TaxMama



Tax Roundtable March 2017One question today – from Terry – who JUST got her EA!Moving to SC from PAQ. Aside from joining NAEA and NATP, and their state affiliates, what other channels are there to look for EA positions when you are moving out-of-state?A. Actually, you should talk to Yorda. She just moved to a new state and is working to establish herself. Finding a job can be tough. Starting a business is much easier.Of course, the easiest and most depressing way to find a job is to pick up a (paper) copy of the yellow pages and start calling tax offices – EAs, CPAs, etc. Start with the ones that have display ads. Most will turn you down or hang up on you. But it only takes one YES to land a good job. Of course, you could always go to Robert Half and Accountemps. I have had good luck with them in the past. (Sort of…)Meanwhile, start building a practice.1) Find one of the tax societies that actually have meetings in your local area.And that includes the CPAs. A great way to meet people, especially if you volunteer to take on a task at meetings that gives you an opportunity to have people become aware of you. 2) Join the Chamber of Commerce. And do a free tax talk for them about some business issue. For instance, the problem with employees who may no longer use itemized deductions. Explain the problem and talk over some solutions with them. 3) Join any other group where you can enjoy yourself, or that you need to belong to because of Cris. Offer that group a talk about something that affects them. You have a lot of material from my books and EA classes. Just ask me for permission, first. 4) Offer to write an article for the local paper. Especially if it’s a free community paper. People read that for the local news and activities. It establishes you as an expert. Remember, NAEA has articles you can use, exactly for this purpose.5) Replay my webinar on how to Make a Living as an EA. It’s full of ideas. Marina asked about Italian citizen with new green card working for Italian Trade Association – and SE Taxes Other thoughts?Tax Foundation has a tax reform calculator to play with. Working with business clients - 199A Analyzer Tool – helps you lay out scenarios on the QBI 20% Qualified Business Income deduction Get a 25% discount by using this special link only Sign up for the free CallEnQ account – it’s free for 60 days (all the rest of tax season) Get 100 minutes over 60 days Strategies – Get the Audit Protection program for your clients – or something like that.It’s an extra stream of income – and your clients will understand that they are paying for your responses to the IRS correspondence and audits Filing 1099s - And you might be able to get these services from your QuickBooks software via Intuit - or via your Xero software - --RS expands list of large business audit ‘campaigns’ some things that might affect your client – but mostly – large businesses(IRS Large Business and International division (LB&I)?)Form 1120-F Chapters 3 and 4 withholding:?This campaign is designed to verify withholding at source for filers of a Form 1120-F,?U.S. Income Tax Return of a Foreign Corporation, claiming tax refunds by ensuring withholding agents have filed required Forms 1042,?Annual Withholding Tax Return for U.S. Source Income of Foreign Persons,1042-S,?Foreign Person's U.S. Source Income Subject to Withholding,8804,?Annual Return for Partnership Withholding Tax (Section 1446), 8805,?Foreign Partner's Information Statement of Section 1446 Withholding Tax,8288,?U.S. Withholding Tax Return for Dispositions by Foreign Persons of U.S. Real Property Interests, and 8288-A,?Statement of Withholding on Dispositions by Foreign Persons of U.S. Real Property Interests. The treatment stream for this campaign is varied and includes examinations.Swiss Bank Program:?In 2013, the Department of Justice began its Swiss Bank Program, which offered Swiss banks an opportunity to resolve potential criminal liabilities for facilitating tax evasion. Seventy-eight banks ultimately settled issues with the U.S. government, obligations under which included detailing account information of U.S. persons. This campaign will seek to address noncompliance of taxpayers who may be beneficial owners of those accounts, with a treatment stream including, but not limited to, examinations.Foreign-earned income exclusion:?This campaign focuses on individuals who claimed the foreign-earned income exclusion and/or foreign housing exclusions or deductions, but may not necessarily be eligible for those deductions or exclusions from income. The treatment stream for this campaign includes examinations.Verification of Form 1042-S credit claimed on Form 1040NR:?This campaign is intended to ensure the amount of withholding credits or refunds claimed on Forms 1040NR,?U.S. Nonresident Alien Income Tax Return, is verified and whether the taxpayer has properly reported the income reflected on Form 1042-S. The campaign will address noncompliance through a variety of treatment streams including, but not limited to, examinations.Individual foreign tax credit (Form 1116):?This campaign addresses compliance by individual taxpayers in computing and claiming FTC limitations on Form 1116,?Foreign Tax Credit. Given the complexity of claiming the credit, and considering third-party reporting information, some taxpayers, according to the IRS, face the risk of claiming an incorrect FTC amount.The IRS is re-hiring!IRS to re-employ annuitants to fulfill tax reform legislation requirementsThe IRS is searching for retired IRS employees who are interested in returning to the Service as re-employed annuitants with salary offset waivers to provide support for tax reform efforts. A re-employed annuitant with a salary offset waiver is a temporary appointment that allows the retiree to keep their full annuity and IRS salary.The open positions needed to implement the Tax Cuts and Jobs Act (TCJA) require unique or specialized skills to:create new and revise tax forms and publications for W&I?reprogram information technology systems for ITmanage contracts for Procurement andassist with the hiring process for the HCO.If you know someone who has the specialized skills listed above, meets re-employed annuitant requirements and is interested in participating in this program, please refer them to announcement number 18CE4-REX0054-9999-TR-DL in USAJobs. AICPA sends technical corrections to Congress ................
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