Volume 19 Issue 3 October 2014

Transcription

1 Volume 19 Issue 3 October 2014 Board of Directors William Allen, President Natchitoches, LA bestplanb@yahoo.com Kelly Donaldson, Vice President kellysdonaldson@yahoo.com Calvin Lopes, Treasurer New Orleans, LA taxmanla@bellsouth.net Tiffany Doucet, Secretary main.aots@gmail.com Chelsae Abshire main.aots@gmail.com Krystal Ancar New Orleans, LA ancartaxservices@aol.com Michelle Crozier main.aots@gmail.com Albert Jones LaPlace, LA carlton-49@hotmail.com Kerry Papa Thibodaux, LA kpapa@att.net Greetings From the President, Another exciting National Conference has passed, and what a great conference it was. There were many interesting topics covered and lots of great networking. If you have not attended a National Conference or it has been some time, I hope you will consider joining us next year in New Orleans. During the conference, the Louisiana Chapter members manned an information table showcasing New Orleans and surrounding areas. The theme of the table was Meet Me in New Orleans Many conference attendees stopped by to ask questions about the 2015 conference hotel, local restaurants and of course, to snack on the yummy praline candies on the table! The response was extremely positive and it seems that most attendees are looking forward to visiting New Orleans in Many thanks to Kelly Donaldson, Tiffany Doucet, Chelsae Abshire and Michelle Crozier for all their hard work to make the Meet Me in New Orleans-2015 table a huge success. On another topic, tax preparers that are not CPA s, EA s or attorneys that want to continue to be professionally recognized by the IRS, must participate in the Annual Filing Season Program or AFSP. For more information on AFSP, visit the irs.gov website under Tax Pros. Also be sure to read about the upcoming PTIN requirements and please make sure to read between the lines. The LA Chapter of NATP annual meeting and training will be held on December 5th in Kenner. Be sure to save the date. To explore the benefits and challenges of being a member of the board of directors or a chapter committee volunteer, please contact me or any board member at your convenience. Well wishes to all and I hope to see you in December. Bill Allen President, LA NATP James Raymond III Metairie, LA theraymondco@cs.com Yvette Soniat, Newsletter Editor Metairie, LA exactax@bellsouth.net LA members at the National Conference in Orlando last August.

2 Volume 19 Issue 3 October 2014 Page 2 IRS Topics Topic Returning an Erroneous Refund Paper Check or Direct Deposit. Once every so many years it seems a client receives a refund that they have no idea why. The instructions are, for the most part, what I have done with this unknown refund. Main difference is my wording to state unknown refund vs IRS instructions to note Return of erroneous refund. What I found interesting to pass along is the fact if the taxpayer receives a paper check and cashes the check instead of returning the original check to the IRS, Topic 161 states Repaying an erroneous refund in this manner may result in interest due the IRS. Topic Backup Withholding for Missing and Incorrect Names/TINs Do you know the requirements and rules for Backup Withholding? See the flow charts on Page 3 & 4. The flowcharts are taken from IRS Pub 1281 regarding what to do and when. Remember the flat 28% rate for backup withholding required to begin no later than 30 business days after you have received the CP2100 or CP2100A Notice. IRS Publication has over 30 Q&A regarding Backup Withholding in addition to the flow charts. LA Department of Revenue Topics 2014 Louisiana Tax Amnesty Program to run Oct. 15 through Nov. 14 The 30-day tax amnesty program offers noncompliant taxpayers the opportunity to settle their accounts with the state by paying 100 percent of delinquent taxes, with a waiver of all penalties and 50 percent of the interest owed. New to the amnesty program this year is the option for individual and business taxpayers to pay their overdue tax liabilities through installment payments over a six-month period of time. Beginning at 12:01 am on Oct. 15 through 11:59 pm on Nov. 14, eligible taxpayers can apply online at Or, for more information, they can call The Louisiana State Legislature has set a goal of collecting $100 million for the 2014 Tax Amnesty program. Taxpayers identified as noncompliant in LDR s records should expect to receive a letter and/or a recorded telephone message before the start of the amnesty program with instructions for submitting applications and payments online. Contact information is drawn from data taxpayers have submitted to LDR with their tax filings and other communications. Delinquent taxpayers have a limited amount of time to take advantage of amnesty. According to Act 822 of the 2014 legislative session, after the conclusion of the amnesty period in 2015, there shall be no new amnesty program implemented by the Department of Revenue before Jan. 1, 2025.

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5 Volume 19 Issue 3 October 2014 Page Calendar of Events 2014 LA NATP Chapter Board Meeting Wednesday, November 12th (Conference Call)* NATP Essential 1040 Workshop Monday, December 1, 2014 Hilton Garden Inn, Lafayette (Cajundome) NATP Beyond the 1040 Workshop Tuesday, December 2, 2014 Hilton Garden Inn, Lafayette (Cajundome) NATP Essential 1040 Workshop Wednesday, December 3, 2014 Airport Hilton, Kenner, LA NATP Beyond the 1040 Workshop Thursday, December 4, 2014 Airport Hilton, Kenner, LA 2014 LA NATP Chapter Education Seminar and Annual Meeting Friday, December 5, 2014 *If you are interested in attending the chapter board meetings (via conference call), please contact any board member for instructions on how to join the call. Check the NATP website to register: Update Meetings for Tax Preparers, CPAs, and EAs (Sponsored by the LA Department of Revenue) Representatives from the IRS and the LA Department of Revenue will address recent updates regarding wage reporting, electronic services, new adjusted 94x forms, due diligence, and more. Meetings to be held in Alexandria, Baton Rouge, Lafayette, Monroe, Shreveport, Lake Charles, Hammond, Thibodaux, and New Orleans. Visit the website for dates and times for each location: Are you interested in becoming a LA NATP Chapter Board Member or volunteering on a Chapter Committee? If you would like more information, please contact Kelly Donaldson at main.aots@gmail.com. Please consider volunteering for one of the Chapter s committees. We will need everyone s involvement to assist when the National Conference is held in New Orleans in 2015! Please join us in shaping the future of the LA NATP chapter.

6 Volume 19 Issue 3 October 2014 Page 6 Education Survey (Complete Survey by 10/21/14) We are trying to meet the education needs of our members and are interested in hearing from you. Please take a minute to complete a short three question survey. Click on the link below or type the address in your web browser. Thank you for your time and input. RECIPE FOR SHARING Easy & Healthy Shrimp...No Butter (uses chicken broth, white wine, lemon juice) Ingredients 4 tsp olive oil 1 1/4 pounds med raw shrimp, peeled and deveined (tails left on) 6-8 garlic cloves, minced 1/2 cup low sodium chicken broth 1/2 cup dry white wine 1/4 cup fresh lemon juice 1/4 cup + 1 T minced parsley 1/4 tsp salt 1/4 tsp freshly ground pepper 4 lemon wedges Preparation In a large nonstick skillet, heat the oil. Saute the shrimp until just pink, about 2-3 minutes. Add the garlic and cook stirring constantly, about 30 seconds. With a slotted spoon transfer the shrimp to a platter and keep them warm. In the skillet, combine the broth, wine, lemon juice, 1/4 cup of the parsley, the salt and pepper; and bring it to a boil. Boil uncovered, until the sauce is reduced by half. Spoon the sauce over the shrimp. Serve garnished with the lemon wedges and sprinkled with the remaining tablespoon of parsley. Enjoy! LA NATP Chapter on Facebook Chapter Website: