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Centralized IRS advisory committee; 2019 retirement plans and IRA limits

November 2, 2018

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IRSAC expands to cover more areas of the IRS; IRPAC and ACT to join centralized advisory committee in 2019 The IRS announced that the Internal Revenue Service Advisory Committee’s (IRSAC) role will expand in 2019 to have a wider portfolio and will incorporate the Information Reporting Program Advisory Committee (IRPAC) and the Advisory Committee on Tax Exempt and Government Entities (ACT). Although ACT will no longer exist, the IRS emphasizes that TE/GE issues will remain a priority area in the expanded IRSAC.

401(k) contribution limit increases to $19,000 for 2019; IRA limit increases to $6,000 The Internal Revenue Service announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2019.

IRS launches easy-to-use tax reform webpage

October 25, 2018

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The IRS has launched an easy-to-use webpage, IRS.gov/taxreform, with information about how the Tax Cuts and Jobs Act affects your taxes, with a special section focused on tax exempt entities.

The tax reform page features three areas designed specifically for:

  • Individuals – For example, standard deduction increase, child tax credit, withholding. Use the Withholding Calculator to make sure you’re withholding enough tax from your paycheck.
  • Businesses – For example, depreciation, expenses and qualified business income deductions.
  • Tax Exempt Entities – For example, tax reform affecting retirement plans, tax-exempt organizations and governments.

Under the Tax Exempt Entities tab, you’ll find highlights of how tax reform affects retirement plans, tax-exempt organizations and tax-advantaged bonds.

Retirement plans

  • Rollovers of retirement plan loan offsets – If your plan offsets an outstanding loan balance when you leave employment, you have until the due date of your individual

IRS Tax Reform Webinars for Practitioners & Industry

October 16, 2018

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October 18th

Tax Reform Basics for Individual Taxpayers 2 p.m. Eastern Click here to Register

October 25th

Tax Reform Basics for Employers 2 p.m. Eastern Click here to Register

November 1st

Tax Reform Basics for Small Business and Pass-Through Entities 3 p.m. Eastern Click here to Register

Each session is 60-minutes, including Q & A. Closed Captioning is available for each session.

Continuing Education:

  • All participants who qualify will receive a Certificate of Completion
  • Tax Professionals will earn 1 CE Credit – Category: Federal Tax Update
  • Have enough Federal Tax Update credit? No worries…excess Federal Tax Update credit can be counted towards Federal Tax/Tax Related Matters instead.

For information on future Tax Reform Webinars visit the Upcoming Webinars page on IRS.gov.

TE/GE Fiscal Year 2019 Program Letter

October 4, 2018

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The Fiscal Year 2019 Program Letter explains TE/GE’s compliance program consisting of:

  • Compliance strategies
  • Data-driven approaches
  • Referrals, claims and other casework
  • Compliance contacts
  • Determinations
  • Voluntary compliance and other technical programs
  • The Program Letter (referred to as a Work Plan or Priority Letterin prior fiscal years) outlines TE/GE’s commitment to improving customer experience and reducing taxpayer burden, while cultivating a strong work force.

    Similar to the FY 2017 Accomplishments summary, TE/GE will release a summary of its FY 2018 accomplishments when all the data is available.

    The Best Lawyers in America© Team Members

    August 21, 2018

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    The Best Lawyers in America© Team Members

    August 21, 2018

    Authored by: BCLP

    Congrats to our Team Members, Gino Serra, Frank Wolff, and Keith Kehrer, for inclusion in the 2019 Edition of The Best Lawyers in America© in the Nonprofit / Charities Law category. Congrats to our Team Members Kimberly Civins, Michael Bland, Renee Gabbard, Shannon Barks, John Ready, Steve Daiker, Larry Brody, John Schaperkotter and Kathy Sherby for inclusion in the 2019 Edition of The Best Lawyers in America© in the Trusts and Estates category.

    The Best Lawyers in America© is the oldest lawyer-rating publication in the U.S., and inclusion in Best Lawyers is based entirely on peer-review.

    Basic Financial Oversight and Management for Nonprofit Organizations

    August 9, 2018

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    Thursday, Sept. 13, 2018 from 1-5 p.m. in #202 JC Penney Conference Center (on the UMSL north campus)

    Every organization should have board or staff members that possess financial credentials and/or experience and are charged with the primary responsibility of reporting or managing the financial matters of the nonprofit. However, board and staff members whose expertise is other than financial still need the ability to monitor and manage the financial condition of the organization. This is an introductory, basic course covering important financial management and oversight principles and activities in every nonprofit organization.

    Attendees will learn:

    • How to manage a range of budget and financial matters in relation to your fiscal year
    • Indicators of financial health as well as how to detect potential trouble spots
    • A basic understanding of nonprofit financial statements
    • Plain-language (non-accountant-speak) financial concepts, activities and procedures that anyone can understand

    The primary instructor for this

    Updates to Charitable Contribution Procedures

    August 8, 2018

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    To simplify compliance for grantors and contributors to tax-exempt organizations, the IRS recently issued an updated revenue procedure (Rev. Proc. 2018-32) that combines previously scattered guidance on deductibility and reliance issues. The new revenue procedure explains when grantors and contributors may rely on a listing of an organization on an IRS database of organizations eligible to receive contributions under Sec. 170 for purposes of determining whether the grants or contributions may be deductible under Sec. 170.

    Searchable Databases

    The IRS maintains and updates two different publicly available databases on organizations eligible to receive tax-deductible contributions under Sec. 170. The first lists organizations that are eligible to receive tax-deductible charitable donations (eligible organization list), and the second is an extract of certain information concerning tax-exempt organizations from the IRS electronic Business Master File (the EOB MF Extract).

    Historically, the eligible organization list was maintained in print form in IRS Publication 78.

    Monitoring outsourced payroll duties on EFTPS

    July 10, 2018

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    Many employers hire third-party payroll service providers to perform their payroll processing functions and tax-related duties, including making employment tax deposits.

    Watch Monitoring your outsourced payroll duties on EFTPS to learn about:

    • Using an EFTPS Inquiry PIN to monitor tax deposits
    • The benefits of creating a separate EFTPS account
    • Setting up EFTPS notifications

    The employer, generally, remains liable for any unpaid employment taxes, including any penalties and interest resulting from any underpayment, even if they use a third-party payroll service provider. Note, this may not apply to employers using Certified Professional Employer Organizations (CPEO).

    Please visit Outsourcing payroll and third-party payers andwww.EFTPS.gov for additional information.

    Quill is Dead – US Supreme Court Overrules “Physical Presence” Rule for Vendor Sales and Use Tax Collection Responsibility

    June 22, 2018

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    On June 21, 2018, the United States Supreme Court, in a 5-4 decision, issued its opinion in South Dakota v. Wayfair, Inc. (Docket No. 17-494) overturning Quill v. North Dakota (504 U.S. 298 (1992)), finding that the physical presence requirement upheld in Quill for state sales and use tax collection jurisdiction (nexus) over out-of-state vendors was “unsound and incorrect” and not a proper application of the Constitutional Commerce Clause requirements and remanded the case “for any remaining claims regarding the commerce clause’s application in the absence of Quill.”

    The decision means most online vendors will now be subject to state sales and use tax collection responsibility.  Click here to view the decision.

    The Advisory Committee on Tax Exempt and Government Entities (ACT) Final Report

    June 8, 2018

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    The 10 members of the ACT presented their 2018 report to the IRS in a public meeting in Washington, DC on June 7, 2018, on five issues:

    • Employee Plans: Recommendations regarding the re-opening of the IRS Determination Letter Program
    • Employee Plans: Recommendations regarding missing participants in retirement plans
    • Exempt Organizations: Recommendations regarding incentivizing universal e-filing for Forms 990
    • Indian Tribal Governments: Recommendations regarding sharing of taxpayer information with tribal government tax programs
    • Tax Exempt Bonds: Recommendations regarding encouraging self-compliance by issuers of tax-advantaged obligations/tax exempt bonds