NCCPAP News

By Frank Sands CPA, National President, NCCPAP We held our annual meeting October 26-27 in Nashville. Everyone had an enjoyable time. Several members were accompanied by their significant others. We attended the Country Classics show at the Grand Ole Opry. It was a wonderful experience. A few of us were in Nashville for a couple of extra days to enjoy the city and its many attractions and music. We work hard at these meetings but also make sure our free time is engaging and enjoyable. ... Read More

Thank you to all that attended and participated in our October NCCPAP NOW event. It was another great success, and we hope you enjoyed the topics presented. This session covered the latest happenings in the profession including a message from the NCCPAP President, a tax update (based on current legislation at the moment), and a featured presentation on Occupational Fraud. Click here to watch the recording and download the slides from the event. If you attended the live event, click ... Read More

By Frank Sands CPA, National President, NCCPAP The first week of May NCCPAP was in Washington DC. This is the first time since Covid we were able to meet with representatives to discuss our tax agenda in person. Our goal is to recommend fixes to issues arising from tax administration and regulations. We had three teams and eleven appointments. If you were not able to attend this year, I highly recommend you do so at your next opportunity. We have had success with our ongoing efforts which ... Read More

Tax Update – September 2023 Best Practices: “How to prepare for and what to do when a tax practitioner dies” ( Alert No. 2023-05 ) This Alert walks practitioners through the steps to establish a ‘best practices’ continuity plan for death or incapacity. Practitioners are advised to have an arrangement in place with another practitioner in their region in the event of incapacitation and continue to operate the practice until properly closed down or transitioned to another owner. ... Read More

Why Occupational Fraud Occurs Don’t miss out on this important session featuring our guest speaker, former NCCPAP President, and 2022 Gold Award recipient, Neil H. Fishman, CPA, CFE, FCPA, CAMS. Accountants and auditors are responsible for detecting and deterring fraud by evaluating accounting systems for weaknesses, designing and monitoring internal controls, determining the degree of organizational fraud risk, interpreting financial data for unusual trends, and following up on fraud ... Read More

Celebrating Excellence: Congratulations to Enerik Zenjelaj, Winner of the Carol Markman, CPA Accounting Scholarship! We are delighted to announce and extend our warmest congratulations to Enerik Zenjelaj, the deserving recipient of the esteemed Carol Markman, CPA Accounting Scholarship! Enerik's exceptional accomplishments, dedication, and passion for accounting have truly set him apart as an outstanding candidate for this prestigious award. Enerik is currently pursuing a Master's ... Read More

Tax Update – June 2023 Taxpayer Experience Office Update The Office is comprised of 100 employees who run four operating branches: Community engagement: the ability to understand and get issues resolved Insights/analytics: the use of “big data” Multi-channel experience: surveys, focus groups, outreach, and other media Portfolio management: keeping track of all goings-on within the Office The desire is for the IRS to provide world-class levels of service and communications; ... Read More

Thank you to all that attended and participated in our June NCCPAP NOW event. It was another great success, and we hope you enjoyed the topics presented. This session covered the latest happenings in the profession including a message from the NCCPAP President, a tax update (based on current legislation at the moment), and a featured presentation on Beneficial Ownership Information regulations. Click here to watch the recording and download the slides from the event. If you attended ... Read More

Information Collection & Maintenance Related to the New Beneficial Ownership Information (BOI) Regulations Don’t miss out on this important session featuring our guest speaker, Melanie Lauridsen, Director of Tax Practice & Ethics at AICPA. She will be speaking about the new Beneficial Ownership Information (BOI) Regulations that take effect on January 1, 2024, and how they will affect taxpayers. At the center of this discussion is the need for businesses to understand their filing obligations ... Read More

Tax Update – April 2023 Inherited Individual Retirement Accounts (IRAs) There are some notable, but mostly beneficial, rule changes related to IRAs and RMDs . Beginning in 2023, the SECURE 2.0 Act raised the required age that you must begin taking RMDs, to 73. If you reach age 72 in 2023, the required beginning date for your first RMD is April 1, 2025. If you reach age 73 in 2023, you were 72 in 2022 and therefore subject to the age 72 RMD rule in effect for 2022. If you reached ... Read More

Tax Update – March 2023 Tax Year Progress From the IRS’s perspective, there is NO March Madness. They have cleared the carryover backlog for original return processing. The average answer time and level of service have vastly improved to over 80% level of service. Taxpayers are able to respond to notices online and the IRS has been receiving them. Online payment plans have been successful with over 11K agreements secured in the first month. New Voice Bots are rolling out in ... Read More

Tax Update – February 2023 Filing Season Update, At a Glance Filing season is going well; there is only a small amount of carryover from last year, which was expected to be finalized at the end of January. There are over eight million refunds averaging $1,900 each. Refunds are about 10% lower than last year and that trend is expected to continue due to no stimulus payments, Recovery Rebate Credits, Child Tax Credits, and charitable contributions. The IRS hired over 5000 new ... Read More

Tax Update – January 2023 Changes in Tax Law for Current Season (at a glance) Child Tax Credit has been reduced, back down to $2K (from $3K) per child Gift Tax for 2023 increases to $17K Mortgage insurance (on Schedule A) is no longer deductible $300/$600 deduction for charitable contributions (now only on Schedule A) Expect more IRS guidance regarding virtual currency gains and activity 1099-K rules are now in effect – there is a $600 threshold and no transaction limit; ... Read More

Thank you to all that attended and participated in our January NCCPAP NOW event. It was another great success, and we hope you enjoyed the topics presented. This session covered the latest happenings in the profession including a message from the NCCPAP President, a tax update (based on current legislation at the moment), and a featured presentation on Engagement Letters. Click here to watch the recording and download the slides from the event. If you attended the live event, click ... Read More

Engagement Letters Designed to Protect You and Your Clients Don’t miss out on this important session featuring our Executive Vice President, Norman M. Fleischer, CPA, who will cover the topic of engagement letters. By attending this NCCPAP NOW series, you will understand how to improve your practice and protect yourselves by instituting a policy of sending these letters annually. Norm will share the details regarding each party’s responsibilities and what should be included in this type of ... Read More

By Frank Sands CPA, National President, NCCPAP Here are a few thoughts from my perspective. We are experiencing challenging times for CPAs, especially for those of us who lead small firms or are sole practitioners. The Inflation Reduction Act (IRA) and the new Statements on Standards for Tax Services are just a couple of examples of challenges we face. The current hot topic in the accounting profession is Client Advisory Services (CAS). The talk is that this is new, but I am not so sure. It ... Read More