Tax & E-File Update

Today I had the opportunity to attend one of the ASCPA’s luncheon CPE sessions which is in my belief one of the best priced benefits the Society has, we received lunch and an hour of CPE credit for only $25. We had a full room and attendees ranged in experience from a young lady who just completed her Masters in Taxation and who is taking review courses to prepare to sit for the CPA exam to one of our more experienced members who indicated his CPA certificate had a 3 digit certificate number. The lunch provided included salad, chicken cacciatore, wild rice and desert. Today’s speakers were Kathy Oost, who supervises the IRS’s walk in Taxpayer Assistance Office in downtown Phoenix (210 E Earl) and George Lopez, a Senior Stakeholder Liaison with the Communications, Liaison & Disclosure Function of the IRS.

Ms. Oost discussed the staffing for walk in taxpayer assistance at the three valley IRS locations and the types of issues the staff could assist taxpayers and practitioners with. She indicated that waiting times could be as long as three hours during tax season. She also indicated that there was significant turnover of personnel in her department and recommended using the Practitioner Hotline whenever possible.

Mr. Lopez provided an overview of the 2008 Income Tax Law changes including among others, changes to the tax rate on capital gains and qualified dividends, changes to IRA and retirement plan limits, changes to the “Kiddie Tax”, the increased standard deduction for real property taxes, the First Time Home Buyers Tax Credit, changes to the regulations on the gain exclusion on the sale of a primary residence, the Recovery Rebate Credit, changes to the AMT, changes to section 179 and the Special Depreciation Allowance, and other valuable information. He also discussed E-filing and provided brochures and handouts with additional information.

 

Robert K Minniti, CPA, CFE, Cr.FA, CFF, MBA

www.minnitiaccounting.com

www.linkedin.com/in/robertminniti