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Tuesday, July 31, 2012
Monday, July 23, 2012
RTRP Courses and CPE Tracking from Checkpoint Learning: A Video Update
Judy Young, Ken Koskay and Winford Paschall talk about
the Registered Tax Return Preparer (RTRP) requirements and testing process, and
new offerings from Checkpoint Learning. New CPE courses in multiple formats
(webinar, online, self-study with online grading, live seminar) are available
to prep for the IRS exam and to meet annual CPE requirements, and Checkpoint
Learning's CPE compliance tracking for RTRPs provides e-alerts, automatic CPE
certificate submission to the IRS, and more.
Find out more at http://cl.thomsonreuters.com/CPESolutions/TaxPreparers
Find out more at http://cl.thomsonreuters.com/CPESolutions/TaxPreparers
Wednesday, June 20, 2012
Checkpoint Learning 2012 Courses: A Video Update
Robin Thompson and Ken Koskay, vice president for Learning Solutions in the Tax & Accounting business of Thomson Reuters, talk about the 70+ new Checkpoint Learning courses and webinars launching in 2012.
Find out more at http://cl.thomsonreuters.com/CPESolutions/NewCourses
Find out more at http://cl.thomsonreuters.com/CPESolutions/NewCourses
Wednesday, May 9, 2012
Rules for Political Participation by Churches and Other Nonprofits
With the national and local elections process in full swing, political contributions and participation in the political process are regular topics on the evening news. The dramatic increase in the amount of money being donated to and spent by the national campaigns is staggering.
During the last major election, I wanted to be part of that process, so I donated ten dollars to one of the major parties. They took my ten dollars, added fifteen dollars to it from some other donor, and then spent the combined twenty-five dollars trying to get me to donate ten more dollars. That is the worst business model I have ever seen, but I guess it works on some folks.
My contribution was not tax deductible; however, it was legal. Donations to a political organization by churches and other nonprofit organizations (NPOs), on the other hand, are strictly prohibited by Internal Revenue Code Section 501 (c) 3.
The Code also prohibits churches and other NPOs from directly or indirectly participating in, or intervening in, any political campaign on behalf of (or in opposition to) any candidate for elective public office. Any church or other nonprofit organization violating this prohibition risks losing its tax-exempt status. The Internal Revenue Service does, however, provide resources to help these organizations understand the rules.
2. Contribute to political candidates or political action committees.
3. Participate in fund-raising projects for political candidates.
4. Distribute a candidate’s political statements.
As part of its examination program, the IRS monitors whether organizations are complying with the prohibition. When the agency finds or is made aware of instances of noncompliance it may issue a warning letter or it may revoke the entity’s tax exempt status.
While the IRS has issued hundreds of warning letters intended to stop advocacy for political candidates, it has only revoked a church’s tax exempt status twice since the tax law was amended in 1954.
Certain activities or expenditures may not be prohibited depending on the facts and circumstances.
Actions Churches and Other NPOs May Take
1. Conduct non-partisan voter registration/education drives.
2. Host forums where all candidates are invited and treated impartially.
3. Rent a church or other NPO membership list (at market value) to a candidate.
4. Make voter’s guides available to members so long as the guides do not reflect a partiality which could be misinterpreted as an endorsement of a particular party or candidate.
Trivia
1. The first recorded tax exemption for churches occurred circa 312, when Constantine, Emperor of Rome granted the Christian church exemption from all taxation following his conversion to Christianity.
2. In 2010 the State of Oklahoma awarded tax-exempt status to a Satanist group called The Church of the IV Majesties.
When it comes to politics, churches and other nonprofit organizations have to walk a very fine line. While the prohibition for organizations does not apply to members, a member must be careful to inform an audience that he or she is speaking as a citizen and not on behalf of the organization.
During the last major election, I wanted to be part of that process, so I donated ten dollars to one of the major parties. They took my ten dollars, added fifteen dollars to it from some other donor, and then spent the combined twenty-five dollars trying to get me to donate ten more dollars. That is the worst business model I have ever seen, but I guess it works on some folks.
My contribution was not tax deductible; however, it was legal. Donations to a political organization by churches and other nonprofit organizations (NPOs), on the other hand, are strictly prohibited by Internal Revenue Code Section 501 (c) 3.
The Code also prohibits churches and other NPOs from directly or indirectly participating in, or intervening in, any political campaign on behalf of (or in opposition to) any candidate for elective public office. Any church or other nonprofit organization violating this prohibition risks losing its tax-exempt status. The Internal Revenue Service does, however, provide resources to help these organizations understand the rules.
Actions Churches and Other NPOs May NOT Take
1. Endorse political candidates.2. Contribute to political candidates or political action committees.
3. Participate in fund-raising projects for political candidates.
4. Distribute a candidate’s political statements.
As part of its examination program, the IRS monitors whether organizations are complying with the prohibition. When the agency finds or is made aware of instances of noncompliance it may issue a warning letter or it may revoke the entity’s tax exempt status.
While the IRS has issued hundreds of warning letters intended to stop advocacy for political candidates, it has only revoked a church’s tax exempt status twice since the tax law was amended in 1954.
Certain activities or expenditures may not be prohibited depending on the facts and circumstances.
Actions Churches and Other NPOs May Take
1. Conduct non-partisan voter registration/education drives.
2. Host forums where all candidates are invited and treated impartially.
3. Rent a church or other NPO membership list (at market value) to a candidate.
4. Make voter’s guides available to members so long as the guides do not reflect a partiality which could be misinterpreted as an endorsement of a particular party or candidate.
Trivia
1. The first recorded tax exemption for churches occurred circa 312, when Constantine, Emperor of Rome granted the Christian church exemption from all taxation following his conversion to Christianity.
2. In 2010 the State of Oklahoma awarded tax-exempt status to a Satanist group called The Church of the IV Majesties.
When it comes to politics, churches and other nonprofit organizations have to walk a very fine line. While the prohibition for organizations does not apply to members, a member must be careful to inform an audience that he or she is speaking as a citizen and not on behalf of the organization.
Monday, April 30, 2012
Frequently Asked Questions About RTRP
Now that tax season is behind us and that last extension has been dropped in the mail it’s time to think about whether you or some of your staff need to take the new Registered Tax Return Preparers (RTRP) test. The test has been available since last November but the IRS and others recommended that you wait to take the test until after tax season. Following are some of the most frequently asked questions about the Registered Tax Return Preparer test.
1. What does the new IRS return preparer oversight program require?
The oversight program requires all paid tax return preparers to register with the IRS each year and have a Preparer Tax Identification Number (PTIN). Certain tax return preparers who prepare Form 1040 series returns must also pass a one-time competency test, a tax compliance check, and a suitability check.
2. Who must take the RTRP competency test?
All paid tax return preparers who prepare Form 1040 series returns, and are not CPAs, Attorneys, or Enrolled Agents, are required to take the test.
3. Can I take the test even if I’m not required to?
Yes. However, you must have a PTIN if you wish to take the test.
4. Is the test available in Spanish?
No. The test is currently available in English only and generally will be administered in a computer based-format.
5. How many questions are on the test and what is the minimum passing grade?
There are 120 questions in a combination of multiple choice and true or false formats. You will have two and a half hours to complete the test. A perfect score is 500 but you must score 350 (70%) or higher to pass the test.
6. Where do I go to take the test and is there a fee?
The test is administered by Prometric and can be taken at any one of its more than 260 sites throughout the U.S. The test fee is $116 and must be paid each time you take the test.
7. By what date must I pass the test?
Preparers must pass the competency test and a tax compliance chech by December 31, 2013.
8. Do I have to pass the test more than once?
No. Passing the test is a onetime requirement to become a RTRP.
9. Must RTRPs comply with any annual requirements?
Yes. Starting in 2012 you must complete 15 hours of continuing education each calendar year. The 15 hours must include two hours of ethics. three hours of federal tax law updates, and 10 hours of other federal tax law courses. These courses must be taken from an IRS-approved vendor.
10. Where can I find more general test information?
For more information on the testing requirements go to:
http://www.irs.gov/taxpros/article/0,,id=239683,00.html
RTRPs representation rights are limited to representation before certain IRS officers and employees and only in connection with returns they signed.
If you’re looking for an IRS-approved CE vendor with RTRP prep courses to help you pass the test and all the continuing education courses needed to stay current with the latest changes in federal tax law and fulfill the ethics requirement, then visit Checkpoint Learning.
1. What does the new IRS return preparer oversight program require?
The oversight program requires all paid tax return preparers to register with the IRS each year and have a Preparer Tax Identification Number (PTIN). Certain tax return preparers who prepare Form 1040 series returns must also pass a one-time competency test, a tax compliance check, and a suitability check.
2. Who must take the RTRP competency test?
All paid tax return preparers who prepare Form 1040 series returns, and are not CPAs, Attorneys, or Enrolled Agents, are required to take the test.
3. Can I take the test even if I’m not required to?
Yes. However, you must have a PTIN if you wish to take the test.
4. Is the test available in Spanish?
No. The test is currently available in English only and generally will be administered in a computer based-format.
5. How many questions are on the test and what is the minimum passing grade?
There are 120 questions in a combination of multiple choice and true or false formats. You will have two and a half hours to complete the test. A perfect score is 500 but you must score 350 (70%) or higher to pass the test.
6. Where do I go to take the test and is there a fee?
The test is administered by Prometric and can be taken at any one of its more than 260 sites throughout the U.S. The test fee is $116 and must be paid each time you take the test.
7. By what date must I pass the test?
Preparers must pass the competency test and a tax compliance chech by December 31, 2013.
8. Do I have to pass the test more than once?
No. Passing the test is a onetime requirement to become a RTRP.
9. Must RTRPs comply with any annual requirements?
Yes. Starting in 2012 you must complete 15 hours of continuing education each calendar year. The 15 hours must include two hours of ethics. three hours of federal tax law updates, and 10 hours of other federal tax law courses. These courses must be taken from an IRS-approved vendor.
10. Where can I find more general test information?
For more information on the testing requirements go to:
http://www.irs.gov/taxpros/article/0,,id=239683,00.html
RTRPs representation rights are limited to representation before certain IRS officers and employees and only in connection with returns they signed.
If you’re looking for an IRS-approved CE vendor with RTRP prep courses to help you pass the test and all the continuing education courses needed to stay current with the latest changes in federal tax law and fulfill the ethics requirement, then visit Checkpoint Learning.
Tuesday, April 24, 2012
How to Succeed in Business… Just Ask!
Ask whom, you might wonder? The answer: your customers. Often businesses try to tell customers what they want rather than asking them what they need, and then fulfilling that need. Companies that do not listen to what their customers are saying can suffer grave consequences, as evidenced by the recent bankruptcy of the Eastman Kodak Company. How could a venerable company like Kodak that has been around for over 132 years, come to such an end? The answer: not listening to its customers. Kodak’s film business was its cash cow, so when customers began moving away from film and on to digital photography Kodak was concerned that if they moved with them it would cannibalize its film business. This concern made the company reluctant to embrace the new technology, even though Kodak invented it back in 1975. Other camera companies, like Cannon, listened to their customers, saw the opportunity and quickly began to address the needs related to digital photography. By the time Kodak realized that its future was not going to be selling film, it was too late. Their competitors had left them behind. In contrast to Kodak, the Encyclopedia Britannica, Inc. listened to what its customers were saying and made the move to digital publishing. They recently announced that they will no longer offer the 32 volume encyclopedia in a printed format. The company said it had been exploring digital publishing since the 1970s and published the first online encyclopedia in 1994. Wikipedia, the free online encyclopedia, didn’t come along until January 2001. Customers don’t always know what they want and they may think they want something they don’t need. So don’t ask them what they want; ask them what they need or ask them to identify their biggest challenge. You just might be able to provide them with a solution. What do you think?
Thursday, April 19, 2012
Yellow Book CPE Requirements: A Video Update
Winford Paschall, CPA, sat down with Robin Thompson to answer some questions on the CPE requirements under Generally Accepted Government Auditing Standards (GAGAS, also known as Yellow Book) for professionals who perform audits or attestation engagements, including the 80/24/20 continuing education equation.
Visit our website to browse CPE courses and solutions that will help you meet Yellow Book CPE requirements: cl.thomsonreuters.com/CPESolutions/YellowBook
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