association of Tax Professionals offer practical guidance about identity theft issues important to tax professionals, including scams targeting tax professionals, cybersecurity, protecting client data, and how tax professionals can help identity theft victims.

    • ·       Click HERE for National and Local webinars for Tax Professionals.
    • ·       Click HERE for webinars and videos recently posted to the IRS Video Portal.

    ►NEWS

    Inform your clients about the Earned Income Tax Credit during EITC Awareness Day on January 27

    ·       EITC Awareness Day is January 27, 2017. The IRS created several messages to inform your employees about this important credit, ways to determine if they qualify for it and how to claim it.

    ·       We also hope you’ll support our EITC Awareness Day Thunderclap effort by promoting it anytime now through January 27 using your Facebook, Twitter and Tumblr social media accounts. http://thndr.me/wR8wNT

    Use Publication 2043 to Set Refund Expectations for Your Clients

    ·       The IRS updated Publication 2043, IRS Refund Information Guidelines for the Tax Preparation Community for 2017. The publication provides the latest refund information and guidelines for advising your clients who are expecting refunds.

    ·       This year’s update includes information about a new law that requires the IRS to hold refunds claiming the Earned Income Tax Credit and the Additional Child Tax Credit. The IRS will begin to release EITC/ACTC refunds starting Feb. 15.

    ·       However, these refunds likely will not reach taxpayers until the week of Feb. 27.

    Plan Now to Get Full Benefit of Saver’s Credit; Tax Credit Helps Low- and Moderate-Income Workers Save for Retirement

    ·       Low- and moderate-income workers that they can take steps now to save for retirement and earn a special tax credit in 2016 and years ahead.

    ·       The saver’s credit helps offset part of the first $2,000 workers voluntarily contribute to IRAs and 401(k) plans and similar workplace retirement programs. Also known as the retirement savings contributions credit, the saver’s credit is available in addition to any other tax savings that apply.

    IRS Face-To-Face Help Now By Appointment

    ·       The IRS reminds taxpayers that an appointment is required for in-person tax help at all IRS Taxpayer Assistance Centers (TAC).

    ·       IRS TACs continue to be a vital part of the service IRS provides when a tax issue cannot be resolved on-line or by phone. All IRS TACs now provide face-to-face service by-appointment. Instead of taxpayers going directly to their local TAC, they can call 844-545-5640 to reach an IRS representative, who is trained to either help them resolve their issue or schedule an appointment for them to get the help they need.

    ·       The Contact Your Local Office tool on IRS.gov helps taxpayers find the closest IRS TAC, the days and hours of operation, and a list of services provided. The IRS said studies show most taxpayers visit a TAC to make payments, inquire about a notice, ask about a refund, get a transcript or obtain a tax form. Many of these issues can be resolved at IRS.gov without traveling to an IRS office.

    Earned Income Tax Credit and Other Refundable Credits

    ·       Check out the Tax Preparer Toolkit. This toolkit has everything you need for helping you with the Earned Income Tax Credit, the Child Tax Credit/Additional Child Tax Credit and the American Opportunity Tax Credit claims.

    ·       Take the Due Diligence Training Module online. This module covers the technical parts of the due diligence must do's and contains scenarios. Take quizzes to test your knowledge as you complete the training. Then, pass the test, and print a certificate of completion. You may also receive one Continuing Education credit. 

    ·       Due Diligence Videos - the popular due diligence videos from the IRS Nationwide Tax Forums gives examples of interview techniques for those prickly due diligence situations.

    ·       By answering questions and providing basic income information, you can use our       EITC Assistant to:

    o   find out if your client is eligible for EITC;

    o   determine if the child or children meet the tests for a qualifying child; and

    o   estimate the amount of the credit.

    ·       Other Refundable Credits Toolkit. The toolkit brings you tools and resources for other refundable credits, including the Additional Child Tax Credit refundable portion and the Lifetime Learning Credit.

    Many ITINs Expire Jan. 1; Renew Now to Avoid Refund Delays

    ·       Time is running out for many ITIN holders who need to file a federal income tax return in 2017 and want to avoid a long wait for a refund.

    • ·       Several common errors are currently slowing down and holding up some ITIN renewal applications. The mistakes generally center on missing information and/or insufficient supporting documentation. Please see the article above to learn about these errors and how to avoid them.

    ►Employers

    Want to File Forms 941 Instead of Form 944?

    ·       Employers required by the IRS to file Form 944, Employers ANNUAL Federal Tax Return, cannot change their filing requirements unless they contact the IRS. To request a change to file Form 941, Employer's QUARTERLY Federal Tax Return, they should contact the IRS before April 10. The IRS will respond in writing. More information is available on IRS.gov.

    ►AFFORDABLE CARE ACT

    ·       What to Know About Health Coverage Information Statements You May Receive in 2017

    ·       If/Then Chart Explains How the Health Care Law Affects You

    ·       Affordable Care Act: What Employers with Fewer than 50 Employees Need to Know

    ·       The IRS updated three sets of Questions and Answers related to information reporting requirements and shared responsibility provisions for employers. See the Affordable Care Act Tax Provisions Questions and Answers page on IRS.gov.

    TAXES. SECURITY. TOGETHER. (Identity Theft)

    IRS, States, Industry Urge Taxpayers to Learn Signs of Identity Theft

    • ·       You already know that if you e-file your return and it rejects, you may be a victim of ID Theft. Please read the article above for more signs that you may be a victim of tax-related identity theft.

    IRS and Partners Move to Strengthen Anti-Fraud Effort with Form W-2 Verification Code

    ·       When you get your Form W-2 in early 2017, you may notice a new entry – a 16-digit verification code. This is part of an effort conducted by the IRS to protect taxpayers and strengthen anti-fraud efforts.

    ·       The expanded use of the W-2 Verification Code is a way to validate the wage and tax withholding information on the tax form. For taxpayers, taking a moment to add this code when filling out their taxes helps the IRS authenticate the information. This in turn helps protect against identity theft and unnecessary refund delays.

    ·       For 2017, the IRS and its partners in the payroll service provider industry will place the code on 50 million Forms W-2. This is up from two million forms in 2016.

    ►YOUR PRACTICE

    IRS e-Services Reminder: Time Is Running Out to Revalidate

    ·       Time is running out to revalidate your identity if you received Letter 5903. Revalidate your account either online or by telephone. The IRS has extended Help Desk hours on weekdays and Saturdays.

    Safeguarding Taxpayer Data: Monitor Your EFIN for Suspicious Activity

    • ·       As part of the ongoing concerns about security and identity theft, the IRS recommends that you verify the number of returns submitted under your EFIN. Do this routinely and especially during filing season. Verify your EFIN through IRS e-Services. If you do not have an e-Services account, then your first step would be to go to e-Services and register for an account.

    Security Summit Alert: New Two-Stage E-mail Scheme Targets Tax Professionals

    ·       The IRS, state tax agencies and tax industry leaders today warned tax professionals to be alert to an email scam from cybercriminals posing as clients soliciting their services.

    ·       A new variation of this phishing scheme is targeting accounting and tax preparation firms nationwide. The scheme's objective is to collect sensitive information that will allow fraudsters to prepare fraudulent tax returns.

    ·       These latest phishing emails come in typically two stages. The first email is the solicitation, which asks tax professionals questions such as "I need a preparer to file my taxes." If the tax professional responds, the cybercriminal sends a second email. This second email typically has either an embedded web address or contains a PDF attachment that has an embedded web address.

    Safeguarding Taxpayer Data – Make a Security Plan

    ·       Cybercriminals want sensitive client data that tax professionals have, so the tax preparation community is a target. As a tax professional, you can take the initial step to safeguard taxpayer data by assessing your risks and making a security plan.

    ·       Here are some initial steps:

    o   Step 1: Complete a risk assessment

    o   Step 2: Write and follow an Information Security Plan

    o   Step 3: At least once a year, if not more, perform an internal assessment

    ·       Learn more about these and other steps by reviewing IRS Publication 4557, Safeguarding Taxpayer Data.

    ►NEWS FROM OTHER AGENCIES

    From the Federal Trade Commission

    ·       Copier Data Security: A Guide for Businesses

    ►IN EVERY ISSUE (new links)

    Understanding Your IRS Notice or Letter

    Basic Tools for Tax Professionals

    Recent Tax Scams and Consumer Alerts

    Identity Protection: Prevention, Detection and Victim Assistance

    Federal Trade Commission:


  • 12/19/2016 10:22 AM | Anonymous member (Administrator)

    ►UPCOMING WEBINARS

    Click HERE for National and Local webinars for Tax Professionals.

    Click HERE for webinars and videos recently posted to the IRS Video Portal.

    ►NEWS

    Get Ready

    ·       IRS needs your help to get the word out on key information that taxpayers need to know about before the start of the 2017 filing season. The “Get Ready” outreach campaign focuses on helping taxpayers understand important tax law changes that may affect the processing of their tax returns and the timing of refunds for some filers. Affected taxpayers can take actions this fall that will help them file their tax returns timely and accurately.

    Tax Preparedness Series: What to Do Before the Tax Year Ends Dec. 31

    ·       As tax filing season approaches, the IRS reminds taxpayers there are things they should do now to get ready for filing season. Moved? Name change? Want to make a charitable donation? Have an IRA? Read the article for more details.

    Tax Preparedness Series: Tax Records — What to Keep

    ·       As tax filing season approaches, the Internal Revenue Service has information for taxpayers who wonder how long to keep tax returns and other documents.

    ITIN Resources

    ·       If taxpayers have an expired ITIN and don’t renew before filing a tax return next year, they could face a refund delay and may be ineligible for certain tax credits, such as the Child Tax Credit and the American Opportunity Tax Credit, until the ITIN is renewed.

    ·       ITIN Expiration Frequently Asked Questions

    ·       ITIN Updated Procedures Frequently Asked Questions

    Sharing Economy Tax Center

    ·       If you use one of the many online platforms available to rent a spare bedroom, provide car rides, or to connect and provide a number of other goods or services, you’re involved in what is sometimes called the sharing economy. Learn more about your tax obligations at the Sharing Economy Tax Center.

    2017 Standard Mileage Rates for Business, Medical and Moving Announced

    Self Employed Individuals Tax Center

    You already know about the Small Business and Self Employed Tax Center, but did you know there is a special page just for self-employed individuals? Check out the Self Employed Individuals Tax Center. Get answers to your questions:

    ·       Who is Self-Employed?

    ·       What Are My Self-Employed Tax Obligations?

    ·       How Do I Make My Quarterly Payments?

    ·       How Do I File My Annual Return?

    ·       Am I Required to File an Information Return?

    ·       Business Structures

    ·       Home Office Deduction

    ·       Husband and Wife Business - What is a Qualified Joint Venture?

    ·       Considering a Tax Professional

    ·       Online Learning Tools

    Estimated Taxes

    •        Taxes must be paid as you earn or receive income during the year, either through withholding or estimated tax payments. If the amount of income tax withheld from your salary or pension is not enough, or if you receive income such as self-employment income, you may have to make estimated tax payments. If you are in business for yourself, you generally need to make estimated tax payments. Estimated tax is used to pay not only income tax, but other taxes such as self-employment tax and alternative minimum tax.

    Private Debt Collection

    ·       The IRS plans to begin private collection of certain overdue federal tax debts as early as spring of 2017 and has selected four contractors to implement the new program.

    ·       The IRS will assign cases to these private collection agencies:

    o   Conserve, Fairport, New York

    o   Pioneer, Horseheads, New York

    o   Performant, Livermore, California

    o   CBE Group, Cedar Falls, Iowa

    ·       If you do not wish to work with the assigned private collection agency to settle your overdue tax account, you must submit a request in writing to the private collection agency.

    How Do You Report Suspected Tax Fraud Activity?

    ·       What if:

    ·       Your client suspects an individual or a business is not complying with the tax laws?

    ·       Your client suspects fraudulent activity by a previous tax return preparer?

    ·       You suspect fraudulent activity by another tax return preparer?

    ·       See “How Do You Report Suspected Tax Fraud Activity?” to find out which form to use.

    IRS Releases Dirty Dozen Scam List: Don’t be a Victim

    ·       Each year, the IRS produces a list of the Dirty Dozen Tax Scams. Here’s the list for 2016, with more information on each one.

    ►Employers

    W-2s and (certain) 1099s due January 31

    ·       Do you need to order W-2s or 1099s? You can get them from the IRS for free: Online Ordering for Information Returns and Employer Returns

    ·       Want To File Forms W-2/W-2c and W-3/W-3c Electronically? Visit the Social Security Administration's Employer Reporting Instructions and Information website to complete and file electronic Forms W-2 and W-3.

    Employment Taxes

    ·       Are you a new employer? Not sure where to start? See General Employment Tax Issues for a one page overview.

    ·       Need more details? Check out Employment Taxes. Find out what kind of taxes you need to pay and how to pay them.

    ·       Avoid a pitfall common to new employers: The Trust Fund Recovery Penalty. Find out what it is and how to avoid it.

    Small Business Taxes: The Virtual Workshop

    ·       Lessons 6 – 9 explain the rules on independent contractors versus employees, how to file employment tax forms, and how to sign up for EFTPS (Electronic Federal Tax Payment System).

    ►AFFORDABLE CARE ACT

    ·       Series of Yes-or-No Questions help you Determine Eligibility for the Premium Tax Credit

    ·       The Health Care Law & Your Taxes: Not Too Early to Determine if You Qualify for Exemption

    ·       Employers & Health Coverage Providers: You Have More Time in 2017 to Provide Information Forms to Covered Individuals

    ·       Employers that hire Holiday Help: Understand the Health Care Law’s Rules Around Seasonal Workers

    TAXES. SECURITY. TOGETHER. (Identity Theft)

    Taxes. Security. Together. We all have a role to play in protecting your data

    We need your help.

    •        Increasingly, tax professionals are being targeted by identity thieves. These criminals – many of them sophisticated, organized syndicates - are redoubling their efforts to gather personal data to file fraudulent federal and state income tax returns.

    How tax preparers can help

    •        Tax preparers are critical and valued partners in the tax administration process, and they have an important role to play in helping prevent identity theft.
    •        Tax preparers can share Publication 4524 with clients to help raise awareness about important security steps.

    New flyer and poster

    •        The Treasury Inspector General for Tax Administration (TIGTA) released a new flyer and poster to enhance its warnings to taxpayers about fraudulent calls they may receive from individuals impersonating IRS and Treasury employees.

    Recent Tax Scams and Consumer Alerts

    ►YOUR PRACTICE

    2017 Tax Filing Season Begins Jan. 23 for Nation’s Taxpayers, Tax Returns Due April 18

    IRS Audits 

    •        Check out Exam's newly revised and designed IRS Audit page on IRS.gov. Taxpayers can now easily find out about how Exam contacts them to conduct audits and more information about audits by mail.

    IRS Launches New Online Tool to Assist Taxpayers with Basic Account Information

    •        The IRS has launched an online application that will assist taxpayers with straightforward balance inquiries in a safe, easy and convenient way.
    •        This new and secure tool, available on IRS.gov allows taxpayers to view their IRS account balance, which will include the amount they owe for tax, penalties and interest. Taxpayers may also continue to take advantage of the various online payment options available by accessing any of the payment features including: direct pay, pay by card and Online Payment Agreement.

    RESOURCES FOR TAX PROS

    ►NEWS FROM OTHER AGENCIES

    National Women’s Business Council (NWBC)

    ·       Fascinating Fact Sheets on businesses owned by women of color and white women, and more!

    ►IN EVERY ISSUE

    See the latest:

    ·       Find the latest IRS news via Social Media options.

    Information for Tax Professionals - Office of Professional Responsibility related issues

    Subscribe to the Office of Professional Responsibility’s newsletter. 

    Find the latest Tax Pro News and Resources.

    The Issue Management Resolution System helps solve issues with policies, practices and procedures. Tax professionals should forward significant issues regarding IRS policies, practices and procedures to their Stakeholder Liaison.

    Outreach Corner. Find it easy to spread the word about key income tax topics! This page offers electronic communication materials to use in reaching out to the people you serve. Get free news you can use each month, targeted by time of year to coincide with what your customers, employees, volunteers, etc. need to know about new tax law legislation, IRS events and other activities that affect them.

    Industries/Professions Tax Centers. Tax Centers contain links to topics such as tax tips, financial resources, trends and statistics, forms, and more.

    Audit Techniques Guides (ATGs)

    Audit Techniques Guides (ATGs) help IRS examiners during audits by providing insight into issues and accounting methods unique to specific industries. While ATGs are designed to provide guidance for IRS employees, they’re also useful to small business owners and tax professionals who prepare returns.


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North Dakota CPA Society
2701 South Columbia Road, Ste D
Grand Forks, ND 58201

Phone: (701) 775-7100 or (877) 637-2727
Email: mail@ndcpas.org

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