NCCPAP News

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

Congratulations to Stephen Mankowski, CPA, CGMA, our NCCPAP Tax Co-Chair, for being recognized by Accounting Today in its popular annual industry publication: Top 100 Most Influential People in Accounting . This is Steve's fourth time making the list and NCCPAP is lucky to have him as an integral part of our organization! Stephen Mankowski, CPA, CGMA Tax Co-Chair and National Tax Policy Committee, NCCPAP Mankowski is a crucial conduit between small tax and accounting practitioners ... Read More

Tax Update – November 2022 What's New How is the IRS looking to spend its funds? Tax law provisions An implementation plan (by February) Implementation, processes, and ongoing communications feedback The IRS is working on improvements that have been in the works for several years, particularly in the area of IT systems. In addition, Secretary Yellen has pushed for service levels to improve, so you can expect investments in both phone and in-person hiring over the next few ... 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 the 2023 Inflation-Related Adjustments and Energy Credit Provisions in the Inflation Reduction Act of 2022 , a tax update (based on current legislation at the moment), and a featured presentation on Physical & Economic Nexus. Click here to watch the recording and ... Read More

Please join us in congratulating the newly elected National Conference of CPA Practitioners (NCCPAP) Officers and Directors for 2022 through 2023. The installation of Officers took place on October 26, 2022. Our new Officers include the following individuals from their respective firms and NCCPAP Chapters: President Frank Sands, CPA Sands, Gililland & Company, PC Plano, TX Texas Chapter (TACPA) Executive Vice President ... Read More

The Florida Chapter of NCCPAP, in conjunction with the Palm Beach County Chapters of ACFE and IIA, is holding a joint event on Friday, October 21, 2022. Neil H. Fishman, CPA, CFE, FCPA, CAMS, Immediate Past President of NCCPAP and current Board Member, will be one of the featured speakers. His topic is Occupational Fraud. The other featured speaker is Joseph Buckley, President, John E. Reid and Associates, Inc. whose topic is Investigative Interviewing and Positive Persuasion. The entire conference ... Read More

Tax Update – September 2022 Inflation Reduction Act Updates The Inflation Reduction Act marks a historic moment for the IRS with $80B of funding appropriated over a ten-year period. The objective is to move quickly in order to put together high-level goals on how to best use the funding. Technology improvements, as we’ve reported previously, touch every aspect of the IRS, including the following areas: Services: Enhancements to the multi-channel experience, including online ... Read More

Physical & Economic Nexus How State (and other) Tax Laws Affect Your Clients Don’t miss out on this crucial session given by Joseph Calamia II, CPA, an expert in the field of Sales Tax Obligations. State and local sales tax laws have changed significantly since 2018 and now states are becoming more aggressive about compliance and audits. Unlike other taxes, if your clients are not remitting sales tax properly, they can be charged personally! Do your clients meet the economic thresholds? ... Read More

Mark your calendars! NCCPAP President Mark A. Stewart Jr., CPA will be a featured guest on an upcoming streaming radio program on Friday, October 7th at 10AM ET. Medicare on the Air with Mark is the title of this program, where Mark Stewart will be interviewed by Mark Brownstein, CSA® of Emerald Medicare. To listen to the streaming program on station WRCR AM 1700, click here the day and time of the program: www.wrcr.com . #News

Thank you to all that attended and participated in our August 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 highlights from the Inflation Reduction Act of 2022 , a tax update (based on current legislation at the moment), and a featured presentation on Management of a CPA Practice from our Florida Chapter. Click here to watch the recording and download handouts from the event. ... Read More

Tax Update – June 2022 Nationwide Tax Forums The 2022 Nationwide Tax Forums will be held virtually beginning July 19 th , with a series of live-streamed webinars every Tuesday, Wednesday, and Thursday. Held each summer for more than 30 years, the Forum is the IRS's marquee outreach event to the tax professional community. So far, over 8000 registrants have signed up to attend. Registration is open. 2022 Filing Season Round Up (from a Processing Perspective) This year has ... Read More

You Asked, We Listened! New NCCPAP NOW SessionWith MAP Beginning with our August 8th event, NCCPAP NOW will feature a new segment: Management of an Accounting Practice (MAP). To kick-off this exciting addition, CPA icon Lynne Marcus will share her experiences as a business owner who has kept many of her original clients for over 47 years! Furthermore, her practice consists of a large number of attorneys – whose high standard of service gives us insight into Lynne’s exceptional quality ... Read More