25th ANNUAL CONFERENCE November 13-14th

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1 Newsletter October th ANNUAL CONFERENCE November 13-14th DoubleTree Hotel, 4500 West Cypress Street, Tampa Topics: 16 CPE Hours (details inside) Ethics (2 hrs) Helping A Delinquent Taxpayer (4 hrs) Foreclosure & Debt Cancellation (2 hrs) Offers in Compromise (2 hrs). Introductions to Audits (2 hrs) Sole Proprietor Complications (2 hrs) Retirement Plans For Small Businesses (2 hrs) Before Oct. 22, 2014 Oct. 23, 2014 or later Both Days/ 1 Day Both Days/ 1 Day Members: $370/$205 $400/$235 Non-Members: $415/$235 $445/$265 Registration: Name: Member ID: PTIN #: Address: City: Zip Code: Phone: Both Days Day 1 Day 2 Please send your registration form with checks made payable to Florida NATP to: Florida Chapter NATP, Spring Hill Dr., Spring Hill, Florida the form to b.rudestedt@gmail.com Fax the form to By Credit Card: AMEX M/C VISA Account Number: Exp. Panel Code Signature: Any requests for refunds of the registration fee must be made in writing to the Chapter Treasurer by the close of the business on November 1, The request will be honored after deducting a $30.00 administration fee. Refunds will not be honored if received after November 1, 2014 close of business. All requests should be mailed to: Stuart Miller, Treasurer, FL Chapter of NATP, N. Miami Ave, Miami, FL

2 Page 2 TOPICS: 16 CPE Hours HELPING A DELINQUENT TAXPAYER: Often taxpayer struggle to pay their taxes on time. Over the past few years, the IRS has provided some streamlined options for the tax payers to allow them to get on the right track back to paying their tax liability. Being able to help a delinquent taxpayer van be a very valuable service to your clients. Upon completion of this course, the tax professional will be able to: * Interpret different notices a taxpayer received from the IRS. * Explain the IRS collection process and the procedures used by the IRS to collect delinquent taxes. * Explain the availability of due process and the taxpayer s right to appeal the levy. * Identify the various alternatives a taxpayer can use to extend the time to pay delinquent taxes. FORECLOSURES AND DEBT CANCELLATIONS: In a recession many taxpayers find themselves unable to repay home mortgages, credit card debtor or other personal or business loans. Upon completion of this course, the tax professional will be able to: * Apply information from Form 1099 A when reporting the foreclosure. * Determine then deemed sale price of the foreclosure property to record the taxation of a deemed sale. * Decide if a debt is a recourse or nonrecourse. * Identify the date a debt is cancelled. * Identify when creditors must issue Form 1099 C. * Determine if a taxpayer is insolvent. * Complete Form 982 Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment). * Describe the effects of cancelled debt from partnerships, S-Corporations and estates. OFFERS IN COMPROMISE: Many taxpayers are able to pay their taxes in full by IRS deadlines. Due to unforeseen circumstances, a taxpayer may be unable to pay the full amount and an installment agreement is infeasible. We see so many advertisements on television encouraging clients to settle for pennies on the dollar. The fact is not many taxpayers qualify. Upon completion of this course, the tax professional will be able to: * Identify the IRS authority for accepting an offer in compromise. * List which tax liabilities can be included on an offer in compromise. * Identify taxpayers who are good candidates for an offer in compromise. * Explain the basics of form 433-A, Collection Information Statement for Wage Earners and Self-Employed Individuals. * Determine the amount to be offered to compromise the tax liability. * Complete Form 656, Offer in Compromise. ETHICS: Each year it seems tax return preparers are faced with more and more dilemmas after proposed by taxpayers or simply due to changes in the law. Circular 230, Regulations Governing Practice before the Internal Revenue Service was developed to provide us with standards to prevent us from overstepping certain professional boundaries. This course summarizes Circular 230. Additionally the course identifies the current IRS return preparer initiatives in place to improve the accuracy and quality of tax returns. Finally the course highlights the penalties we could potentially face if we don t follow Circular 230 or the regulations. Upon completion of this course, the tax professional will be able to: * Describe the current IRS hand-on initiative to improve the accuracy and quality of filed tax returns and to heighten awareness of preparer responsibilities. * Explain the rules governing individuals eligible to represent taxpayers before the IRS. * Explain the rules governing the unenrolled tax preparers. * Identify common penalties that can be assessed against a tax return preparers and how to avoid them. * Follow due diligence requirements for the earned income tax credit.

3 Page 3 TOPICS (continued) SOLE PROPRIETOR COMPLICATIONS: A sole proprietorship is the most basic form of a business. Nonetheless, complexities with a sole proprietorship can exist just as with any form of business. Many sole proprietors mistakenly believe Schedule C is the only form used to report all the income and expenses associated with the business. This course examines various complications that can occur with a sole proprietorship, including the sale of business assets, the tax implications of hiring a member of the sole proprietor s family, reporting a sole proprietor s retirement contribution and identifying loss limitations that apply to sole proprietors. Upon completion of this course, the tax professional will be able to: * Report the gain or loss from the disposition of business property. * Identify tax implications of a sole proprietor hiring a spouse or child. * Calculate and report a sole proprietor s contribution to a retirement plan. * Identify loss limitations that apply to sole proprietors. INTRODUCTION TO AUDITS: At some point, almost every tax practitioner will have a client who is audited. As technology evolves, the IRS constantly alters how, where and when the audit is performed. IRS agents can be intimidating, aggressive and at times, unprofessional when dealing with taxpayers and tax professionals. Whether taxpayer receives a simpler CP 2000 notice or is involved in a face to face interview with a revenue agent, this course is designed to prepare you for the moment when the client needs and trusts you most, during an audit. Upon completion of this course, the tax professional will be able to: * Identify the taxpayer s rights. * Describe the IRS policies in performing audits. * List options and solutions that can be used when an IRS agent is not following protocol. * Conduct the power of attorney process in order to adequately represent the client. * Distinguish between practices to avoid during an audit and practices to perform. * Differentiate between correspondence, office and field audits. * List the options the taxpayer has during the audit conclusion process. * Manage the client relationship to avoid errors and miscommunications. REIREMENT PLANS FOR SMALL BUSINESSES: Experts estimate that American need 70 to 90 percent of their retirement income to their current standard of living when they stop working. Numerous options are available to save for retirement with tax implications for each. Options include those that offer current tax savings and others where the retiree doesn t see a tax benefit until he or she starts drawing funds out of the plan. In addition, Some plans require the employer to match contributions and others do not. In this course, learn about the different retirement plans available for small businesses and the tax reporting of each. Help taxpayers determine which type of retirement plan is the best choice for them. Upon completion of this course, the tax professional will be able to: * Identify the features of SEPs, SIMPLE IRAs, and 401(k) plans. * Calculate the maximum contribution for various types of retirement plans. * Compute the deduction for various types of retirement plan contributions. * Explain the employer s responsibility for maintaining and funding retirement plans. * Distinguish between tax treatment of sole proprietors, partnerships and corporations with regard to retirement plans.

4 Page 4 AGENDA 25 th ANNIVERSARY ANNUAL MEETING November 13 14, 2014 Thursday November 13, :00 am - 7:45 am Registration & Continental Breakfast 7:45 am - 8:30 am Annual Meeting 8:30 am - 10:10 am Helping A Delinquent Taxpayer - Hemendra Thakkar & Laura Wood 10:10 am - 10:20 am Break & Networking 10:20 am - 12:00 pm Helping a Delinquent Taxpayer - Hemendra Thakkar & Laura Wood 12:00 pm - 1:00 pm Lunch & Networking 1:00 pm - 2:40 pm Foreclosures & Debt Cancellation - Ken Dowdall 2:40 pm - 3:00 pm Break & Networking 3:00 pm - 4:40 pm Offer in Compromise - Owen Oatley 5:00 pm - 6:30 pm RECEPTION & NETWORKING Friday November 14, :15 am - 8:00 am Registration & Breakfast 8:00 am - 9:40 am Ethics - Amy Brosnan 9:40 am - 10:00 am Break & Networking 10:00 am - 11:40 am Sole Proprietor Complications - Laura Wood 11:40 am - 12:45 pm Lunch & Networking 12:45 pm - 2:25 pm Introduction to Audit - Hemendra Thakkar 2:25 pm - 2:40 pm Break & Networking 2:40 pm - 4:20 pm Retirement Plans for Small Business - Ken Dowdall

5 Page 5 Florida Chapter of NATP Annual Meeting November 13-14, 2014 MENU Thursday Continental Breakfast: Fresh oranges, grapefruit and cranberry juices. An assortment of breakfast breads, pastries and bagels, sweet butter, cream cheese and fruit preserves, freshly brewed coffee, decaffeinated coffee, selection of herbal teas. Morning Break: Freshly brewed coffee, decaffeinated coffee, selection of herbal teas, assorted soft drinks and bottled water. Lunch: Chargrilled London Broil, Double tree Classic salad, rolls, butter, herb roasted fingerling potatoes, fresh seasonal vegetable. Dessert: flavored mousse with seasonal berries, iced tea, ice water and coffee. Afternoon Break: Sliced fresh fruit display, fruit smoothies, Crudité with dipping sauce, flavored yogurts, homemade granola. Reception and Networking: Imported and Domestic cheese board, Mini beef Wellington, vegetable crudités. Friday Continental Breakfast: Fresh orange, grape fruit and cranberry juices. An assortment of breakfast breads, pastries, and bagels, sweet butter, cream cheese and fruit preserves, freshly brewed coffee, decaffeinated coffee, selection of herbal teas. Morning Break: Freshly brewed coffee, decaffeinated coffee, selection of herbal teas, assorted soft drinks and bottled water. Lunch: Caesar salad, Tuscan Chicken, pan seared chicken breast with sundried tomato pesto, artichokes, roasted peppers and Spanish olives. Dessert: New York style cheese cake. Afternoon Break: Double Tree cookies, Double fudge nut brownies and pecan bars.

6 Page 6 General Information CPE Credits There will be 16 CPE credits available for attending all classes both days. Cancellation Policy All conference cancellation must be made in writing. Cancellations will be accepted through November 1, 2014 minus $30.00 administrative fee. No refunds will be allowed after November 1, All requests should be mailed to Stuart Miller, Treasurer, FL Chapter of NATP N. Miami Ave, Miami FL Conference Materials Conference materials will be available at the registration desk. Smoking Policy Smoking is not permitted in the conference sessions. Reminder Casual and layered clothing is recommended due to individual tolerance levels of registrants to room temperatures. Please note Every person attending regardless of function, must submit a separate Registration form. Please photocopy this form if necessary. (One check is acceptable for multiple registrations).

7 Page 7 SPEAKERS Amy Brosnan has been in the tax business since 2004 and has been a member of NATP since She works for Jobi Accounting & Tax Services as an Office Manager and Tax Preparer. She became a RTRP in March of She is the President of the Florida Chapter and has served as Secretary and Numerous Committees including her current position as Newsletter Editor. She is also a NATP certified Instructor and teaches for the Florida Chapter. She has an AA Degree from USF. She is studying for her EA. Laura Wood is an enrolled Agent, President and Co-Founder of National Accounting & Management Services, Inc., a small business accounting, tax preparation and representation, and financial services company since She prepares tax returns for over 400 annual tax clients. Her firm also works with 80+ small business accounting clients on a monthly or quarterly basis in Central Florida and beyond. Laura has a BS in business from Glassboro State College, NJ, is an enrolled Agent since 1998 and is a Certified NATP Instructor. Laura s regular passion and distraction includes: First Florida Woman, FAA-licensed Sport Pilot and Powered Parachutes since 3/2007 and aerial photography! Ken Dowdall is educated at the University of Pennsylvania where he received two Bachelors and a Master s degree simultaneously. Ken began his career at Citibank in back office operations in New York City. After three cross-country relocations ending in Florida Ken found his family too settled to answer the call for a fourth move. In 1998, Ken joined his father s small, family, tax practice and in 1999, after his father retired Ken and his wife took over the business. While their principal focus is individual taxing, servicing 250+ clients many of whom are out of state, they also handle 30 business clients for whom they provide a range of services including treasury operations and prepare estate trust returns annually. Ken has been a member of NATP since 1998 and has been on the Florida Board since May of 2000 where he has held positions as Secretary, Vice President and President. He has also been an NATP certified instructor since Ken passed his EA exam in 2004 and has been an Enrolled Agent since Owen Oatley is an Enrolled Agent. His office is in Daytona Beach, FL. He is a past president of the Florida Chapter of the National Association of Tax Professionals, and a previous Chapter Board member. He is a past member of the Taxpayer Advocacy Panel which is a Federal Advisory Board. Before he started his own practice, he was employed by the Internal Revenue Service. He has a Master s degree in political science from Florida State University. In May 2006 he was the NATP s member of the month. Hemendra Thakkar is a graduate in accounting and finance from Bombay University, came to Orlando in June 1980 and started his own office for accounting, tax planning and financial consulting. He obtained his CFP, ATA and EA designations soon after that. He joined the National Association of Tax Professionals (NATP) in 1984 and has been active in the Florida Chapter for a long time. Hemendra is a past President of the Florida Chapter and still continues to serve on the advisory committee to the Board of Directors. He has also served one three year term as a director at the National level. In 2010 Hemendra became a certified NATP instructor. Hemendra served as a member of the International Revenue Service North Florida District advisory board. Since 1981, Hemendra has been active as a Realtor and held several offices of the local Realtor Association. He is still actively involved with the Realtors at the State level. He holds an instructor license as DBPR instructor.