OREGON ASSOCIATION OF TAX CONSULTANTS BLUE MOUNTAIN CHAPTER NEWSLETTER. August 2010

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1 OREGON ASSOCIATION OF TAX CONSULTANTS BLUE MOUNTAIN CHAPTER NEWSLETTER August 2010 VPs Message What a great organization OATC is and what a great chapter Blue Mountain Chapter is. I know of no better place to connect with other professionals, attend interesting classes, receive fun newsletters, and save money on our annual tax supplies. As I review invitations to join other organizations, I look over the things they list as advantages of belonging. I have yet to see one that compares with what this organization offers. We have many special members who will soon be making the decision to join us. If all goes well, our chapter may soon grow by 25%! Our newest member is Lisa Mathias. She, her husband Jeff, and her two daughters Rae and Zoe live in Lostine, where she works with me at Silver Creek Financial Services. She has a fascinating background which includes graduation from George Fox University, working at National Parks for many years, and operating a very successful bakery. She knows lots about lots of things, and is always interested in learning more. The newest courses of study she has been taking are on partnerships and S Corporations. I am looking forward to writing about many new members to our organization! >>Cathy, VP Blue Mountain Education During July, we held our usual two classes one in La Grande and one in Pendleton. Our classes came from the material the Judi Krussow presented at the state Convention. It was entitled Closing an Estate. 1

2 In August, we have a special month of education! We will have our regular chapter meeting in La Grande on August 12 th at the Meisner Room. We will share chapter news and pizza from 6:00 pm to 6:30 pm, with class following from 6:30 pm to 8:30 pm. Our Pendleton meeting will be on August 17 th at St. Anthony s Hospital. We will share a meal with chapter news from 5:45 pm to 6:15 pm followed by the education. Both classes will deal with home sale rules. Every other year, we present a special two-day class in La Grande called Rendezvous. Many of you know about this wonderful seminar. This year, Dennie Wheeler is going to teach about partnerships. It is Thursday and Friday, August 19 th and 20 th at the Integrated Services Building. You should have received your flyers by now, as they were mailed out on July 31. If you have not received one and would like to attend, please call me at Informing IRS of Address Changes How important is it that we tell the IRS of our client s address changes? It could be more important than we think. Under many Code sections, when the IRS sends a notice or document to the taxpayer s last known address, it is legally effective, even if the taxpayer never receives it. Such notices include: notice of final determination, notice of deficiency, notice and demand for tax, notice and opportunity for hearing upon filing of notice of lien, notice of revocation of certificate of release or nonattachment of a lien, notice and opportunity for hearing before levy, notice of intention to levy, and notices of seizure and sale. What constitutes an effective address change notice? (1) The last filed return (which does not include extension applications or powers of attorney), (2) US Postal Service updates (although a taxpayer should still notify the IRS directly), Form 8822, Change of Address, (3) written correspondence which requests the address change and contains the taxpayer s (and spouse s if MFJ)full name, old address, and taxpayer identification number(s), (4) correspondence which is returned to the IRS with corrections marked on the taxpayer s address information, (5) electronic notification submitted by the taxpayer through a secure application found on the IRS website and (6) oral notification made by the taxpayer via telephone to an IRS employee who has access to the Service Master File. These rules do not apply to partnerships and S Corporations. (Source: Tax Tips June 2010, IRS Notice ). Vehicle Not Used For Business Dr. Willock was a dentist. He had applied veneers (cosmetic dental applications) to his wife s teeth. He deducted auto expenses for his wife whenever she was driving her car 2

3 as 100% business use claiming she was a walking, talking billboard for the dental office because of the veneer work he had performed. The auto also had a license plate holder which bore the name of the dental practice. Not surprisingly, the IRS disallowed the deductions. The IRS Tax Court agreed with the IRS, saying The idea that a license plate holder somehow transforms all personal use into business use is clearly too good to be true. (Source: Tax Tips June, 2010, Willock TC Memo ) Court Case Regarding Noncustodial Parent Claiming Children As Dependents Leslie and Barbara Himes were divorced in 1995 with a modification made in 1999 which granted Leslie the dependency exemptions for their two children as long as he was current on his child support payments to Barbara. The Court required Barbara to execute a written statement to this effect. Barbara left the state with their children without notice, and without executing the required statement in Leslie claimed the children on his return. In 2006, the IRS denied his dependency exemption deductions. The tax court upheld the IRS decision. This case highlights that regardless of how unjust it may seem, the noncustodial parent will be denied the exemption if all of the statutory requirements are not met. (Source: Tax Tips June, 2010, Himes, TC Memo ) IRS Requests Public Input on Expanded 1099 Reporting The IRS is inviting public comments on how to most effectively carry out the law change, made by Section 9066 of the Patient Protection and Affordable Care Act, which greatly expands 1099 information return reporting requirements beginning in This law expands our current reporting requirements to include payments for goods and other property, as well as payments made to most corporations. Essentially 1099s must be issued for all business to business transactions unless the entity is a 501(a) organization, or if the total transactions are under the applicable dollar threshold for reporting (generally $600). A proposed regulation would exempt business purchases made by credit or debit card as these will already be reported by banks and other payment processors on the new 1099K, also beginning in The IRS is interested in ideas on how to avoid duplicate reporting. I suspect they are also interested in ideas on implementation and simplification. These comments will be accepted comments through September 29, Brian Wozniak, IRS SB/SE CLD, has often encouraged us to make comments on new laws and IRS policies. I plan to suggest a higher threshold amount and a later due 3

4 date for businesses to submit these 1099s. I am hoping I get ideas from others on additional ideas. s can be sent to Include Notice in the subject line. Comments can be mailed to: Internal Revenue Service, CC:PA:LPD:PR (Notice ), Room 5203, P O Box 7604, Ben Franklin Station, Washington, DC Now is the time to make comments. Don t wait. (Source: IR , July 1, 2010) Thought For The Month It isn t sufficient just to want, you ve got to ask yourself what you are going to do to get the things you want. Franklin Roosevelt CHAPTER OFFICERS: STATE OFFICERS: President: Nate Jacob President: Eric Arnoldus Vice Presidents: Susan High Vice Pres: Cathy Johnson Bev Diercks Vickie Baker Secretary & Cheryl Brown Secretary: Cheryl Brown Treasurer: Treasurer: Patricia Logan OATC Office: Disclaimer The authors have compiled the material printed in this newsletter. The material has been prepared from sources the authors believe to be accurate and reliable. However, the possibility of human and/or mechanical error does exist. The material may omit discussion of exceptions, qualifications, definitions, and effective dates. Accordingly, the reader should not rely solely on this material, but should review the original sources to determine the law and applicability to each situation. Neither the editor, authors, National and State Associates of Tax Consultants will be responsible for any error, omissions, or inaccuracy under any circumstance. 4

5 BLUE MOUNTAIN CHAPTER, OATC C/O Cathy Johnson 175 Hwy 82 Lostine, OR EDUCATION INFORMATION 5

6 OATC Blue Mountain Chapter Education Schedule: 2010 TOTAL MEMBERS VISITORS TOTAL HOURS DATE SUBJECT SPEAKER LOCATION HOURS PRESENT PRESENT STUDENTS EARNED 1/5 ODR Update Cathy Johnson St. Anthony's/Pendleton /5 ODR Update Linda Miller H&R Block/Baker City /7 ODR Update Cathy Johnson Meisner Room/La Grande /9 Update Brown/Arnoldus/Johnson Lostine /11 Panel Discussion Members Meisner Room/La Grande /11 Panel Discussion Members Meisner Room/La Grande /13 Panel Discussion Members Eagle Carriage/La Grande /14 Safety Net St Anthonys/Pendleton 6 State Education 5/18 Panel Discussion Members St Anthonys/Pendleton /28 New Laws,1065&1120S Basis Shelton/Johnson Lostine Mixed Use Autos 6/10 Tax Relief & Incentives Cathy Johnson Meisner Room/La Grande /15 Tax Relief & Incentives Larry Anderson St. Anthony's/Pendleton /23-6/26 Convention Newport State Education 7/8 Closing An Estate Cathy Johnson Meisner Room/La Grande /20 Closing An Estate Cathy Johnson St. Anthony's/Pendleton /12 Sale of Home Issues Cathy Johnson Meisner Room/La Grande 2 8/17 Sale of Home Issues Cathy Johnson St. Anthony's/Pendleton 2 8/19&8/20 Partnerships - Rendezvous Dennie Wheeler La Grande 12 9/9 Form 40 Eric Arnoldus Meisner Room/La Grande 2 9/21 Form 40 Eric Arnoldus St. Anthony's/Pendleton 2 9/22 Basics & Beyond La Grande 6 10/18 Idaho Basics & Update Dan John & Doreen TBA 3 10/19 Form 4797 & Foreclosures Margie Chadwick St. Anthony's/Pendleton 2 10/21 Form 4797 & Foreclosures Margie Chadwick Eagle Carriage/La Grande 2 11/1 What's Hot and Not with 1031s Tojia Beuler TBA 2:00-5:00 pm 3 11/11 Meisner Room/La Grande 2 11/16 St. Anthony's/Pendleton 2 12/9 Meisner Room/La Grande 2 12/21 St. Anthony's/Pendleton 2 *The Meisner Room is in the Daniel Chaplin Building at th Street; La Grande **The Annex Room is located at 1100 K Avenue (the east end of the building) ***The Integreated Services Building is at 1607 Gekeler Lane POSSIBILITIES: E Services Ethics January - Lostine Class Steve Harris Cathy Johnson Jim

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