NATP Tax Forums goes virtual for 2020 By: National Association of Tax Professionals
September 21, 2020

With a goal to deliver exceptional tax education while respecting social distancing recommendations due to COVID-19, the National Association of Tax Professionals (NATP) is moving its annual Tax Forum event online.

The Virtual Tax Forum, taking place Oct. 20-22, allows tax pros to choose from 13 live sessions and earn up to 22 CPE.

All sessions will include the latest COVID-19 information, as well as other recent legislative updates. One feature of the Virtual Tax Forum event that attendees will enjoy is the ability to live chat with instructors during sessions and the chance to ask questions face to face in a virtual Q&A room afterwards.

Additional session topics include representation, estates, qualifying dependent and tax credits, §529 plans, foreign tax credit, S and C corporations, like-kind exchanges and Form 4797.

Each session includes handouts that contain supplemental information — this information will be available to download, or you can add on a print textbook with your registration. The textbook will be mailed to you prior to the event if purchased before Oct. 8. Session slides will also be available to download.

Attendees will also get the chance to ask questions of the instructors during live sessions via chat and on video after the class in our Q&A rooms. You’ll also receive access to our virtual expo hall where you’ll meet with exhibitors, enter giveaways and attend live demos.

The event will end with an ethics session that tax pros can attend to fulfill requirements to maintain designations.

Exhibitors interested in a virtual expo booth to share product and service information with attendees are encouraged to contact NATP at strategicrelations@natptax.com. Prices increase Oct. 9, so if you’re interested, don’t delay your registration!

Federal Tax Research
Tax Law
Tax Planning
Tax Preparation
Tax Professional
Read more
You make the callBy: NATP Research
September 17, 2020

Question: We Count, LLC filed its 2018 Form 1065, U.S. Return of Partnership Income, by April 15, 2019, and did not elect out of the centralized partnership audit regime. In September 2020, it discovered an error on the 2018 Form 1065 and needs to file an amended return, which it would like to e-file. Which form does We Count file?

Answer: Partnerships subject to the centralized partnership audit regime are referred to as BBA partnerships. In general, if a partnership wants to electronically file an amended partnership return, it must file Form 8082, Notice of Inconsistent Treatment or Administrative Adjustment Request, to request an administrative adjustment in the amount of one or more partnership-related items.

However, for tax years beginning in 2018 or 2019, BBA partnerships that filed Form 1065 and furnished all required Schedules K-1 prior to the issuance of Rev. Proc. 2020-23 (April 8, 2020) may amend those returns by filing Form 1065, checking the “Amended return” box and writing “Filed Pursuant to Rev. Proc. 2020-23” at the top prior, to Sept. 30, 2020. Partnerships must also furnish amended Schedules K-1 with the same notation on a statement attached to each Schedule K-1.

This relief allows partnerships and their partners to benefit from the provisions of the CARES Act without having to wait to file administrative adjustment requests (AARs) for the current year, which would otherwise be required under §6227. When a partnership files an AAR, partners only benefit from the changes when they file their current year’s tax return, generally 2021 for changes made in 2020. This process would significantly delay the relief provided in the CARES Act, which is intended to apply to the affected taxable years and provide an immediate benefit to taxpayers. (https://www.irs.gov/pub/irs-drop/rp-20-23.pdf)

Federal Tax Research
Tax Law
Tax Office
Tax Professional
Tax Season
Read more
Is your tax firm in compliance with cyber security requirements?By: National Association of Tax Professionals
September 14, 2020

In today’s day and age, locking down and securing your and your clients’ digital assets and information is no longer a suggestion, but a requirement. When completing your PTIN renewal this fall, a checkbox will be available to confirm your awareness of your data security responsibilities. It’s imperative to have a properly set up and deployed security plan to ensure the safety of your client’s personal information.

NATP is offering our Create a Data Security Plan Online Workshop that will discuss today’s cybersecurity concerns as well as help tax preparers draft a policy manual. Attendees will use the handouts and leave the training with a fully drafted, personalized plan.

This year, during our virtual conference TaxCon, NATP offered this course with speaker Brad Messner, MBA, EA, (who will be leading the online workshop) and the feedback was overwhelmingly positive. But don’t take our word for it, here are some of the attendees’ thoughts:

“Excellent information presented in a manner even a computer illiterate could understand. Loved the handouts and help with forming written policies. Very helpful!”

“Thank you so much for all the information. Best-ever cybersecurity information I have ever had.”

“Everyone should have this information!”

“This was a TON of information, but it was presented in a way that was accessible and made me feel confident I can protect myself and my clients!”

“Brad was an outstanding presenter. I have taken several webinars on this topic and have always walked away more confused and overwhelmed, until this one. Brad presented the topic in an understandable and manageable way; and provided the material needed to put the requirements into place. I walked away with the confidence to execute the necessary steps; and with an actionable plan in place. Thanks for an outstanding presentation!”

Want in? Register now for the workshop, Sept. 22 and 23, and if you can’t make it, we have it on-demand!

Enrolled Agent
Tax Office
Tax Planning
Tax Professional
Tax Season
Read more

About NATP

Whether you’re a tax professional just starting out in your career or an experienced expert, NATP believes in you and the work you do to help your clients. We take pride in providing you with resources you won’t find anywhere else, and helping you succeed in the ever-growing and changing industry.

As tax laws change, you can rely on NATP for professional advocacy within the government, guidance on how to apply updated federal tax code to your clients’ unique situations and relationships with communities of other tax professionals to help foster your career. Explore NATP.

If you’re a taxpayer looking for an expert to help you with your tax planning and preparation, look to the industry’s top preparers. Choose an NATP member.

Additional Articles

You make the callSeptember 10, 2020
$500 Economic Impact Payment deadline extendedSeptember 9, 2020
Foreign Tax Day September 4, 2020