How To Get A Tax Seminar In Portland

Transcription

1 OATC Portland Chapter s Fall Seminar November 7 and 8, AM to 5 PM LOCATION - Holiday Inn - Portland Airport, 8439 NE Columbia Blvd Featuring David L. Mellem, EA and Mary R. Mellem, EA David and Mary prepare approximately 1,200 tax returns for individuals, corporations, partnerships, estates, and trusts represents David s 36 th year and Mary s 30 th year of income tax preparation. They are partners of Ashwaubenon Tax Professionals. In addition to teaching tax seminars and preparing tax returns, David and Mary provide research/consulting services for Federal tax matters and ghost write full or partial tax returns when fellow tax professionals get stumped. David and Mary are tax references for many journalists including cnnmoney.com and wallstreetjournalonline.com. They have been quoted in various newspapers around the country and have published articles in NATP s Tax Practitioner Journal and NAEA s EAJournal. David has been a guest panelist on the Tax Talk Today show sponsored by NAEA. They are both members of NATP, NAEA and Fellows of NTPI. David is the past editor of the NAEA EAJournal and Mary has written the Client Newsletter for the NAEA EAJournal. Tentative Schedule Friday, November 7, 2014, 9AM to 5 PM Schedule K-1 (S Corp, Partnership, Trust, Estate) and Basis 3 hours Corporation Liquidation 4 hours Saturday, November 8, 2014, 9AM to 5 PM Schedule A Nuances 2 hours HSA 1 hour Elections 2 hours Net Operating Losses 2 hours Seating is limited Register right away.

2 Page 2 OATC Portland Chapter Fall Seminar Oregon Association of Tax Consultants (and Preparers, CPA s and EA s) - Portland Chapter is an IRS Approved CE Provider (#CAVSS) New OATC Members New OATC members must include your new membership application and separate membership dues payment of $105 with your seminar registration form and separate registration fee payment of $140. Mail all to address on registration form. All payments payable to OATC. To qualify as a new OATC member, you were not an OATC member for any time after May 1, New OATC membership application: OATC Members Recycle Maybe you have attended many tax seminars over the years and have a whole bunch of 3-hole binders. So let s recycle one. Bring a 3-hole binder with you to this seminar. We will have the handout material punched for your recycled binder. CE and PTINS *It is responsibility of the attendee to legibly supply their correct name (as it appears on their PTIN registration), and their correct PTIN. PTIN s start with a P and include 8 numbers. (Example P ). Only correct and legible PTINs will be submitted to RPO. If you do not have a PTIN, write NONE on PTIN line. Portland Chapter Members Don t forget to send in our $10 Portland Chapter Education Vouchers with your Fall Seminar registration form. All Portland Chapter members must have been a member in good standing on and after September 1, 2014, to receive the discount registration fee. Lodging For discount lodging at the Holiday Inn, me and I will send you a link to online reservations. Discount room rate is $ % tax. For more information contact: Dale Marino or PortlandPresident@oatc-oregon.org

3 OATC Portland Fall Seminar Registration Form November 7 and 8, AM to 5 PM Registration fee is for 2 days only (same attendee). Lunch is included. $140 OATC Portland Chapter Members $165 Other Chapter Member. Member of OATC Chapter $140 New OATC member with new membership application. See page 2. $240 Non-OATC Members add $25.00 Late registration. Registration or payment postmarked after November 3, add additional $25.00 for registration or payment at the door. Total payment PAID $ by check/cash, $ by OATC scrip, $ by Portland vouchers Please Print Clearly Cancel on or after November 3, Cancellation fee of $50. One attendee per form. Name PTIN* License Designation (CPA, EA, LTC, LTP, etc) Address /City/State/Zip Best Contact Telephone Number address Required Make check payable to OATC. Return check fee is $40. Must be postmarked by November 3, Mail to: Dale Marino, Fall Seminar, PO Box 66512, Portland, Oregon

4 November 2014 Portland Chapter Newsette From the President From the President At our October meeting, Cathy Baker talked about Ethics. Cathy Baker talked about The Loop. If you want to sign up for this free Oregon Tax News , contact Alice at: I attended the ODR Liaison meeting on October 24 th. If your client had ID theft, example, their Federal tax return was rejected because their SS number was already used, ODR wants to know. Even if their E-filed OR tax return was not rejected, follow ODR instructions on their ID theft web page. Also, a handout at the ODR meeting was on garnishment. I attached it to this newsletter. At our November meeting Judd Conway will talk about ethics, including the engagement letter. Have you signed up for our Portland Chapter Fall Seminar? This is one not to miss. Because of our room size, I am not sure if we can accommodate everyone who sends in a late registration form. Also at our Fall Seminar, I am planning door prizes. If you have something to donate, let me know. Do you know what else happened in October? PTIN renewal opened. If you change your address, please let me know. Also, for OATC members, let the OATC office know. See you at our Fall Seminar. Dale Marino Also concerning the registration forms and payments for the Fall Seminar, I am receiving about a 20% error rate. Some members do not know what chapter they belong to, how to write a check, their PTIN, that their OATC script was already used or their Portland Chapter voucher expired. I thought tax professionals were detail oriented. That they read instruction and complete forms accurately. I may have been mistaken. Your Group Services order is/was due on October 31 st. After that date, contact Linda in the OATC office at I hope you add something special for Linda for the extra trouble. At the last chapter board meeting, it was voted for and approved that all officers and chairs would attend the Fall Seminar at no charge. So there are perks for volunteering. OATC Portland Chapter President, Dale Marino PortlandPresident@oatc-oregon.org or

5 Upcoming Education (some dates may be tentative) 2014 November 5-6, 2014 OATC Super Star November 7-8, 2014 Portland Chapter Fall Seminar November 11, Portland Chapter Meeting December 9, Portland Chapter Meeting (This is our Christmas meeting. Plan on bringing your favorite treat.) 2015 January 3, 2015 Portland Metro Tax Update February NO MEETING March 10, 2015 Round table meeting April NO MEETING May 12, Portland Chapter Meeting June 23 26, 2015 OATC Convention, Medford, OR Tax Court agreed with IRS stating it had the right to the $60,000 from the estate since Christopher HAD THE RIGHT to the inheritance. Summary A taxpayer who has the right to assets cannot keep them from the IRS by disclaiming the assets. Estate of Audrey Deinlein, US District Court, E.D. Kentucky Koskinen to Congress: Act Soon on Extenders or Risk Tax Season Delay Congress needs to act on tax extenders as soon as it returns for the lame-duck session in November to avoid delays in the 2015 tax season, IRS Commissioner John Koskinen wrote in a letter to Sen. Ron Wyden, chair of the Senate Finance Committee. IRS Can Seize Disclaimed Inherited Property Christopher Deinlein owed IRS back taxes which with interest and penalties came to about $60,000. His mother died. Christopher and his two brothers inherited her estate. Christopher disclaimed his share of the estate which means his share was allocated to the other beneficiaries (i.e., his two brothers). IRS discovered the estate s existence and Christopher s right to one third of the estate. IRS filed claim against the estate for the $60,000 Christopher owed. At dispute was whether IRS had the right to receive this amount from Christopher s interest in his mother s estate since Christopher had disclaimed such interest. "This uncertainty, if it persists into December or later, could force the IRS to postpone the opening of the 2015 filing season or delay the processing of tax refunds for millions of taxpayers," Koskinen said in the October 6 letter. Koskinen said extenders legislation that arrives too close to the beginning of the 2015 filing season or contains numerous tax code changes could delay the agency's timeline on processing returns. The letter was sent in anticipation of an upcoming lameduck session beginning in November. Sen. Wyden has said that addressing extenders is his top priority in the session, though House and Senate remain at odds over the particulars of the issue. Republican lawmakers, including House Budget Committee Chairman Paul Ryan (R-Wis.), have gone on record saying that November's congressional elections will determine the nature of the lame-duck negotiations on extenders. The House has already voted to make several extenders permanent, including research and development tax credits as well as bonus depreciation. Wyden, however, stands firm on his plan for a two-year extension in hopes of resolving the issue permanently in a broader tax code rewrite.

6 Form 1095 These are draft forms released by IRS, some in last few days. Large employers are required to issue them for 2014 in January So for those of you that have clients that were employees with larger employers (employers with employees short answer) we will need to understand these forms and know what to do with them in order to prepare our client's tax returns for Plus keep in mind these forms are information need for the returns so as you look at the forms keep in mind we will have to enter all the information provided into our tax software so that the software hopefully can accurately prepare the forms and do the computations needed. Form 1095-A Health Insurance Marketplace Statement Instructions for Recipient per the form You received this Form 1095-A Because you or a family member enrolled in health insurance coverage through the Health Insurance Marketplace. This Form 1095-A provides information you need to complete Form 8962, Premium Tax Credit (PTC). You must complete Form 8962 and file it with your tax return if you want to claim the premium tax credit or if you received premium assistance through advance credit payments (whether or not you otherwise are required to file a tax return). The Marketplace has also reported this information to the IRS. If you or your family members enrolled at the Marketplace in more than one qualified health plan policy, you will receive a Form 1095-A for each policy. Form 1095-B Health Coverage at Instructions for Recipient per the form This Form 1095-B provides information needed to report on your income tax return that you, your spouse, and individuals you claim as dependents had qualifying health coverage (referred to as "minimum essential coverage") for some or all months during the year. Individuals who do not have minimum essential coverage and do not qualify for an exemption may be liable for the individual shared responsibility payment. Minimum essential coverage includes governmentsponsored programs, eligible employer-sponsored plans, individual market plans, and miscellaneous coverage designated by the Department of Health and Human Services. For more information on minimum essential coverage, see Pub. 974, Premium Tax Credit (PTC). Form 1095-C Employer-Provided Health Insurance Offer and Coverage at Instructions for Recipient per the form This Form 1095-C includes information about the health coverage offered to you by your employer. Form C, Part II, includes information about the coverage, if any, your employer offered to you and your spouse and dependent(s). If you purchased health insurance coverage through the Health Insurance Marketplace and wish to claim the premium tax credit, this information will assist you in determining whether you are eligible. For more information about the premium tax credit, see Pub. 974, Premium Tax Credit (PTC). In addition, if you, or any other individual who is offered health coverage because of their relationship to you (referred to here as family members), enrolled in your employer's health plan and that plan is a type of plan referred to as a "self-insured" plan, Form 1095-C, Part III provides information needed to report on your income tax return that you or those family members had qualifying health coverage (referred to as "minimum essential coverage") for some or all months during the year. If your employer provided you or a family member health coverage through an insured health plan or in another manner, the issuer of the insurance or the sponsor of the plan providing the coverage will furnish you information about the coverage separately on Form 1095-B. Similarly, if you or a family member obtained minimum essential coverage from another source, such as a government-sponsored program, an individual market plan, or miscellaneous coverage designated by the Department of Health and Human Services, the provider of that coverage will furnish you information about that coverage on Form 1095-B. If you or a family member enrolled in a qualified health plan through a Health Insurance Marketplace, the Health Insurance Marketplace will report information about that coverage on Form 1095-A.

7 Benefits of Portland Chapter OATC Membership What are the benefits of membership in the Portland Chapter of OATC? Well, let s see.... First on my list is our monthly educational meeting. Where else can you get two hours of CPE for your Oregon license renewal and a voucher worth $10 towards more CPE at a Portland Chapter or State OATC sponsored event? And I get discounted registration at seminars sponsored by other OATC chapters. Having meetings in the evening is a big plus for me. As I hold a 9 to 5 job in addition to my part time tax gig, I can fit the meetings into my schedule. I can go to other chapter s regular educational meetings free of charge and pick up a few hours that way. I also can get a discount on tax forms, supplies, and reference materials with the annual supply order in September every year. Quite a few owners of independent offices take advantage of this. I can have my name listed on the OATC website where taxpayers can Find a Tax Professional by searching for specialties and/or location. Instructions on how to sign up for this are attached to the end of this newsletter. It s another way of getting my name out there and new clients in my door. Nothing like free advertisement! All in all, I d say membership in the Portland Chapter is well worth the annual dues. And look! There is even a membership application attached. I also have access to a great group of tax professionals who are eager to share their opinions, thoughts and practices. If you re not sure about a tax position or how to handle a difficult client, you will find that this group will be happy to share their opinions. Networking is the name of the game. This abbreviated newsette is being sent to non-members on the Portland Chapter list. But with Portland Chapter membership, I get the full Chapter newsletter every month. This year, it was awarded the Outstanding Newsletter and Most Improved Newsletter awards at the last OATC Convention. Usually about 20 pages in length, it helps me keep up on what is going on at the IRS, DOR, state legislature, and in Congress. And it gives me some whacky news as well. It has so much that I ve sometimes heard it called a magazine. And through the OATC website, I can access the state newsletter and the newsletters of other chapters for even more news. And speaking of the OATC Convention, the Portland Chapter offers scholarships to its members to attend. The OATC Convention offers 20 hours of continuing education.

8 Portland Chapter, Oregon Association of Tax Consultants Educational meetings are held on the second Tuesday of most months at St. Rita Roman Catholic Church, NE Prescott St., Portland, Oregon, from 6:30 PM to 8:30 PM. We meet in the wheel chair accessible Religious Education Building at the back of the parking lot behind the large main parish building housing the church, rectory, and parish offices. Access this lot by entering the main parking lot and going down the driveway just to the right of the main building. Chapter OATC, c/o Dale Marino, PO Box 66512, Portland, OR Any number of vouchers can be used for one education event. We appreciate the efforts of our volunteers and wish to reimburse them for pre-approved expenses incurred while helping us. As we have a fiscal responsibility to keep our books current, receipts are to be mailed within 30 days to Portland Chapter OATC, c/o Dale Marino, PO Box 66512, Portland, OR The Executive Board for the Portland Chapter normally meets after our educational meetings. All members are welcome to attend and encouraged to bring their ideas and concerns. Chapter Officers and Committee Chairs: President: Dale Marino PortlandPresident@oatc-oregon.org Vice President: John Bell Secretary: Joy Veloni Treasurer: Kathryn Hryciw Newsletter Committee - Valerie Vann Membership Chair John Burke Education Chair Hospitality Chair Tracy Newhart $10 Education Voucher Redemption (Subject to change without notice) Each Portland Chapter member who attends the full monthly meeting will receive a $10 Education Reimbursement Voucher. When you register for a Portland Chapter sponsored seminar, send in your Voucher(s) in lieu of the portion of the payment they cover along with your registration form and the rest of the payment. Upon completion of an OATC State sponsored education event, you can receive a reimbursement by mailing within 30 days the voucher(s) and a copy of the education CPE certificate to Portland Disclaimer We endeavor to provide accurate and reliable material in this newsletter. However, the possibility of error exists. The editor, the Oregon Association of Tax Consultants, and/or OATC Portland Chapter will not be held responsible for any misinformation. All persons using any information contained herein are encouraged to use all sources of information to arrive at a tax law decision. Neither OATC nor the Portland Chapter of OATC specifically endorses any services or products mentioned in this newsletter. Oregon Association of Tax Consultants FAX State Officers: President: Vickie Baker 1 st Vice President: Beverly Diercks 2 nd Vice President: Kirkwood Donavin 3 rd Vice President: Patricia Logan Secretary: Cathy Johnson Treasurer: David Kiser Past President: Vickie Hull

9 Oregon Department of Revenue October 24, 2014 LTC Meeting: Garnishment Overview What is a Garnishment? A garnishment is the procedure by which a creditor (DOR) invokes authority to acquire property of a debtor (taxpayer) that is in the possession on another (garnishee). The department strives to work with each taxpayer to enter into a voluntary payment arrangement. If a taxpayer is not responsive or cooperative, or if a payment arrangement is broken, the department must take other collection action to obtain payment. Typically, this begins with garnishment of wages or bank funds. Garnishment How did we get here? Return is filed (self assessed) or DOR files return (FAST) Appeal period = 30 days from date of deficiency or assessment notice Letter series begins 30 days after deficiency or assessment notice Demand, Non-Docketed Warrant, Docketed Warrant (if applicable) Call Attempts Taxpayer's responsibility to return voic s by deadline given Garnishment Notice of Garnishment issued for 25% of wages or 100% of bank funds/other assests. Challenge to Garnishment Wages = 30 days after Notice of Garnishment Bank = 120 days after Notice of Garnishment If the garnishment causes a financial hardship, the taxpayer can work with the department to provide proof of hardship to potentially reduce amount of garnishment temporarily. A taxpayer can always set up a payment plan but will not reduce or release garnishment once in place. A garnishment will remain in place until the debt is paid in full. OAR A garnishment to pay state tax debt is calculated on the original disposable earnings and is not reduced by an order to withhold child or spousal support. If the order to withhold and tax garnishment exceeds the disposable earnings, the order to withhold will always take priority. Disclaimer: The information provided in this handout is subject to change per statute, rule, and department policy.

10 Oregon Department of Revenue October 24, 2014 LTC Meeting: Garnishment Overview Garnishment Timeline Scenario Larry filed his tax return on February 15 and self assessed a deficiency of $3, The department sends Larry a Notice of Deficiency on March 1. The department sends Larry a Demand letter on April 1 after the appeal period has expired. The department then issues a non-docketed warrant to Larry on May 1 followed by a docketed warrant on June 1. A revenue agent makes several attempts to contact Larry by phone leaving voic s instructing him that he needs to contact the department by a specific date/time. Larry has not returned the department s phone calls or responded to the earlier letters sent. Larry has $4,000 per month of disposable earnings. The department issues a garnishment to Larry s employer for 25% of his disposable earnings on July 1. Larry also owes delinquent child support and an order to withhold child support has been granted in the amount of $1,400 per month from his disposable earnings. The employer would calculate and pay the order to withhold child support and the garnishment as follows: Disposable earnings $4,000 Less: Order to Withhold Child Support --1,400 Less: Personal Income Tax Garnishment (25% of $4,000) --1,000 Net Disposable Earnings to Larry $1,600 Disclaimer: The information provided in this handout is subject to change per statute, rule, and department policy.

11 Paid Advertisement HELP WANTED Small Northeast tax office needs some help for 2014 tax season! I would also be interested in someone that is looking to buy a great tax business that I have had since 1987, same location. I also own the building the office is located in. I would also like you all to be aware that another organization has open about 60 blocks from me, with almost the same name!! This office has nothing to do with me, I did not retire or sell my business!! I am working on getting this corrected but so far they are still taking advantage of my name!! Rose City Tax & Accounting Linda Bowers

12 Paid Advertisement Help Wanted Fun and challenging opportunity for a seasonal tax preparer! We are a downtown Portland CPA Firm seeking an LTC, CPA or CPA candidate specifically with 3-5 years of tax preparation experience for the 2015 tax season. The potential for a recurring seasonal arrangement is also available. Our clients include numerous individuals and small businesses. Candidates should possess proven oral and written communication skills, technical competency with individual income tax preparation, experience with Lacerte or similar tax software, and proficiency with Microsoft Excel and Word. Experience with review as well as preparation of small business tax returns is a plus. Our Firm offers an upbeat atmosphere, professional training, competitive compensation, paid parking, and flexible work schedules ranging from 30 to 50 hours per week. Resumes are completely confidential. Send Resume and cover letter to: Kern & Thompson, LLC, 1800 SW 1 st Avenue, Ste 410, Portland, OR or them to Jennifer@kern-thompson.com.