NCCPAP President’s Message – August 2020

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.

Read More

Markitects Recognized as a Top Email Marketing Company

59% of users say marketing emails influence their purchase decisions. As a full service marketing agency, Markitects can help from start to finish! From content marketing, to email design and programming, to database management and actual sending of emails, Markitects can guide you through the process and track the success of each email campaign.

Markitects is honored to be recognized as a Top Email Marketing Company by multiple companies, including

Read the full release here!

NCCPAP Endorses Regulation of Tax Return Preparers

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.

Read More

Fairman Group’s Educational Savings Strategies

There are many factors to consider when saving for future education costs—time, risk tolerance, and individual tax situation. Read some of the most commonly asked questions surrounding saving for education and learn more about 529 Plans.

Below are five frequently asked questions about saving for education.

  • I want to start saving for my child’s education. Where should I start?
  • How much can I contribute to a 529 plan?
  • Are there tax benefits to using 529 plans?
  • Which 529 plans should I choose?
  • What happens to the money in the 529 savings plan if it is not used for education?

Read More

NCCPAP Endorses the Small Business Expense Protection Act of 2020 (S.3612)

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.

Read More

Markitects Ranked as Top Web Developers in Philadelphia

Recently Expertise evaluated almost 200 Web Developers in Philadelphia to create a top 20 list based on numerous factors, including reputation, credibility, experience, availability, and professionalism. Markitects, Inc. was selected as a top website developer!

As a full service marketing agency, Markitects combines graphic design, content marketing, and marketing strategy with technical expertise to help clients throughout the Philadelphia metro area and beyond attract and retain qualified leads. We help clients with website design, website development, maintenance, and overall project management. Markitects is also adept at monitoring and reporting on post-live metrics.

Best Web Developers in Philadelphia

You can see some of our recent website endeavors with iPipeline and Proconex.

Visit our services page for more information and contact the Markitects team if you’re ready to refresh your website.

Proconex to Host Webinar on ‘What Smart Devices Can Tell You About Your Plant’

We can all agree that we have too much information coming at us on a daily basis. The only constants are change and the need to do more things with less people. Now is the time to leverage your investments in smart field devices. AMS Device Manager, along with the QuickCheck™ and AlertTrack™ SNAP-ON™ applications, provide many ways to improve work practices and focus your attention where it is truly needed. Automate your interlock and safety system checks, produce custom device alerts and reports, and optimize your maintenance time. By enabling you to interact with your data in a customized way, these tools can help your facility meet the ever-changing production requirements in the digital age.

Read More

Markitects Welcomes Courtney Bowman, Art Director

Markitects welcomes its first Art Director, Courtney Bowman to our team of marketing professionals. With a wealth of experience in all areas of design as well as project management, Courtney will help push the limits of our creativity and manage our expanding design team. Meet our Markitects Unicorn—a rare find, indeed. Learn more about Courtney here.

June 2020 IRS Update From NCCPAP

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.

Read More

Markitects, Inc.



    Above the Historic Anthony Wayne Movie Theater

    107 W. Lancaster Avenue, Suite 203

    Wayne, PA 19087