Volume 18 Issue 1 May 2013

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1 Volume 18 Issue 1 May 2013 Board of Directors William Allen, President Natchitoches, LA bestplanb@yahoo.com Kelly Donaldson, Vice President Crowley, LA kellysdonaldson@yahoo.com Calvin Lopes, Treasurer New Orleans, LA taxmanla@bellsouth.net Tammy Franklin, Secretary Metairie, LA tfranklin@cricpa.com Chelsae Abshire Crowley, LA main.aots@gmail.com Krystal Ancar New Orleans, LA ancartaxservices@aol.com Kathryn Crozier Crowley, LA main.aots@gmail.com Albert Jones LaPlace, LA carlton-49@hotmail.com Greetings from the President Another April 15 th has passed and I hope all of you had a successful and rewarding season. The Board of Directors met in Baton Rouge on Wednesday, May 8th. This was the first meeting for our newly elected board and there were lots of topics and issues discussed. Two main points that I would like to share with you are the continued need for education and training as it relates to our field of expertise and networking opportunities for all of us throughout the state. As events are scheduled, information on the education and networking opportunities will be posted in future Chapter newsletters. In July we are off to Phoenix for the National convention and I hope to see many of you there. I will be planning a social hour for all Louisiana attendees on Monday evening. The time and meeting location will be posted on the information board or near the registration booth. The Chapter Showcase will again be held on Tuesday evening. This is an opportunity for each chapter to feature their state and their members. Our convention committee is planning a spectacular display for the event. Please plan to attend and help showcase Louisiana. There will be raffles and plenty of beads for all. The entire evening will be full of fun, food and great company. At this time, I have no new news to report relating to the RTRP process and pending litigation. Regardless of the outcome, we will all still need continuing education, so please consider NATP for your education needs. Please continue to call me with questions or to just chat. If I do not have the answer I will try my best to direct you to someone that does. See you in Phoenix. Bill Allen James Raymond III Metairie, LA theraymondco@cs.com Joseph Romano Jr Gretna, LA joe@romanotax.com Yvette Soniat, Newsletter Metairie, LA exactax@bellsouth.net

2 Volume 18 Issue 1 May 2013 Page 2 UPDATE Louisiana s Budget Bill Deal The budget proposal being debated by state lawmakers calls for cutting some tax credits by $329 million. The tax breaks in the proposal to be trimmed are: the Motion Picture Investor Tax Credit; the Investment Tax Credit for insurance premiums; the Enterprise Zone program; tax credits for rehabilitation of historic structures; industrial tax equalization; the New Markets tax credit; the research and development tax credit; the Quality Jobs tax credit; tax breaks for wind and solar systems and the conversion of vehicles to alternative fuels; school readiness tax credits; the Louisiana Capital Companies credit; credits for musical and theatrical live performances, digital and interactive media and sound recording; credits for angel investors and investors in brownfields; credits for recycling manufacturing; credits for milk producers; the Sugarcane Transportation Credit; and the apprenticeship tax credit. Read the Full Proposal Here: Louisiana Incumbent Worker Training Program The Louisiana Incumbent Worker Training Program was created to assist employers in the skill development of current employees through individual or standardized training. Training cost cannot exceed $3,000 per trainee per state fiscal year (July 1 June 30). How can this benefit your tax office? If you have employees on your staff which are covered by state unemployment, you may qualify for reimbursement. This could even include the owner of a Sub Chapter S Corporation. For example, the owner of a Sub Chapter S Corporation, is paid as an employee receiving a W2 each year. The owner would like to attend the NATP 1040 workshops in December. Since this is a workshop and not a conference the cost of this training would qualify for reimbursement. For more information on the specific rules of the program and how to apply, visit the LA Workforce Commission website link below. Would you like to serve on the LA NATP Board? If you are interested in becoming a Board Member or would like to nominate someone, please contact any Board of Director. You are welcomed and encouraged to run for vacant positions. Please join us in shaping the future of the LA NATP chapter.

3 Volume 18 Issue 1 May 2013 Page 3 IRS Update-Amended Tax Returns Finally, an online system to check the status of amended tax returns. No longer do you have to tell clients who want to check the status of their amended return to Just call the number and hope you get a live body on the phone! The IRS recently implemented the online system. Click link below: Tax Law Changes The threshold for deducting medical expenses increases to 10% of AGI. Over the age of 65, the threshold stays at 7.5% of AGI 401k max contribution is $17,500 and taxpayers born before 1964 can contribute up to $23,000 IRA and Roth IRA contribution limit is $5,500. Taxpayers born before 1964 can contribute an additional $1,000 Standard mileage allowance for business miles is 56.5 cents Health Savings Account limit is $6,450 for family coverage and $3,250 for singles. Taxpayers born before 1959 can contribute an additional $1, % rate now applies to taxable income over $400,000 for singles, $425,000 for head of household, and $450,000 for married couples filing jointly 2013 standard deduction increased to $12,200 for married filing joint, $6,100 for single, and $8,950 for head of household 2013 personal exemption increases to $3, Social Security wage base increases to $113,700 and the amount needed to qualify for coverage goes to $1,160 per quarter Estate and gift tax exemption increases to $5,250,000. The tax rate jumps to 40% and the annual gift exclusion is $14,000 per donee.

4 Volume 18 Issue 1 May 2013 Page 4 Calendar of Upcoming Events 2013 LA NATP Chapter Board Meetings -Wednesday, August 7th -Wednesday, October 30th -Tuesday, December 3rd 2013 National Convention & Expo Monday, July 8th-Thursday, July 11th JW Marriott Desert Ridge Resort & Spa Phoenix, Arizona 2013 NATP Tax Forum & Expo Tuesday, August 20th-Wednesday, August 21st Flamingo Las Vegas Hotel & Casino Las Vegas, NV 2013 Annual Membership Meeting Tuesday, December 3, 2013 LA NATP Chapter Education Seminar and Annual Meeting Tuesday, December 3, 2013 NATP Essential 1040 Workshop Wednesday, December 4, 2013 NATP Beyond the 1040 Workshop Thursday, December 5, 2013 NATP Essential 1040 Workshop Friday, December 6, 2013 Hilton Garden Inn, Lafayette (Cajundome) NATP Beyond the 1040 Workshop Saturday, December 7, 2013 Hilton Garden Inn, Lafayette (Cajundome) Check the NATP website to register:

5 Volume 18 Issue 1 May 2013 Page 5 Welcome to 37 new members! We look forward to meeting each of you. Jeremy Moreau, Alexandria Kenneth Moreau, Alexandria Steven Billings, Baton Rouge Charlene Blackwell, Baton Rouge Waree Dorsey-Waits, Baton Rouge Sandy Fisher, Baton Rouge Angela May, Carencro Sybil Kennedy, Clinton Julie Stokes, Geismer Stephanie Leonard, Houma Ernest Carter, Houma Peggy Spencer, LaPlace Dana Bosch, Lafayette John Richard, Lafayette Peggy Young, Lake Charles Chris Klein, Lake Charles Nannette Park, Lake Charles Thornton Carmen, Leesville Mary Green, Mansfield Tran Kim Hai, Marrero Pacheco Cornelio, Metairie Anita McCoy, New Iberia Sharon Nunez, New Iberia Duke Francisco, New Orleans Michael Mosley, New Orleans Chuka Okpalobi, New Orleans Michiko Patterson, New Orleans Florita Smith, New Orleans James Wiltberger, New Orleans Debbie Warner, Pineville Frank Warner, Pineville Marvin Price, Plaquemine Timothy Gates, Sulphur Joni Boudreaux, Thibodeaux Lyndi Martin, Thibodeaux Gloria Papa, Thibodeaux

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