This year’s NCCPAP Accounting and Tax Symposium Attendees are in for quite a treat. Beanna J. Whitlock, EA, CSA is a Partner at Whitlock Tax Service in Canyon Lake, TX, Executive Director of the National Center for Professional Education (NCPE) Fellowship, former IRS Information Reporting Program Advisory Council Member, former IRS Commissioner’s Advisory Committee Member, and former IRS Director of National Public Liaison for Commissioner Mark Everson. She will be speaking on a number of topics crucially important to current events at this year’s Annual NCCPAP Accounting & Tax Symposium (ATS 2020), taking place on November 10, 13, 18, and 19.
NCCPAP’s Neil H. Fishman, CPA, CFE, FCPA, CAMS comments on the state of this filing season with Accounting Today’s Editor-in-Chief, Daniel Hood. “Many in our profession feel that tax season normally runs through October 15th because of all of the extensions, so this year is not different in that respect; however, there are more than enough issues that need clarity and guidance.”
James C. Bourke CPA, CITP, CFF, CGMA, and Partner/Managing Director Advisory Services at Withum, an advisory, tax, and audit firm with offices around the globe, will be a featured Keynote Speaker at this year’s Annual NCCPAP Accounting & Tax Symposium (ATS 2020), taking place on November 10, 13, 18, and 19. Mr. Bourke has been speaking at the Symposium for many years and similar to previous conferences, he will be talking about Technology’s Role in Transforming the Profession. Having overseen the firm’s technology practice, he works directly with technology entrepreneurs and is a sought-after speaker regarding how new technologies, such as artificial intelligence and machine learning, apply to the accounting profession, now more than ever.
The Educational Foundation of the Nassau/Suffolk Chapter of NCCPAP and Nassau/Suffolk Chapter of NCCPAP are proud to announce this year’s lineup for its Accounting and Tax Symposium (ATS). This year’s 18th event (formerly known as the Long Island Tax Professionals Symposium or LITPS) is going virtual…and national. Based on years of success and to accommodate work at home mandates, the organizations are expanding their reach and offering the same high value experience with speakers, exhibitors, and attendees—in a virtual conference format.
This year’s conference will take place on November 10, 13, 18 and 19 from 10AM-5PM ET. In addition to the core sessions, additional education will be available for East Coast state regulations from 8AM-10AM ET and West Coast and Texas state regulations from 5-5:45PM ET each day.
This is an event where accounting professionals can earn up to 36 Continuing Professional Education (CPE) credits at a single conference while expanding their connections and interacting with regionally and nationally known experts—all in a virtual format.
The current pandemic, coupled with the economic issues that the country is facing, is unprecedented in that both are happening concurrently. There are a number of issues facing Congress to deal with this combined crisis, and there are several pieces of legislation that need to be addressed immediately which can provide help to the public.
NCCPAP President Neil H. Fishman issues a message regarding the current pandemic and its affect on the accounting industry.
What we have experienced in the first half of this year has never been seen by most people alive today—a combination of the Spanish Influenza Pandemic of 1919 combined with the Stock Market Crash of 1929. The impact to our country from both economic and social perspectives has been devastating to many. As a national organization, National Conference of CPA Practitioners (NCCPAP) stands as one—one voice of the independent CPA, and one who advocates for millions of individual and business taxpayers.
According to the IRS, 62% of individuals who currently have a PTIN are not otherwise credentialed, meaning that there is no oversight, regulatory body or authority where individual taxpayers can file a complaint if desired.
The proposed legislation to rectify the regulation of tax return preparer is S.1192/H.R.3330, “The Taxpayer Protection and Preparer Proficiency Act of 2019.” Back in 2010, the Internal Revenue Service announced that it would be regulating tax return preparers. This was challenged in the case of Loving v. IRS, in which the IRS lost by summary judgement, which was then appealed in the D.C. Court of Appeals, and then denied. Once the appeal was denied, then IRS Commissioner John Koskinen stated that the IRS would wait for Congress to enact legislation. The current legislation, if passed, would give the U.S. Department of the Treasury, and subsequently, the IRS the authority to regulate tax preparers. This legislation has support from members of both political parties in the Senate and House of Representatives, as well as from our organization, The National Conference of CPA Practitioners (NCCPAP).
In the case of S.1192/H.R.3330, this legislation could not be timelier. Currently, anyone can start a business claiming that they prepare income tax returns for individuals and businesses. All that is required is for that individual to obtain a Preparer Tax Identification Number (PTIN) from the IRS; however, no one checks their level of competency. When the IRS had attempted to regulate tax preparers unilaterally, they were requiring those who were not a CPA, EA, or Attorney to: (1) pass a minimum competency exam; and (2) take continuing education courses to maintain their knowledge of current tax law. The exam was a one-time event, and continuing education courses is something that all CPAs, EAs and Attorneys must do on an annual basis, as required by their certification bodies.
With all that has occurred with regard to the COVID-19 pandemic, NCCPAP feels that individuals and businesses who engage a tax return preparer, need to have confidence that those they engage are both competent and current. In addition, federal and state governments, which rely on tax revenues to operate and provide services, should support this legislation so that no one is claiming any deductions for which they are not eligible. Unfortunately, there will always be fraudulent tax returns prepared and submitted. Fortunately, the IRS and state taxing authorities are catching up with the criminals and reducing the amount of fraudulent refunds, both in quantity and amounts paid. The proposed legislation will greatly help in this fight against fraud.
The National Conference of CPA Practitioners (NCCPAP) endorses S.1192/H.R.3330 and in the strongest possible terms requests that it be passed on its own or incorporated into any future legislation being considered.
As the month of July comes to a close, there are several aspects of the CARES Act, that are scheduled to end, which will impact both businesses and individuals. Currently, Congress is busy working on additional legislation that would assist those businesses and individuals who are still affected by the pandemic.
As this legislation is being discussed, there are two issues that NCCPAP would like to bring to the attention of Congress for immediate consideration for this pending legislation. When the CARES Act was originally written, there were several portions of it that were ambiguous and subject to interpretation. With regard to the Paycheck Protection Program (PPP), established by Section 1102 of the CARES Act, the original intent of Congress was for any funds used under this program, and subsequently forgiven, to be treated as deductible expenses of the business. However, the Internal Revenue Service, misinterpreting Section 1106 of the Act which states that any monies received under PPP “shall be excluded from gross income” by reason of forgiveness, concluded that the expenses be excluded from business deductions for income tax purposes. This ruling is in direct contrast to the intent of Congress.
On May 5, 2020, Senator John Cornyn of Texas introduced S.3612, “Small Business Protection Act of 2020”. This bill specifically states that “no deduction shall be denied or reduced, no tax attribute shall be reduced, and no basis increase shall be denied, by reason of the exclusion from gross income.” The legislation, if passed, would overturn the ruling issued by the IRS under Notice 2020-32. This has a direct impact on all businesses. Furthermore, if the business is an S Corporation, Partnership, or Sole Proprietorship, the individual taxpayers would also be affected. As of this time, this legislation has bi-partisan sponsorship, and the number of sponsors is growing.
The National Conference of CPA Practitioners (NCCPAP) endorses S.3612 and in the strongest possible terms requests that it be passed on its own or, at a minimum, incorporated into any future legislation being considered. In addition, NCCPAP supports adding automatic PPP loan forgiveness for any loan amount under $150,000 to any future legislation.
NCCPAP has released their monthly IRS update. Highlighted topics include Economic Impact Payments, Nationwide Tax Forums, Pension Plans & COVID-19, Small Business/Self-Employed Division, and Qualified Business Income Deduction. Learn more in the post below.
On May 28, 2020, the United States House of Representatives passed H.R.7010, the Paycheck Protection Program Flexibility Act of 2020, by a vote of 417-1. The National Conference of CPA Practitioners announces its support of this legislation.
When the CARES Act was passed in March, many of its provisions were designed to assist the small business owner; however, they were written vaguely and became subject to interpretation by the U.S. Department of the Treasury in a way unintended by the legislation. Other aspects did not fully take into consideration the effects of the economic shutdown across the country. This newly proposed legislation is an attempt to rectify some of those effects.