President Trump Signs Tax Reform Bill

Transcription

1 View this in your browser. Member Login Events CSEA.org President Trump Signs Tax Reform Bill The tax reform bill, H.R. 1, An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018, was signed into law by President Trump earlier today. The bill was was sent to the President on December 20, 2017, and was signed in the Oval Office rather than in a public signing ceremony. According to an article today in Bloomberg, the bill gives the GOP its first major legislative victory since January. The private setting was unusual given the significance of the legislation, but the process had been delayed until Congress passed a stopgap spending bill late Thursday. CSEA Member Jennifer MacMillan, EA was quoted in a Dec. 21 National Public Radio article regarding the bill s impact on the IRS help line, saying, Lots and lots of people are going to be calling, not only to find out what the implications to them might be... I think a lot of people are going to have a misunderstanding and think its going to affect their filing of 2017 tax returns." For a partial list of provisions included in the bill, check out Spidell s Flash # : Tax reform going to the President.

2 Super Seminar registration opens next week! Thank you for your patience while we have been constructing a SUPER event for We know that many of our attendees plan this annual December expense, and we are working to open registration soon just for this purpose. Watch for our registration announcement in your inbox next week! Jim Stern Legislative Day 2017 participants take a break on the State Capitol first floor rotunda in between legislative appointments. You Can Make a Difference at Jim Stern Legislative Day Most everyone wants to make a difference after all, isn t that why you became an EA? At CSEA s Jim Stern Legislative Day, you become part of CSEA's advocacy team as you meet with legislators and their staff and lobby for sound tax policy. Jim Stern Legislative Day takes place on Monday, Jan. 8 at the State Capitol in Sacramento. Let 2017 attendees explain why this annual event is so worthwhile:

3 "This event provides an opportunity to meet the people who can change the processes that we complain about." "I finally realized the power we have as voters. We can really make a difference. The legislators I met with were truly interested in what we had to say." "The personal connections made with the legislators are more than worth a day away from the office." "I felt like I was actually doing something proactive for both my profession and the taxpayers I represent." "It is helpful to explain to clients that you are doing more than filling out a form for them. To lobby on our clients' behalf is good." This full day of activities includes a networking breakfast and briefings from M. David Ruff, Chief Consultant to the Assembly s Revenue & Taxation Committee, and Colin Grinnell, Consultant to the Senate s Committee on Governance & Finance. Experienced CSEA Members will model how to make the most of your legislative meetings, before you set off for your appointments with legislators and their staff. At the debriefing later that afternoon, NAEA Associate Director of Government Relations Justin Edwards will present Federal Perspectives. You can be the tax policy advocate your clients need. Register now for Jim Stern Legislative Day! Do You Have a Data Security Plan? Watch the IRS video, Why Tax Professionals Need a Security Plan, and learn how cybercriminals are increasingly focusing on tax professionals and their client data. If you handle taxpayer information, you may be subject to the Gramm-Leach Bliley Act (GLB Act) and the Federal Trade Commission (FTC) Financial Privacy and Safeguards Rules. Financial institutions as defined by FTC include professional tax preparers, data processors, their affiliates and service providers who are significantly engaged in providing financial products or services. They must take the following steps to protect taxpayer information.

4 Take responsibility or assign an individual or individuals to be responsible for safeguards; Assess the risks to taxpayer information in your office, including your operations, physical environment, computer systems and employees, if applicable. Make a list of all the locations where you keep taxpayer information (computers, filing cabinets, bags, and boxes taxpayers may bring you); Write a plan of how you will safeguard taxpayer information. Put appropriate safeguards in place; Use only service providers who have policies in place to also maintain an adequate level of information protection defined by the Safeguards Rule; and Monitor, evaluate and adjust your security program as your business or circumstances change. IRS Publication 4557, Safeguarding Taxpayer Data, has a checklist on steps to take to protect your clients and your business. Seven Strong Password Tips from the IRS Strong passwords are one of the keys to guarding access to information and data stored on computers or sent over . Here are seven things to consider when creating and protecting passwords: Longer passwords are safer and more difficult to guess. A strong password should be a minimum of eight characters. It should include a combination of letters, numbers, symbols and special characters. A password should include at least one uppercase letter, one lowercase letter, one number, and one symbol or character. Don't include personal information in passwords. A criminal can find names of siblings, friends, children and pets on social media sites. This makes it easier for cybercriminals to figure out a person s password that includes these names. Avoid using the same password for all information systems, accounts and devices. If someone does guess one password, they will not have access to all the other accounts. Substitute numbers and symbols for letters in words or phrases to make it more difficult for a thief to guess a password. Never share passwords. Be careful of attempts to trick you into revealing your password. Click here for more IRS Tax Tips. Additional Relief for Partnerships and Certain other Entities The IRS has issued revised guidance extending relief for certain

5 partnerships, real estate mortgage investment conduits (REMICs), and other entities that did not file the required returns by the new due date for tax years beginning in The Surface Transportation Act of 2015 changed the date by which a partnership, REMIC, or other entity must file its annual return. For calendar year filers, the due date for filing the annual return or request for an extension changed from April 15 (April 18 in 2017) to March 15. Click here for more information Standard Mileage Rates Beginning on Jan. 1, 2018, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 54.5 cents for every mile of business travel driven, up 1 cent from the rate for cents per mile driven for medical or moving purposes, up 1 cent from the rate for cents per mile driven in service of charitable organizations. Click here for details. Criminal Investigation Division Releases 2017 Annual Report The IRS Criminal Investigation Division (CI) 2017 Annual Report highlights the significant accomplishments and criminal enforcement actions taken in fiscal year 2017 in the areas of employment tax, refund fraud, international tax enforcement, tax-related identity theft, public corruption, cybercrime, terrorist financing and money laundering. CI is the only federal law enforcement agency with jurisdiction over federal tax crimes. This year, CI had a conviction rate of 91.5 percent while spending more than 72 percent of their investigative time working tax cases.

6 Convenient Federal Tax Law Updates and Ethics CE Hours Whether you need a last minute Ethics course, federal tax law update, or anything in between, CSEA has your CE hours covered. Check out our new webinars in December and January: Federal Tax Update: Individuals (Form 1040) Dec. 28, 2017, 8:30 a.m. - 4 p.m. Tax Collection Defense Jan. 9, 2018, 8:30 a.m. - 4 p.m. Fundamentals of 1031 Exchanges Jan. 10, 2018, 8:30 a.m. - 4 p.m. Tax Practice Conduct Standards: Circular 230 Jan. 16, 2018, 8:30 a.m. - 4 p.m. Real Estate Taxation Jan. 22, 2018, 8:30 a.m. - 4 p.m. I can t define tax evasion, but I know it when I see it. Fred T. Goldberg, Jr., IRS commissioner from 1989 to 1992 Volunteer on Feb. 3, 2018 at Your Local Tax Help Day On Saturday, Feb. 3, 2018 CSEA Chapter Members throughout the state will be setting up tables in

7 libraries, coffee shops, civic centers and other venues where they can greet taxpayers and answer their tax questions free of charge. Tax Help Day takes place at the very beginning of tax season, when taxpayers are starting to think about their taxes and realizing that they have questions. Read the blog post by Orange County Chapter Member Patricia Kappen, EA, and find out how EA volunteers and taxpayers benefit from Tax Help Day. Remember that CSEA Members will also be sharing Tax Help Day location information with their legislators at Jim Stern Legislative Day on Jan. 8, Encourage your Chapter to host a Tax Help Day location, and help spread the word about the Enrolled Agent profession! NAEA Election Results The NAEA Board of Directors election concluded on Dec. 15. The following individuals will be sworn in at the installation banquet during the May 2018 meetings. President-Elect: Jerry Gaddis, EA Secretary: Angela Radic, EA Directors: Kathy Brown, EA Lori Carpenter, EA Jake Johnstun, EA Patricia Kappen, EA Nancy Lyman, EA David Tolleth, EA Get Ready for Tax Season with 30% Off All CCH Publications! Take advantage of huge savings on timely new titles and long-standing favorites: Cannabis Taxation: Federal and State Tax Guidebook; Disaster Tax Relief: Hurricane Relief Legislation and Related Tax Provisions; U.S. master Tax Guide;

8 and many more! Just enter this special promo code at checkout: USTP-BXYY10609 This special offer expires on Dec. 31. Click here to start saving now! CSEA Holiday Schedule In observance of the holidays, the CSEA office will be closed on the afternoon of Friday, Dec. 22 and all day Monday, Dec. 25. We wish our Members a joyous holiday, and a hopeful and happy New Year! Important Member Reminders CSEA Scholarship Deadline is Dec. 31, 2017 Preparers must renew PTINs by Dec. 31, 2017 CTEC late renewal deadline is Jan. 15, 2018 EAs with SSNs ending in 7, 8, or 9 must renew their licenses by Jan. 31, 2018 CSEA Calendar of Events Jan. 6-7: CSEA Board and Committees Meetings, Sacramento, CA Jan. 8: Jim Stern Legislative Day, Sacramento, CA Feb. 3, 2018: Tax Help Day, sponsored by CSEA Chapters at locations throughout CA June 27-29: Super Seminar, now consolidated into one awesome event in Reno, NV - registration is coming soon! California Society of Enrolled Agents 3200 Ramos Circle Sacramento, CA Phone: Fax: info@csea.org

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