The 2025 NATP Board of Directors is officially announced. These dedicated individuals bring a wealth of experience and a shared commitment to advancing the tax profession. This term runs Jan. 1, 2025, and ends Dec. 31, 2025.

2025 NATP Board of Directors:

• President: Jaimee Hammer, EA
• Vice President: Richard Moring III, EA
• Secretary: Jackie Sanders, AFSP
• Treasurer: Jim Vann, CRTP, AFSP
• Members: Debbie Holladay, AFSP; Mark Miller, CPA; Dorothy Havey, AFSP; Charles Markham, EA, MST, CPA; LaVeta Scherer, EA; and Anna Stevens, EA

The NATP Board plays a crucial role in guiding the organization’s mission to support and educate tax professionals nationwide. Board members are responsible for setting strategic direction, ensuring the association’s financial health and upholding the values that make NATP a trusted resource in the tax community.

Serving on the NATP Board requires a significant commitment. Board members are elected to serve a three-year term and may run for re-election at the end of those three years, with a maximum of nine years of service within any 14-year period. The NATP bylaws allow for the election of 9 to 11 National Board members. (natptax.com)

To be eligible for the board, individuals must:

• Be at least 25 years old and work full-time or part-time in the tax preparation industry
• Be a voting member in good standing and have been a member of NATP for a minimum of three of the last five years, including the year preceding their nomination
• Complete at least eight hours of NATP-provided education per year for each of the past two years
• Attend at least one in-person educational event provided by NATP national within the last two years (natptax.com)

These requirements ensure that board members are well-equipped to represent the interests of NATP members effectively.

NATP members vote each year for the next year’s National Board of Directors. The nomination process for the 2026 board will begin later this year. We encourage all members to engage with the board, share your insights and contribute to the ongoing success of our association!

Question: Jason regularly gambles at the local casino. He is not considered engaged in the trade or business of gambling but does spend a large amount of money pursuing the activity of gambling at one specific casino.

The casino gives Jason perks such as vouchers for free meals or drinks, complimentary overnight stays and tickets to attend shows at the local comedy club to encourage him to continue spending money at their casino rather than going to the larger casino in the next town. The total value of all the perks Jason received from the casino is $2,500.

During the year, Jason’s gambling pursuits have resulted in gambling winnings of $10,000, which he will report on his Form 1040, U.S. Individual Income Tax Return, as taxable income. He also keeps a log of all his wagers and has allowable documented gambling losses of $20,000. Assuming Jason is able to itemize his deductions on Schedule A (Form 1040), Itemized Deductions, what amount of gambling losses may he deduct?

Answer: Jason may deduct $12,500 of his gambling losses. He would report $12,500 in winnings and be allowed to offset that income with a deduction for an equal amount. The remaining $7,500 in losses are not deductible and can’t be carried forward.

Gambling losses are deductible on Schedule A as an itemized deduction up to the amount of the taxpayer’s gains from gambling (wagering) transactions. The perks, sometimes referred to as “comps,” Jason received from the casino are treated as gambling winnings for tax purposes because they are closely related to his gambling activity, and he would not have received them had he not gambled exclusively at that casino.

Therefore, the comps are considered gains from the gambling activity and must be treated as gambling winnings for purposes of reporting the income and determining how much of the gambling losses will be allowed as a deduction on Schedule A.

Clients are looking for individualized tax plans that illustrate the power of tax-advantaged investment accounts. By creating a tax plan that helps them now and in retirement, your clients have the potential to save an average of $50,000 in taxes.

Health savings accounts (HSA)

HSAs are one of the most powerful investment tools that are available to any individual with a high-deductible health care plan. The key to taking advantage of an HSA is to cover health care costs out of pocket, which gives you the ability to invest the HSA funds and allow the account to grow tax-free. This investment vehicle can be used as an addition to a 401(k).

Advantages:

• Contributions reduce taxable income
• Earnings within the HSA are tax-free
• Withdrawals are tax-free (using the funds to cover prior health care costs during working years)

529 college savings

A 529 is an investment account that is built to save for education expenses. However, up to $35,000 of funds in a 529 can be rolled into a Roth IRA after 15 years. Tax savings on contributions are on a state-by-state basis, but in most states, you will receive a tax deduction or credit.

Advantages:

• Most states offer tax savings on contributions
• Investments within the account grow tax-free
• Withdrawals for education expenses are tax-free

Up to $35,000 can be rolled into a Roth IRA without facing penalties or taxes

Roth conversions

A Roth IRA is a common tool used to invest for retirement. In 2025, Roth income contribution limits are $150,000 for single filers and $236,000 for married filing jointly. However, the backdoor Roth method is available to all individuals regardless of income.

Advantages:

• Contribute to a non-deductible IRA and convert to Roth IRA in the same day
• Earnings within the Roth IRA grow tax-free
• Withdrawals after age 59½ are tax-free

Allows for high-income individuals and households to contribute to a Roth IRA

Request an individualized tax planning breakdown

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