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USA Tax Network

USA Tax Network Tax professionals, authors, writers, and instructors of tax presenting newsletters, books, continuing education, and networking opportunities

Twice a month we try to get to the heart of what tax professionals care about by writing short, intriguing tax articles. It is a collaborative effort as tax professionals across the country make contributions. If you have any insights or opinions, we can help you find your voice in our newsletter. If you are a speaker or a writer, we can give you an audience. If you are in Las Vegas, join our mont

Twice a month we try to get to the heart of what tax professionals care about by writing short, intriguing tax articles. It is a collaborative effort as tax professionals across the country make contributions. If you have any insights or opinions, we can help you find your voice in our newsletter. If you are a speaker or a writer, we can give you an audience. If you are in Las Vegas, join our mont

01/03/2019

Happy New Year! New income source has become available to Nevada EAs. We have been contacted by Tina Yaeger of Professional Tax Alliance. The company is looking to hire Freelance EAs to prepare, review with the client, and submit for review and e-filing. The company provides guidelines and share fees leaving the EA to still freelance their own clients. Most of the clients are Schedule C, W-2, and with small investment income. CA and NV states mostly. Access to Lacerte software is provided. Tina’s contact information is as follows: [email protected]

The Tax Network Presents Lisa Ihm2018 TCJA Tax Update8 hours CEFriday, June 15, 2018Mesquite Club, 702 E St Louis, Las V...
03/06/2018
2018 TCJA Tax Update by Lisa Ihm

The Tax Network Presents Lisa Ihm
2018 TCJA Tax Update
8 hours CE
Friday, June 15, 2018

Mesquite Club, 702 E St Louis, Las Vegas, NV
Only minutes from the Strip
To Register:
https://tinyurl.com/June15TaxUpdate

$25 Early Bird Discount
Use 25OFF in Promo Code

Help your clients obtain every benefit available from new tax law! Not just theory, but real-life how-to applications

Section 199A - the 20% business income deduction
Who gets it
How to calculate, and
Real-life examples and calculations

Optimizing entity selection in 2018

Who qualifies for the new Dependent Family Credit?
Change in citizenship requirements for credits
Head of household filing - what now?

Limitations on mortgage interest deductions:
Quick and easy ways to calculate equity debt
Deductibility of vacation home interest
Handy calculations of deductible interest

State and local income tax deductions (SALT)

Deductibility of car registration

No more entertainment deductions - Are meals entertainment?

Changes to gambling reporting

AMT- Does it matter anymore?

Calculating NOLs & New Limitations
Entries needed so software can calculate correctly
Worksheets to make the calculations simple

Depreciation
Enhanced bonus depreciation
179 deductions
Quicker write-offs for real estate improvements
Tax planning for expensing or capitalizing improvements

Bipartisan Budget Act of 2018:
Private mortgage insurance and VA funding fees - What's deductible now?
Energy credits restored
COD - Qualified Principal Residence exclusion restored

Other Timely Topics:

Like-Kind Exchanges of Real Estate
Just 6 numbers needed to calculate
Handy worksheet to help you get it into the return
Due Diligence requirements

Student loan discharge:
Why many students now qualify
Who can get a discharge?
What is the tax impact?
Bitcoin and other cryptocurrencies

Friday, June 15th
Mesquite Club, 702 E St Louis, Las Vegas, NV 89104

Register Here! https://tinyurl.com/June15TaxUpdate

Join us Friday June 15th from 8 am to 4:30 pm for Lisa Ihm's 2018 TCJA Tax Update. Returning to the Mesquite Club at 702 E St Louis in Las Vegas. Doors open at 7:30 am.

If you are an EA who lives in Nevada and has never attended one of our events, contact me for FREE tickets! ShirleyCalla...
11/02/2017

If you are an EA who lives in Nevada and has never attended one of our events, contact me for FREE tickets!
[email protected] or (702) 459-9336

NvSEA is holding their annual IRS in Person, Up Close & Personal seminar with 6 hours of CE and one hour on the new AB324.

Date : Nov 15 , 2017
Time: 9:00 AM to 4:30 PM

Location: Spanish Trails Country Club
5050 Spanish Trail Lane, Las Vegas 89113
Entrance to the East gate is on Tropicana on the south side of the street between Rainbow Blvd and Buffalo.

Hotline: 702-594-0927 or 702-437-1500 to reserve your seat
Cost: $50 for NAEA members; $75 for everyone else

Come join the Nevada Society of Enrolled Agents for 6 IRS-approved CE credits. We always serve great snacks and lunch. You do not need to be an EA to attend. Everyone is welcome!

New Nevada Law AB324 Preparer Registration New in Nevada ~
Join us for a discussion about the new preparer registration now required by the recently passed AB324 that could cost tax preparers from $500 to $2,500 annually depending on your credit history.

IRS in Person, Up Close & Personal ~
Our most popular event will feature 6 hours of CE credit on federal tax law and will be taught by IRS managers on these topics:

Collections, liens, and levies ~ Learn about discharge, subordination, nonattachment, withdrawal, and requesting payoffs

FORM 8300 and Money Laundering

Payment Options, e-Services new secure access, and using IRS.gov

Identity Theft, victim assistance, and tax scams

Tip Reporting for restaurants, clubs, banquet halls, pubs, and bars with more than 10 employees. Learn how, when, and where to file
Form 8027, Employer's Annual Information Return of Tip Income and Allocated Tips

The ways and means of Collection Appeals and Collection Due Process

Board members of NvSEA met today with Deputy Secretary of State for Southern Nevada Gail Anderson and State of Nevada Co...
10/26/2017

Board members of NvSEA met today with Deputy Secretary of State for Southern Nevada Gail Anderson and State of Nevada Compliance Investigator Irene Jimenez-Muir, to discuss Assembly Bill AB324. This turned out to be a very informative meeting for all parties involved, with productive results and much needed clarification on the AB324. Official statement on results of this meeting will follow. #NvSEA

10/22/2017

Intuit notified non-enrolled preparer yesterday that she will not receive her software until she provides a NV Surety Bond PIN.

During the heat of tax season, Nevada passed preparer registration which requires a $50,000 bond that may cost preparers $500 to $1500. Urgency is needed to help preparers this upcoming tax season. See my post on Oct 12th for more details.

California, which has a state income tax, only requires a $5000 bond. A $50,000 bond in Nevada is going to create a cottage industry in suing tax preparers. EAs are included in this legislation whereas CPAs and attorneys are specifically excluded.

10/12/2017

Nevada Takes the Lead ~ In the Wrong Direction
[email protected] (702) 459-9336
All rights reserved.

Effective right now Assembly Bill 324 requires ALL tax preparers in Nevada to register with the Secretary of State, pay a $50 application fee, $45 fingerprinting and background fee; $25 annual registration fee, and purchase a $50,000 Surety Bond every year that will cost preparers $500 to $1500 annually based on their credit history. If you do $50 tax returns, you’ll prepare 30 returns to pay for this annual license. If you are an employee, you may have to work for weeks to pay for this annual license.

Nevada does NOT care if you have any qualification, training, or education. They ask nothing of you except fingerprinting and bonding. Enrolled Agents have been specifically included in this registration while “CPAs, financial planners, and attorneys” have been specifically excluded.

How many jobs will be lost? How many preparers go underground?
Who does this help? How does this help?

Edgar Flores, family court attorney and Assemblyman, boldly set out to protect families from the savages of deportation. The $50,000 Surety Bond is meant to protect undocumented workers from immigration fraud. This is good, we all agree

Why did this all come about? A little history.
• Paralegals were giving legal advice. Attorneys wanted this stopped. AB 324 now defines paralegals as only those who work under the direction and supervision of an attorney.
• “Document Preparers” have been filling out asylum petitions to help undocumented workers obtain work permits. However, these asylum petitions later result in deportation. This is bad, we all agree.
• Tax preparers were manufacturing false refund claims and charging exorbitant contingency for same day tax refunds. This too is bad, we all agree. Three years later when these taxpayers are audited, the preparer is long gone … another need for bonding.

What is scandalous are the low opinion and lies that Assemblyman Edgar Flores used to promote his legislation:
• Enrolled Agent means the person or business is minimally competent to fill out a form;
• Tax preparers should not engage in providing legal advice. Only tax attorneys, through a legal lens, can advise clients on the best way to maximize tax returns.
• Tax preparers are supposed to ask clients question and then fill out the forms;
• Document preparers are masquerading as tax preparers; and
• Tax preparers are dabbling in immigration assistance in their off season.

08/20/2017

What is an Enrolled Agent?

An Enrolled Agent (EA) is a federally-authorized tax practitioner who has technical expertise in the field of taxation and who is empowered by the U.S. Department of the Treasury to represent taxpayers before all administrative levels of the Internal Revenue Service for audits, collections, and appeals.

What does the term “Enrolled Agent” mean?

“Enrolled” means to be licensed to practice by the federal government, and “Agent” means authorized to appear in the place of the taxpayer at the IRS. Only Enrolled Agents, attorneys, and CPAs may represent taxpayers before the IRS. The Enrolled Agent profession dates back to 1884 when, after questionable claims had been presented for Civil War losses, Congress acted to regulate persons who represented citizens in their dealings with the U.S. Treasury Department.

How does one become an Enrolled Agent?

The license is earned in one of two ways, by passing a comprehensive examination which covers all aspects of the tax code, OR having worked at the IRS for five years. All candidates are subjected to a background check conducted by the IRS. Primarily, you must be current or making payments on your personal tax obligations. You may not be guilty of any financial crimes.

How can Enrolled Agent help me?

Enrolled Agents advise, represent, and prepare tax returns for individuals, partnerships, corporations, estates, trusts, and any entities with tax-reporting requirements. Enrolled Agents’ expertise in the continually changing field of taxation enables them to effectively represent taxpayers audited by the IRS.
Privilege and the Enrolled Agent

The IRS Restructuring and Reform Act of 1998 allow federally authorized practitioners (those bound by the Department of Treasury’s Circular 230 regulations) a limited client privilege. This privilege allows confidentiality between the taxpayer and the Enrolled Agent under certain conditions. The privilege applies to situations in which the taxpayer is being represented in cases involving audits and collection matters. It is not applicable to the preparation and filing of a tax return. This privilege does not apply to state tax matters, although a number of states have an accountant-client privilege.

Are Enrolled Agents required to take continuing professional education?

In addition to the stringent testing and application process, the IRS requires Enrolled Agents to complete 72 hours of continuing professional education, reported every three years, to maintain their Enrolled Agent status. Because of the knowledge necessary to become an Enrolled Agent and the requirements to maintain the license, there are only about 50,000 practicing Enrolled Agents. Because of the cumbersome CTEC requirements, California has nearly 10,000 EAs.
What are the differences between Enrolled Agents and other tax professionals?

Only Enrolled Agents are required to demonstrate to the IRS their competence in matters of taxation before they may represent a taxpayer before the IRS. Unlike attorneys and CPAs, who may or may not choose to specialize in taxes, all Enrolled Agents specialize in taxation. Enrolled Agents are the only taxpayer representatives who receive their right to practice from the U.S. Department of the Treasury. CPAs are licensed by the State, and only 25% of CPAs even have PTINs.

Are Enrolled Agents bound by any ethical standards?

Enrolled Agents are required to abide by the provisions of the Department of Treasury’s Circular 230, which provides the regulations governing the practice of Enrolled Agents before the IRS.

11/20/2016

Walk in the door with a book of 250 clients! John Berkhoff of BMS Financial, Insurance & Tax Services is looking to hire an experienced and well rounded tax preparer on a permanent, long-term basis. BMS is a full service, one stop shop for our clients financial, insurance, and tax preparation needs for the past 20 years. Contact John at [email protected] (702) 791-0581. Tell him Shirley Sentcha.

Lisa Ihm 2017 Tax Update ClassBest early bird rate expires Oct 31We know you will have a great learning experience and w...
10/19/2016
Tax Network Academy

Lisa Ihm 2017 Tax Update Class
Best early bird rate expires Oct 31

We know you will have a great learning experience and will learn many techniques that will help you become the hero to your clients. Many years ago I attended a 3-day seminar here in Las Vegas. In a 5-minute span, a speaker explained to me a tax loophole that saved one client $16,000 in taxes in one year.

The first time I used that technique, I charged my client the $800 I paid for the tax seminar, and of course she was very happy to pay my small fee for the massive taxes she saved. Naturally, I've used that technique several more times. We love being the hero.

I learned a technique from Lisa Ihm about how to maximize the $2500 Hope Credit for students who have large scholarship income. Every time I use that technique, I charge my clients $250; and again, they willingly pay this fee when the hear about the potential savings. That's value added service, isn't it?

You cannot walk out of one of Lisa's classes without learning such techniques. Where most instructors are no-no-no-you-can't-do-that, Lisa is a yes-yes-yes-here-is-how-you-overcome-that type of instructor.

We hope you sign up and become a part of our family.

We have but one mission: to get to the heart of what tax pros care about. Please let us know what you most care about.

Show your support and sign up here now for the best early bird rate!!

Join us January 4 from 8 am to 4:30 pm as we present our annual update class in Las Vegas. Location to be determined. Doors open at 7:30 am.

10/11/2016

November 16 ~ IRS in Person, Up Close & Personal
5 hours Federal Tax & 2 hours Ethics
Location: Spanish Trail Golf Club, 5050 Spanish Trail Ln, Las Vegas, NV
Cost $125 ($100 for NAEA members)
Contact the hotline @ 702-594-0927 or call Shirley @ 702-437-1500.

Join local IRS Managers who will answer your questions and provide training on:
Tip Reporting
Taxpayer Advocate Service
Office Audits
Get Transcript
Maneuvering IRS.gov
Ethics

Las Vegas has a vibrant tax professional community. Join us for top-notch education presentations!September 21 ~ Hands o...
09/13/2016
Tax Network Academy

Las Vegas has a vibrant tax professional community. Join us for top-notch education presentations!

September 21 ~ Hands on the 1041 by Marilyn Meredith
7 hours of Federal Tax CE
Location: Spanish Trail Golf Club, 5050 Spanish Trail Ln, Las Vegas, NV
Cost $125 ($100 for NAEA members)
Contact the hotline @ 702-594-0927 or call Shirley @ 702-437-1500
Understanding the 1041 can lead to new business as it is a good way to get introduced to family members of our deceased clients who could become our next new clients.

Covering the basics of the 1041, we we will work through an example of a taxpayer who died leaving various assets. None of these assets are titled the same. Some were in his own name, some were held jointly with other people. Some were Payable on Death (POD) or Transfer on Death (TOD) and held in his trust. He has beneficiaries on most of his retirement accounts, his life insurance, and on his annuities. He owned a personal residence and another piece of real estate.

* Filing Requirements
* Setting the tax year
* Election to treat the trust and estate as one
* EIN
* Sorting income and deductions
* EE Bond elections
* Income in Respect of a Decedent (IRD)
* Income to be included
* Allowable deductions
* Tax Rates
* Income Tax withholding
* K-1s to the Beneficiaries
* Forms 56, 4810 and 5495

November 16 ~ IRS in Person, Up Close & Personal
5 hours Federal Tax & 2 hours Ethics
Location: Spanish Trail Golf Club, 5050 Spanish Trail Ln, Las Vegas, NV
Cost $125 ($100 for NAEA members)
Contact the hotline @ 702-594-0927 or call Shirley @ 702-437-1500.

Join local IRS Managers who will answer your questions and provide training on:
Tip Reporting
Taxpayer Advocate Service
Office Audits
Get Transcript
Maneuvering IRS.gov
Ethics

December 12 ~ Lunch & Learn with Kathryn Keane
6 hours of Federal Tax & 2 hours Ethics
Hosted by Nevada Chapter of NATP
Location: Mesquite Club, 702 E St Louis, Las Vegas
Early bird pricing thru Nov 25 is $169 ($149 for NATP members)
For more information, please email Sally Achord, [email protected]

Circular 230
The Ins & Outs of Schedule C (including Uber & Ride Share drivers)
Death, Dying and the Tax Man

January 4 - Lisa Ihm's Inspiring & Insightful Annual Update
3 hours of Tax Update; 3 hours Federal Tax; 2 hours of Ethics
Hosted by The Tax Network
Location: Mesquite Club, 702 E St Louis, Las Vegas
Early Bird prices start at $120. Lunch and snacks included

By January 4th, all tax law changes should be approved by Congress so you can get all the latest and greatest from the Best Instructor in the Country, Lisa Ihm. Get your reservations in early. We usually have more than 100 students in attendance. Don't wait until it's full to sign up.

Join us January 4 from 8 am to 4:30 pm as we present our annual update class in Las Vegas. Location to be determined. Doors open at 7:30 am.

Love my tax buddies Diane Clough and Julia Harvey!
07/08/2016

Love my tax buddies Diane Clough and Julia Harvey!

Address

54 North Pecos, Suite A
Henderson, NV
89074

Telephone

(702) 437-1500

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