With the passage of the “Consolidated Appropriations Act, 2021,” the National Conference of CPA Practitioners (NCCPAP), a national organization of small and mid-sized CPA practices, can claim a major victory for business owners/taxpayers.
Included in this legislation is the provision that all expenses paid for by PPP funds are now fully deductible. We want to thank the members of Congress for taking the concerns of the practitioner community into consideration and including this provision in the legislation.
Domicile is a lesser-known concept that goes beyond where you own property or where you spend most of your time and it is essentially intent-based. Domicile is a person’s fixed, principle, and permanent home or the place they intend to remain or return to, after being absent. While you can have multiple residences across many states, you can only have one domicile for state income tax purposes.
As many small businesses may be hit with a ‘surprise tax’ related to the PPP loans, Mark A. Stewart, Jr., CPA, asks NCCPAP Members to tell their members of Congress to support small businesses by passing S.3612 and H.R.6821, the Small Business Expense Protection Acts of 2020, or H.R.6754, the Protecting the Paycheck Protection Program Act.
NCCPAP Tax Chair, Steve Mankowski, CPA, recently attended the November 2020 IRS meeting. You can read his recap below, highlighting an IRS 2020 summary, technology at the forefront, new smart form availability, and a paper check reduction program.
Neil H. Fishman, CPA, CFE, FCPA, CAMS and Mark A. Stewart Jr., CPA, our respective outgoing and incoming presidents of NCCPAP, were recently featured in an Accounting Today podcast hosted by editor-in-chief, Dan Hood. They share the issues they’ve been working on, and what they see coming for the accounting profession.
Karen J. Tenenbaum, Esq., CPA, LL.M. and Principal/Founder of Tenenbaum Law, P.C. of Melville, NY has been invited to present a number of critical topics at ATS 2020, NCCPAP’s Annual Accounting and Tax Symposium on November 10, 13, 18, and 19. She has participated as a featured speaker for all 18 years—since its inception!
According to Ms. Tenenbaum, “The Tax Symposium is unique in that it brings together top thought leaders and practitioners at a single event. Although I’ll miss seeing my friends and colleagues in person, I appreciate that our co-chairs have worked exceptionally hard so that we can still gather (albeit remotely), exchange ideas, learn from one another, build relationships, and form strategic alliances.” Karen has been a proud member of NCCPAP for over 30 years, including Past Chair of the Tax Liaison Committee of the Nassau/Suffolk Chapter. She continues, “It is a wonderful organization dedicated to educating tax professionals and advocating on behalf of its members, their clients, and the public with respect to tax laws. It is an organization where practicing, experienced practitioners help one another on a regular basis. You can always pick up the phone and get sound advice from a colleague.”
This year’s impressive lineup of speakers includes over 60 knowledgeable thought leaders on a wide variety of topics. They are experienced presenters who are skilled at educating and engaging conference attendees. Ms. Tenenbaum’s sessions at this year’s symposium include: Five Degrees of Perspective on NYS Residency and Hear Directly from the IRS about IRS Tax Collection.
NCCPAP Tax Chair, Steve Mankowski, CPA, recently attended the October 2020 IRS meeting. You can read his recap below, highlighting the following topics: Tax Forums, Online Services, Enterprise Digitalization & Case Management, e-Signature, and the 2021 Get Ready Campaign.
Over the last decade, there hasn’t been much to complain about when it comes to equity performance. Even after the sharp decline seen in financial markets earlier this year, equity indices have rebounded with strength and now sit at or near all-time highs. The resilience, performance, and consistency of the market in the last ten years has been nothing short of impressive—that is, unless you’re a value investor.
Value and growth investment styles are two philosophies that are often compared and studied. The basic premise behind value investing is that companies who are undervalued, based on a variety of metrics, are sought out with the hopes that the market will eventually realize its full worth—it can be thought of as “seeking to buy a dollar for 50 cents”. Growth investing, on the other hand, is less concerned about the valuation of a company and more concerned about current and expected growth rates—even if there is a premium to pay. Growth investing can be thought of as “buying 50 cents for a dollar, expecting to sell it for 5 dollars”.
Newly elected NCCPAP President, Mark Stewart Jr., CPA, issues his first President’s Message. Mark says, “There is no greater honor in this profession than to be recognized by your peers. I am beyond humbled that all of you have put your faith in me to lead NCCPAP, our organization. I promise to do my best in this position, as I have done all the years I have served at NCCPAP-at the Chapter level and the National level.”
He also discusses how NCCPAP has transformed to meet the stay-at-home mandates. Over the past year, NCCPAP has hosted numerous free seminars online. In doing so, Mark says, “NCCPAP touched hundreds of practitioners across the country. Those practitioners touched tens of thousands of small businesses and individuals and I am sure saved countless small businesses and families across the country from financial ruin. Each and every NCCPAP member should be proud of that. We will strive to keep this momentum going.”
Sunita Lough, the Deputy Commissioner for Services and Enforcement of the Internal Revenue Service, will be featured as the first Keynote Speaker at this year’s NCCPAP Accounting & Tax Symposium (ATS 2020) on November 10, 2020. Ms. Lough provides leadership to the four taxpayer-focused IRS operating divisions: Wage & Investment, Large Business and International (LB&I), Small Business/Self Employed and Tax Exempt & Government Entities (TE/GE). She also oversees the IRS Criminal Investigation Division, Office of Professional Responsibility, Online Services, the Return Preparer Office, and the IRS Whistleblower Office. Her remarks will launch an information-packed agenda at this year’s conference taking place virtually on November 10, 13, 18, and 19. Other Keynote Speakers include James C. Bourke CPA, CITP, CFF, CGMA, and Partner/Managing Director Advisory Services at Withum, and Scott Peterson, Vice President of U.S. Tax Policy and Government Relations at Avalara.