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DEBITS AND CREDITS

Happy Holidays

VOLUME 68 ISSUE 7 – DECEMBER 2016/JANUARY 2017

Published by Independent Accountants Association of Illinois Affiliate of the National Society of Accountants

Education Corner….

Wow! I cannot believe that 2016 is coming to a close. This year has flown by. I would like to thank each and every one of you who attended a seminar in 2016! I would also like to extend a special thank you to my committee members for all of your hard work throughout the year! Because of all of you, we were able to once again have a successful seminar season.

Heather Johnson, Education Chair

Here’s what you can plan for in 2017:

2017 IAAI EDUCATION CALENDAR – TENTATIVE AUGUST 8/28/17 - Practice Management - 8 hours - Taxspeaker (Bob Jennings) - Northern, IL

SEPTEMBER

9/25/17 - Trusts & Estates - 8 hours - Chris Bird - Bloomington 9/26/17 - S-Corps - 8 hours - Chris Bird - Bloomington

OCTOBER 10/25 - 10/26/17 - 1040 Update - 16 hours - Chris Bird - Springfield

NOVEMBER 11/6-11/7/17 - 1040 In Depth - 16 hours - Taxspeaker - Chicagoland

DECEMBER 12/12-12/13/17 - 1040 In Depth - 16 hours - Taxspeaker - Chicagoland

OTHER 8 hours of Accounting will be offered in multiple locations for a lesser cost in more small group format.

8 hours of ILLINOIS tax in the Chicagoland area presented by State agency speakers.

Fed/State Update Seminars will hopefully return in the fall.

ACAT and/or EA classes will also be offered.

As the holiday season is underway, we the executive committee and executive office want to take

a moment to wish you and yours a joyful holiday season and a successful filing season. Thanks

for your all support (your time) and loyalty in attending state and local chapter activities during

this past year. It is your commit to IAAI that allows us to grow and deliver the best tax CPE in

Illinois.

Please enjoy this holiday season, and we'll see you in 2017!

Sincerely Norman Regitz Jr., President

Message from the President

IAAI Mission StatementIAAI Mission Statement

We will provide accounting and tax professionals with the very best in education,

representation, legislative alertness, cutting edge technology, and opportunities

to interact with other professionals.

DALE & GENSBURG, P.C. 200 W. Adams St, Suite 2425

Chicago, Illinois 60606 • 312-263-2200

Handling the legal needs of closely-held businesses From asset and stock sales to real estate transactions

to income and estate tax planning. Also emphasizing representation of individuals

and businesses before the Internal Revenue Service and the Illinois Department of Revenue.

IAAI MEMBERS SERVE OVER AN ESTIMATED

500,000 ILLINOIS BUSINESSES AND RESIDENTS.

PAGE 2 DEBITS AND CREDITS

NSA State Director’s Message

I hope you had a wonderful Thanksgiving. We, as a nation, have every right to give “Thanks” for the blessings we’ve enjoyed during the past year. Yes, we’ve had some trage-dies, but we have much to be thankful for. We were free from war in our homeland; although it was contentious – we had a safe and peaceful election; and look forward to a smooth, peaceful transition of power in January. Our farmlands were fertile, the weather was tolerable and we harvested a “bumper” crop across the midland this fall. We should also be thankful for the outpouring of generosity of our fellow Americans for those in need, both here at home and abroad. We might even go so far as to give thanks for the PATH Act, which gave us the peace of knowing how the extensions would be handled of expiring legisla-tion before the panic of the December and January preparation periods for the next tax sea-son.

I would like to wish you a Merry Christmas and a Happy Hanukkah for this season of renewal and rejuvenation. We hope you find peace and happiness in everything this season has to offer: the parties; time off; vacations before the new tax season; and, most importantly, time with family and friends. This is a time to look forward to a new year, with all its promise, opportunities and challenges. We look forward to seeing and serving you in the new year. Raymond W. Heinen NSA State Director

SAVE THE DATE & PLAN NOW TO ATTEND the IAAI 68th ANNUAL CONVENTION

\\\\

JUNE 26-27, 2017 - MOLINE, IL

Enjoy dinner and a cruise aboard the Celebration Belle, on the Mississippi River. More information and registration coming soon.

VOLUME 68 - ISSUE 7 PAGE 3


2017 Every Wed Morning during Tax Season 7:30 am Chapter 4 Breakfast Meeting Parkway Restaurant 815-895-6700 605 E. State St, Sycamore, IL 60178 Call Dick Snow 815-756-9386 or Peg Vitkus 815-895-9407 January 4 8:30 am—4:30 pm Chapter 14 Western Illinois Area Chris Bird Forms Seminar Best Western Prairie Inn 309-343-7151 I-74 East Main Street (Exit 48), Galesburg, IL 61401 Contact Paul Bowman 309.786.4439

January 7 Chapter 16 Annual Last Minute Tax Workshop Speakers: Larry Odelson & Ed Fatla Moraine Valley Community College 9000 College Parkway, Palos Hills, IL 60465 January 21 Chapter 2 Annual Tax Preparers Tricks Traps & Pitfalls George A. Smith EA, Speaker Radisson O’Hare Chicago Touhy & Route 45, Des Plaines, IL 60018 Richard Allen 708.448.0240

CSSI AD (NEW)

IAAI @ the Rail Legislation Committee News for IAAI Members

Submitted by: Daniel E. Setters, EA,ABA,ATA,ATP,ARA: IAAI Past President: 1993-1994 & 2012-2013; NSA Past President: 2003-2004, ACAT Past President: 2009-2011

Legislation Committee, Chair: 1996-2012 & 2013-Present, East Central Chapter Treasurer: 1998-Present In cooperation with the IAAI Legislation Committee

It's that time of the year where we take a brief pause to reflect, ponder and evaluate our circumstances. What else can you do when the outside temperature is hovering around zero? Well, we have been actively updating our tax software, getting past the install nuances, reading the new and improved capabilities and questioning why we are going through this aggravation yet again. Having listened to, read about and seen any number of dysfunctional attempts to avoid solving the financial problems in Illinois, the time to tune it all out has arrived. We are hearing about any number of attempts to gain access to our client financial information and the need for us to provide better security in the process. Sophisticated passwords, multiple levels of data storage with encryption and training on how to better protect our client's data has become a new way of life in our very technical world. How flexible are you to adapt to these very robust changes in the tax preparation business? The tax code hasn't changed much this year but how we apply the existing changes has moved more rapidly for those of us stuck in the prior century. Tax practitioners are required to do more "due diligence" prior to completing a return for electronic submission that includes bank verifications and tuition document postings heretofore not required. Are you beginning to feel like an uncompensated IRS field auditor? This is why being a member of an organization such as IAAI, NSA or ACAT allows you to share thoughts and opinions with someone else in the same line of work that understands such comments without a need to explain yourself. Membership has value far beyond CPE, benefits and volunteering. Professional experiences are not borne alone but can be shared with like minded individuals to lighten the load and provide outlets for frustration, stress and experiences. We are in this together and that is a bond stronger than simply existing. Speaking of existing, look at our General Assembly. It met, floated a lot of thoughts - both good and not so good - and adjourned without accomplishing much of anything. Well, they did vote to keep two energy production facilities on line for the next ten years which is good for the I-74 corridor, a/k/a downstate Illinois. Locally we think that was a good thing. So the General Assembly has something to crow about but it tails off quickly after that accomplishment. Now we await the seating of our new legislators, seven new members, in January and have a chance to watch what happens thereafter. The leaders will remain the same so don't expect much to change. If you are an Accredited Tax Preparer, ATP, or Accredited Business Accountant, ABA, then you are exempt from the IRS's voluntary Annual Filing Season Program, AFSP, record of completion annual examination program. My primary question is why would someone opt to be tested annually rather than earn an exemption via the ATP, ABA, (Enrolled Agent) EA, CPA or Esq. pathway? Contact IAAI at www.illinoisaccountants.com or go to www.acatcredentials.org and learn more about the ATP, ABA credentials and EA review classes. On behalf of the IAAI legislation committee we wish everyone a Happy, prosperous, and productive New Year.


Chicago IRS PLM Meeting, December 7, 2016

APPEALS - Attorney DONNA HAINESBERY is the NEW IL Chief of Appeals. IL cases only are being re-viewed by the only team of 11 people. They are doing face to face, telephone conference, correspondence - they will not transfer cases. Appeals has to make an initial contact within 45 days. AJAC - the same examiner from the begin-ning will continue to be involved with document cases.

IRS RECORDS - IRS paper records are destroyed after 7 years, as well as their digital records are unavailable after 7 years. To obtain information from IRS they are giving CD's rather than paper.

ESTATES & GIFTS - Year 2016-$5.54 mill. assets are tax exempt; $ 14,000 gift total. Year 2017 -$5.49 mill. assets are tax exempt; $ 14,000 gift total. For all estates after July 1, 2016, Form 8971 must be filed. Thirty (30 days) after Form 706 is filed, Form 8971 is due which all beneficiaries must receive. Otherwise, there is a $ 260 per beneficiary penalty. After June 30, 2015, an IRS Estate Closing Letter must be requested, after 6 months of the estate closing.

SB/SE AREA COUNSEL - The DOJ (Department of Justice) are now handling the bankruptcy claims instead of Counsel. Counsel is now Advisory Opinions - 3rd party liens; Fbar penalties which are willful; Stat Notices of Fraud, unreported retirement income - burden of proof is on taxpayer - Counsel wants to WIN! TAXPAYER ADVOCATE - Their job - PROTECT TAXPAYER RIGHTS! A T/P/advocate assigned to a case now stays with that case all the way through. ITIN issues - 2013-2015 numbers are no longer usable; ITIN'S MUST BE RENEWED for Year 2016 tax returns. For 2016 tax returns, the ENTIRE REFUND will not be released until Feb. 15, 2017, if the return contains The Earned Income Credit or Child Tax Credits. Ten Mill. ITINS have to be renewed - IRS will accept the 2016 tax return but it won't be processed for up to 9-10 weeks! NO REFUND availa-ble either!

COLLECTION - Revenue Officers are OUT IN THE FIELD! IF a POA is ON FILE for the taxpayer or business, they will honor it. Otherwise, they are cold calling on businesses - IRS is getting 21% more compliance with face-to-face taxpayer meetings. ALL UNPAID EMPLOYMENT TAXES are getting HARD LOOKS! Tax preparers need to BEWARE of their client's employment tax issues! PRIVATE DEBT COLLECTION AGENCIES will begin April 15, 2017, collecting all IRS TAX DEBTS in arrears - not the current year tax debt.

AUDIT INCREASE - Partnership and S-Corporations, Offshore; NRP cases (line by line audit); PREPARER VIS-ITS! IRS wants to see controls used for preparing taxes, type of software, bookkeeping, etc. used by preparers and businesses. ID THEFT cases - IRS issues a LETTER FIRST - LATER A CALL! All ID Theft cases receive a new letter in Dec. every year with a new pin. All businesses with 50 or more employees MUST ISSUE FORM 1095C. Chicago area has 20 NEW HIRES for audits!

OFFERS IN COMPROMISE - and Installment Agreements - go to IRS.GOV, enter Offers or Installment Agree-ment - you can now put in basic information, not the ID #, and receive an idea if the offer or installment can be done! Remember - ALL TAX RETURNS MUST HAVE BEEN FILED!

TIGTA - Use their website to report IRS Treasury Checks stolen; IRS ID scams. Remember, taxpayers who fall prey to the scam calls - money paid out is GONE! Inform your tax clients - immediately freeze bank account, don't buy ITune cards, etc. Do NOT fall for these telephone scams. Have clientele IMMED. CALL YOU!

IL WEBSITE - This is a great help to other states re: bankruptcy cases, easement audit tests; back up withholding; practitioner protection; private debt collection, find out how much you owe, IMRS - Issues that are moved "up the ladder" to IRS.

DEBT COLLECTION - They are after inactive accounts. Practitioners - immediately get a POA on file with IRS so you receive the notices; otherwise, taxpayer/business may ignore their notices!! REVENUE OFFICERS are now TRAINED TO COLLECT MONEY! There is $ 59 BILLION in unpaid employment taxes owed to IRS!! COLD CALLS to the businesses are the TARGETS!

Submitted by IAAI members attending this meeting.


IAAI Membership Corner….. I joined the Independent Accountant’s Association of Illinois about 15 years ago mainly because as a C.P.A. I felt that the Illinois C.P.A. Society and the AICPA had absolutely nothing to offer to small independent accounting and tax firms. I remember looking for information on Illinois tax and signing up for an IAAI sponsored Illinois Tax Seminar as a non-member. The seminar was an eye opener for me and I applied to become a member of IAAI during the af-ternoon break.

Since joining, I have been an active member in both the Chapter level and the State level. There are many benefits that members receive from IAAI but by far the 2 most important ones for me were and still are:

Networking with other small practitioners, being able to pick their brain when tough tax questions arise and letting them pick my brain when they need help.

• Being able to get quality, relevant education and CPE at a cost for members lower than other seminars providing live instruction. This includes not only Federal tax seminars, but also Illinois tax seminars, accounting seminars, retirement seminars, technology seminars, marketing seminars and HR seminars, all of which are helpful to me and make me more valuable to my clients.

It doesn’t matter if you’re a C.P.A., an EA, an ATP, an ATA or a non credentialed tax preparer. Everyone is welcome and everyone can take advantage of the great education programs presented in various locations throughout the state from May to December each year. If you are not credentialed, we offer classes for becoming an ATP, an ATA and even an EA each year. And we all know the importance of having credentials in the current IRS environ-ment.

I personally can’t think of any reason not to be a member of IAAI. It only costs $199 each year and the benefits the organization provides to tax preparers and accountants are priceless. The organization’s mission statement says it all:

“We will provide accounting and tax professionals with the very best in education, representation, legislative alertness, cutting edge technology and opportunities to interact with other professionals.”

For me, the association has certainly done all of that and more. One of my long term goals has been to leave a legacy for my daughter. After working for me for about 8 years, doing mostly individual taxes and handling the administra-tive chores of my 2 offices, she took the IAAI sponsored EA course and passed all three sections the first time. I have faith that with the help of IAAI’s programs, she will be successful in continuing the business into the future.

So, if you’re currently a member, I urge you to take advantage of the education and networking by joining us at the upcoming seminars. If you are not a member, I encourage you to join now, at a reduced pro-rated cost for the re-mainder of the year and then take advantage of our upcoming seminars at the member cost. Give IAAI a try and see what we can do for you.

To join or to get more information about the association, either call me at (847) 229-0177 or call the association office at (800) 222-2270.

Joel Shabsin, 2nd Vice President

Chapter 1 Robert Cameron Springfield, Illinois

Rose Marie Doyle Springfield, Illinois Chapter 2 Jose Alexis Bolanos-Calderon Chicago, Illinois

Teresa B. Jones Chicago, Illinois

Chapter 3 Timothy Kenney Cornell, Illinois

Chapter 14 Michael Wiegand Galesburg, Illinois

Margaret E. Gasow Galesburg, Illinois

Chapter 16 Maria Delre Orland Park, Illinois

Lawrence Van Drunen South Holland, Illinois

Chapter 18 Ned Chamlin Morton Grove, Illinois

James Perkins Arlington Heights, Illinois

Richard J. Pfleeger Arlington Heights, Illinois

Thomas G. Smith Elk Grove Village, Illinois

Welcome New Members…..


IAAI SOUTH COOK COUNTY CHAPTER #16IAAI SOUTH COOK COUNTY CHAPTER #16

ANNUAL “LAST MINUTE” TAX WORKSHOPANNUAL “LAST MINUTE” TAX WORKSHOP “THE “THE TAXBOOKTAXBOOK ” REVIEW (GROUP LIVE)” REVIEW (GROUP LIVE)

SATURDAY, JANUARY 7TH 2017 SATURDAY, JANUARY 7TH 2017 ~ ~ SPEAKER: LARRY ODELSON, CPASPEAKER: LARRY ODELSON, CPA WE WILL BE PROVIDING A COMPLETE REVIEW OF THE 2016 TAX CHANGES INCLUDING ACTUAL AND POSSIBLE CHANGES AS A RESULT OF THE PRESIDENTIAL ELECTION. OUR EM-PHASIZE WILL BE ON THE CHANGES FOR THE 2016 YEAR AND FUTURE YEARS. EXAMPLES WILL BE GIVEN SHOWING HOW TO INCORPORATE THESE CHANGES FOR OUR CURRENT CLI-ENTS. DISCUSSIONS WILL INCLUDE SOCIAL SECURITY AND MEDICARE AS AFFECTED BY MAGI, DSUE, OVERTIME RULES (IF APPLICABLE), CAPITALZATION VS EXPENSE AS THEY RE-LATE TO OUR CLIENTS PLUS MUCH MORE. THIS YEAR A SUMMARY FROM THE IRS ILLINOIS PRACTITIONER LIAISON MEETING (PLM) HELD DECEMBER 07, 2016 WILL BE SUMMA-RIZED. INCLUDED WAS A DISCUSSION WITH THE IRS ILLINOIS FIELD COLLECTION TERRI-TORY MANAGERS ON THEIR NEW INITIATIVES FOR THE YEAR. THIS IS A MUST TO HEAR RE-GARDING FACE TO FACE COMMUNICATION WITH OUR CLIENTS AND HOW PRACTITIONERS ARE AFFECTED.

WE WELCOME BACK LARRY ODELSON, CPA AS OUR PRESENTER AT OUR ANNUAL TAX WORKSHOP. HIS CREDENTIALS ARE MANY INCLUDING BEING A PROFESSOR EMERITUS OF BUSINESS FROM MORAINE VALLEY COMMUNITY COLLEGE WHERE HE TAUGHT FOR 35 YEARS. LARRY WILL ALSO PRESENT TAX SAVING TECHNIQUES HE HAS INCORPORATED IN-TO HIS ACCOUNTING PRACTICE. HE WILL PRESENT AN INDEPTH REVIEW OF CURRENT TAX LAW, HOT TOPICS AND BUSINESS ISSUES.

EARLY REGISTRATION IS RECOMMENDED!!!!EARLY REGISTRATION IS RECOMMENDED!!!! YOU MUST PREYOU MUST PRE--REGISTEREGISTER AND PRER AND PRE--PAY IN ORDER TO RESERVE YOUR SPOT!!!PAY IN ORDER TO RESERVE YOUR SPOT!!!

ALL PAYMENTS MUST BE RECEIVED PRIOR TO SEMINAR DATE.ALL PAYMENTS MUST BE RECEIVED PRIOR TO SEMINAR DATE.

LOCATION: LOCATION: MORAINE VALLEY COMMUNITY COLLEGE BLDG M MORAINE VALLEY COMMUNITY COLLEGE BLDG M TIME: REGISTRATON 8:00 AMTIME: REGISTRATON 8:00 AM 9000 W COLLEGE PARKW9000 W COLLEGE PARKWAY, PALOS HILLS, IL AY, PALOS HILLS, IL 6046560465 SEMINAR 9:00 AM TO 4:30 PMSEMINAR 9:00 AM TO 4:30 PM

PREPRE--REQUISITES: NONE COURSE LEVEL: BASIREQUISITES: NONE COURSE LEVEL: BASIC THIS COURSE WILLC THIS COURSE WILL BE USEFUL FOR BEGINBE USEFUL FOR BEGINNERS AND/OR EXPERI-NERS AND/OR EXPERI-ENCED TAX PROFESSIONALS FOR THE UPCOMINGENCED TAX PROFESSIONALS FOR THE UPCOMING TAX SEASON. TAX SEASON. 8 HOURS CONTINUING E8 HOURS CONTINUING ED CREDIT D CREDIT -- TAXESTAXES

(CONTINENTAL BREAKFAST (CONTINENTAL BREAKFAST –– LUNCH & BREAKS INCLUDED)LUNCH & BREAKS INCLUDED) MEMBERS & STAFF MEMBERS & STAFF NONNON--MEMBERS & STAFFMEMBERS & STAFF

$ PAYMENT POS$ PAYMENT POSTMARKED BY 12/24TMARKED BY 12/24 $175.00$175.00 $195.00$195.00 $ PAYMENT AFTER 12/24$ PAYMENT AFTER 12/24 $195.00$195.00 $215.00$215.00

FEE INCLUDES “THE TAXBOOK DELUXE EDITION PLUS” THE PUBLISHED PRICE FOR THIS BOOK IS $87.00

MAKE CHECK PAYABLE TMAKE CHECK PAYABLE TO: SOUTH COOK IAAIO: SOUTH COOK IAAI MAIL TO: BABARA GREENHAM-CONWAY, 815 N LARKIN AVENUE, JOLIET, IL 60435

NAME__________________________________ E-MAIL_______________________________________________

ADDRESS_____________________________CITY, STATE, ZIP___________________________________________

IAAI (Independent Accountants Association of Illinois) is registered with the National Association of State Boards of Accountancy (NASBA) as sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual course for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website www.learningmarket.org.



New Internal Revenue Service Form 8971: Reporting Information Regarding Beneficiaries Acquiring Property from A Decedent

PREPARED BY: DALE & GENSBURG, P.C., 200 WEST ADAMS STREET, SUITE 2425, CHICAGO, IL 60606 PHONE: (312) 263-2200

The Surface Transportation…Act of 2015 requires executors (i.e., the persons or entities responsible for filing a decedent’s estate tax return) of an estate and other persons who are required to file Form 706, to report the final estate tax value of property distributed or to be distributed from the estate, if the estate tax return is filed after July 2015. Form 8971, along with a copy of every Schedule A, is used to report values to the IRS. Further, one Schedule A must be provided to each beneficiary receiving property from an estate.

PROVIDING SCHEDULE A TO BENEFICIARIES The instructions specifically provide that each beneficiary should only be given a copy of that beneficiary’s own Schedule A. The “executor” or other person filing Form 8971 should not give or provide a copy of the Form 8971, with or without attached Schedule(s) A, to any beneficiary.

CONSISTENCY REQUIREMENT As a general rule, certain property received by a beneficiary may be subject to a consistency requirement, meaning that the beneficiary can’t use a value higher than the value reported on that beneficiary’s Schedule A as the beneficiary’s initial basis in the property. Indeed, almost all inherited property will be subject to this general rule.

WHEN TO FILE Form 8971 (including all attached Schedule(s) A) must be filed with the IRS (and, as set forth above, only a beneficiary’s Schedule A is to be provided to the beneficiary listed on that Schedule A), no later than the earlier of:

The date that is 30 days after the date on which Form 706 is required to be filed (including extensions) with the IRS; or the date that is 30 days after the date Form 706 or Form 706-NA is filed with the IRS.

SUPPLEMENTAL FORMS 8971 AND SCHEDULES A The value of the property to be reported on the initial Form 8971 and the attached Schedules A is the fair market value of the asset as reported on the estate tax return. However, the final value for purposes of the federal estate tax may differ from that reported on the estate tax return. A value is considered “final” when:

The value of the property shown on an estate tax return filed with the IRS isn't contested by the IRS before the period of assessment expires;

The value of the property is specified by the IRS and isn't timely contested by the estate (or other person required to file under section 6018(b)); or

The value of the property is determined by a court or pursuant to a settlement agreement with the IRS, including the resolution of a claim for abatement or refund.

PART I — DECEDENT AND EXECUTOR INFORMATION Enter the SSN of the decedent. If the decedent didn't have an SSN, the executor (or other person required to file Form 706) should obtain one for the decedent by filing Form SS-5, Application for a Social Security Card. Form SS-5 may be obtained online.

PART II — BENEFICIARY INFORMATION A beneficiary is an individual, trust, or other estate who has acquired (or is expected to acquire) property from the estate. If the executor is also a beneficiary who has acquired (or is expected to acquire) property from the estate, the executor is a beneficiary for purposes of the Form 8971 and Schedule A.

Column A. Enter the name of each individual, trust, or other estate that acquired (or is expected to acquire) property from the estate. Retain a copy of the Form 8971 (including all attached Schedule(s) A) for the estate’s records.

Column B. Enter the TIN of each beneficiary listed. If the executor of the estate solicited a beneficiary's TIN in writing and hasn’t received it, enter “requested” and attach a copy of the solicitation to Form 8971 to avoid inquiries from the IRS. A supplemental Form 8971 and corresponding Schedule A must be filed with the IRS once the TIN has been obtained.

Column D. For each beneficiary, enter the date on which the executor gave Schedule A to the beneficiary.

SUMMARY In addition to the various filing requirements we have set forth above, it is our suggestion that, until the IRS issues additional regulations or instructions, Form 8971 preparers should attach to the form an additional schedule showing those assets, and their estate tax values, that do not receive a basis adjustment, such as individual retirement accounts. In this way, accountants can rest assured that the figures delineated on the Form 8971, whether or not eligible for a basis adjustment, fully tie out to the Form 706.


Illinois Employers Should Be Hyper Alert to an Employee’s First 30 Working Days

By Nancy E. Joerg, Esq. Managing Shareholder – St. Charles Office Wessels Sherman Joerg Liszka Laverty Seneczko P.C., St. Charles, Illinois, (630) 377-1554

[email protected] www.wesselssherman.com Recently a client asked if she could fire an “at-will” employee who was working less than “90 days.” Within this question, I could see many employment law concerns colliding with each other and causing confusion. In this article, I will clarify these confusing issues with the hope that it will help many readers. 90 DAY RULE IS OFTEN FOR BENEFITS PURPOSES: First, 90 days is a common parameter that employers primarily use for benefits purposes. In many companies, health insurance benefits do not kick in until the employee has been with the company for 90 days. But that 90 day rule has nothing to do with “employment at will” or whether the company will “be charged” by the Illinois Department of Employment Security (IDES) if the employee quits or is fired and gets unemployment insurance benefits. FOR ILLINOIS UNEMPLOYMENT INSURANCE BENEFITS PURPOSES, THE RULE IS 30 WORKING DAYS: For unemployment insurance purposes in Illinois, the critical measure is 30 working days. Under the Illinois Unemployment Insurance Act, a company will usually not be charged for an ex-employee’s unemployment insurance benefits if that ex-employee did not work for the company at least 30 working days.

Important Tip: Therefore, I often tell clients that they should have a calendar to mark off the first 30 working days of a new employee. It is wise to decide, well before the end of the 30 working days, if a company really wants to keep a new employee. A company becomes a “chargeable employer” for purposes of the Illinois Unemployment Insurance Act if the employee works for the company for 30 working days. This is an extremely simple rule that employers should keep in mind because, if properly used, it is a wonderful way for a company to help keep its unemployment insurance rate down.

EXAMPLES OF HOW TO CALCULATE 30 WORKING DAYS: Below are some examples of how to calculate 30 working days in the confusing situations of where an employee works on a shift, becomes ill, or has a variation in work schedule:

(1) The individual begins his shift at Noon but becomes ill fifteen minutes later. Since the individual performed services for the employer for fifteen minutes, one day is counted toward meeting the 30-day requirement.

(2) The individual works a shift which begins at 10:00 p.m. on Monday and ends at 7:00 a.m. on Tuesday. While this individual performs services for this employer on two calendar days, for the purpose of determining whether the 30 day requirement has been met, the individual’s shift counts as only one day of service (Monday).

(3) The individual is scheduled to work on a certain day but fails to report for work because he is ill.

Even if the employer provides paid sick leave to the individual for that day, it will not be counted toward the 30-day requirement. He did not work.

(4) The individual’s normal shift begins at 3:00 p.m. and ends at 11:00 p.m. However, he is required to

work four hours of overtime every day so that he does not complete his shift until 3:00 a.m. This shift still counts as only one day toward the 30-day requirement.


SHIFT COVERING TWO DAYS: If a shift covers two calendar days, only one day is included in determining whether the 30 day requirement has been met. The day used (for determining whether the 30 day requirement has been met) is the one on which the individual’s shift began. NON-WORKING DAYS ARE NOT COUNTED: Paid sick days, vacation days, holidays or other similar paid, non-working days are not counted toward meeting the 30 day requirement. If an individual is paid to “stand by” for the day but doesn’t actually work, that day is not counted towards meeting the 30 day requirement. RARE SITUATIONS WHERE AN ILLINOIS EMPLOYER CAN BECOME A CHARGEABLE EMPLOYER EVEN IF AN EMPLOYEE WORKS LESS THAN 30 WORKING DAYS: An employer may also become the chargeable employer after less than 30 days if it was the single employer who paid wages to the individual permitting the individual to requalify for benefits after a previous disqualification under Section 601 (voluntary leaving), 602 (misconduct), or 603 (refusal of work). To further complicate things, the only way the individual can requalify is if he/she earns an amount equal to or in excess of his/her current Weekly Benefit Amount in each of four calendar weeks. LESSON TO BE LEARNED: The lesson to be learned from this article is that all Illinois employers should track the first 30 working days for all new hires and make sure the company is really happy with the new employee. If the company is not satisfied fully with the new employee, the best time to terminate that employee is before the 30 working days lapse.

For assistance with protesting an IDES unemployment insurance claim, contact Nancy Joerg at Wessels Sherman's St. Charles, Illinois office: 630-377-1554 or email her at [email protected].

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IRS Starting to Use Private Debt Collection in 2017 Source: www.irs.gov

The Internal Revenue Service plans to begin private collection of certain overdue federal tax debts as early as spring of 2017 and has selected four contractors to implement the new program. The new program, authorized under a federal law enacted by Congress last December, enables these designated contractors to collect, on the government’s behalf, outstanding inactive tax receivables. Authorized under a federal law enacted by Congress in December 2015, Section 32102 of the Fixing America’s Surface Transportation Act (FAST Act) requires the IRS to use private collection agencies for the collection of outstanding inactive tax receivables.

General Information

As a condition of receiving a contract, these agencies must respect taxpayer rights including, among other things, abiding by the consumer protection provisions of the Fair Debt Collection Practices Act. These private collection agencies will work on accounts where taxpayers owe money, but the IRS is no longer actively working them. Several factors contribute to the IRS assigning these accounts to private collection agencies, including older, overdue tax accounts or lack of resources preventing the IRS from working the cases. The IRS will give taxpayers and their representative written notice that the accounts are being transferred to the private collection agencies. The agencies will send a second, separate letter to the taxpayer and their representative confirming this transfer. Private collection agencies will be able to identify themselves as contractors of the IRS collecting taxes. Employees of these collection agencies must follow provisions of the Fair Debt Collection Practices Act and should be courteous and respect taxpayer rights. The IRS will do everything it can to help taxpayers avoid confusion and understand their rights and tax responsibilities, particularly in light of continual phone scams where callers impersonate IRS agents and request immediate payment. Private collection agencies will not ask for payment on a prepaid debit card. Taxpayers will be informed about electronic payment options for taxpayers on IRS.gov/Pay Your Tax Bill. Payment by check should be payable to the U.S. Treasury and sent directly to IRS, not the private collection agency.

The IRS will continue to keep taxpayers informed about scams and provide tips for protecting themselves. The IRS encourages taxpayers to visit IRS.gov for information including the “Tax Scams and Consumer Alerts” page.

Private Collection Agencies Selected

The IRS will assign cases to these private collection agencies: Conserve, Fairport, New York

Pioneer, Horseheads, New York

Performant, Livermore, California

CBE Group, Cedar Falls, Iowa

If you do not wish to work with the assigned private collection agency to settle your overdue tax account, you must submit a request in writing to the private collection agency.


Accounts Not Assigned To Private Collection Agencies IRS will not assign accounts to private collection agencies involving taxpayers who are:

Deceased

Under the age of 18

In designated combat zones

Victims of tax related identity theft

Currently under examination, litigation, criminal investigation or levy

Subject to pending or active offers in compromise

Subject to an installment agreement

Subject to a right of appeal

Classified as innocent spouse cases

In presidentially declared disaster areas and requesting relief from collection

Private collection agencies will return accounts to the IRS if taxpayers and their accounts fall into any of these 10 situations after assignment to the private collection agencies. Stay Vigilant Against Scams

The IRS urges you to be on the lookout for unexpected scam phone calls from anyone claiming to be collecting on behalf of the tax agency.

The IRS will do everything it can do to help you avoid confusion and ensure you understand your rights and tax responsibilities when it assigns your case to a private collection agency. This is particularly important in light of continuing scams where callers impersonate IRS agents and request immediate payment.

Even with private debt collection, you shouldn’t receive unexpected phone calls from the IRS demanding payment. When people owe tax, the IRS always sends several collection notices through the mail before making phone calls. TIGTA Hotline

To make a complaint about a private collection agency or report misconduct by its employee, call the TIGTA hotline at 800-366-4484 or visit www.tigta.gov or write to:

Treasury Inspector General for Tax Administration Hotline Post Office Box 589 Ben Franklin Station Washington, DC 200440589

To report a threat, assault or attempted assault by a private collection agency employee, contact the TIGTA Office of Investigations with responsibility for your geographic area.



WESTERN ILLINOIS AREA CHRIS BIRD 2016 FORMS SEMINAR PRESENTED BY WESTERN CHAPTER #14

Wednesday, January 4, 2017 8:30 am – 4:30 pm

Best Western Prairie Inn (309) 343-7151

@ I-74 & East Main Street Galesburg, Illinois 61401 (Exit #48 from Moline Area/Exit #48A from Peoria Area)

Yes a lot of items were approved on a permanent basis as part of last year’s extenders bill, to avoid a lot of last minute renewal questions, but our speaker Chris Bird says a surprising number of changes still take effect for coming 2016 returns. And we could see some lame duck changes once the Washington House & Senate get back in session. Affordable care issues will be up to date after this seminar. Child care and credits are going to see some changes as well. Last minute forms changes are always very valuable as we prepare for the coming filing season. Must know by January 2nd your order in hand to have a book printed. For you.

LUNCH WILL BE PROVIDED

FEES: **IAAI MEMBERS AND STAFF __________@ $145.00 = $______________ **IAAI MEMBER & STAFF (4 OR MORE) __________@ $125.00 = $______________ MUST BE FROM THE SAME FIRM NON MEMBER __________@ $190.00 = $______________

REGISTRATION MUST BE RECEIVED BY January 2, 2017 IN ORDER TO HAVE A BOOK AVAILABLE TO YOU.

MAKE CHECKS PAYABLE TO “WESTERN CHAPTER 14”

SEND REGISTRATION AND PAYMENT TO:

BOWMAN ACCOUNTING, INC. P.O. BOX 3878

ROCK ISLAND, IL 61204-3878 (309) 786-4439

**PLEASE LIST NAMES OF REGISTRANTS OTHER THAN YOURSELF,

ON THE BACK OF THIS REGISTRATION FORM.

NAME: ____________________________________________PTIN_________________________________ ADDRESS: _______________________________________________________________________________ CITY/STATE/ZIP: ___________________________________________PHONE: _____________________ Please have your PTIN # with you. We aim to assist you by providing this seminar CPE credit hours directly to the Internal Revenue Service for you.


Take a Good Look at Form 2848 Power of Attorney Instructions Source: Instructions for Form 2848 Power of Attorney

Richard P Allen, EA, Past President, Independent Accountants Association of Illinois

Instructions for Part II Declaration of Representative: Under penalties of perjury, by my signature below I declare that:

• I am not currently suspended or disbarred from practice, or ineligible for practice, before the Internal Revenue Service;

• I am subject to regulations contained in Circular 230 (31 CFR, Subtitle A, Part 10), as amended, governing practice before the Internal Revenue Service;

• I am authorized to represent the taxpayer identified in Part I for the matter(s) specified there; and • I am one of the following:

a. Attorney — a member in good standing of the bar of the highest court of the jurisdiction shown below.

b. Certified Public Accountant — Fully licensed to practice as a certified public accountant is active in the jurisdiction shown below.

c. Enrolled Agent — enrolled as an agent by the Internal Revenue Service per the requirements of Circular 230.

d. Officer — a bona fide officer of the taxpayer organization.

e. Full-Time Employee — a full-time employee of the taxpayer.

f. Family Member — a member of the taxpayer’s immediate family (spouse, parent, child, grandparent, grandchild, step-parent, step-child, brother, or sister).

g. Enrolled Actuary — enrolled as an actuary by the Joint Board for the Enrollment of Actuaries under 29 U.S.C. 1242 (the authority to practice before the Internal Revenue Service is limited by section 10.3(d) of Circular 230).

h. Unenrolled Return Preparer — Authority to practice before the IRS is limited. An unenrolled return preparer may represent, provided the preparer

1) prepared and signed the return or claim for refund (or prepared if there is no signature space on the form);

2) was eligible to sign the return or claim for refund;

3) has a valid PTIN; and

4) possesses the required Annual Filing Season Program Record of Completion(s). See Special Rules and Requirements for Unenrolled Return Preparers in the instructions for additional information.

k. Student Attorney or CPA—receives permission to represent taxpayers before the IRS by virtue of his/her status as a law, business, or accounting student working in an LITC or STCP. See instructions for Part II for additional information and requirements.

r. Enrolled Retirement Plan Agent — enrolled as a retirement plan agent under the requirements of Circular 230 (the authority to practice before the Internal Revenue Service is limited by section 10.3(e)).


Independent Accountants Association of Illinois

The Place for Tax and Accounting Professionals

Taxes and Business under a 2017 Trump Presidency The great election fight is over. What might we expect under a Donald Trump administration? Here are some educated guesses based on his campaign proposals: 1. Corporate Taxes.

a. Lower the basic corporate tax rate from 35% to 15%. Question: Does this mean that there will no longer be a special 35% rate for Personal Service Corporations such as for physicians, dentists, attorneys, accountants, and engineers?

b. Allow U.S. corporations to repatriate foreign profits held offshore to their U.S. holding company at a 10% corporate tax.

c. Eliminate most corporate tax credits except for research and development. d. Allow firms engaged in manufacturing to elect to expense plant and equipment

expenditures in exchange for losing the deductibility of corporate interest expense. e. Businesses that pay a portion of an employee’s childcare expenses can exclude those

contributions from income. Employees who are recipients of direct employer subsidies would not be able to exclude those costs from the individual income tax and the costs of direct subsidies to employees could not be used as a cost eligible for the child care credit.

2. Individual Taxes. a. Collapse the 7 tax brackets into 3 brackets.

1) Low income Americans will have an effective tax rate of 0%. 2) For Married Joint Filers, less than $75,000 taxable income will be taxed at 12% 3) More than $75,000, but less than $225,000 taxable income will be taxed at 25%. 4) More than $225,000 will be taxed at 33%. 5) Single filers will have tax brackets at ½ the above amounts.

b. Retain the existing 20% maximum capital gains maximum rate. c. Eliminate the 3.8% Obamacare tax on investment income, and the Alternative Minimum

Tax. d. Increase the standard deduction from $12,600 to $30,000 for Married Joint Filers, and to $15,000

for single filers. e. Cap total itemized deductions at $200,000 for Married Joint Filers, and to $100,000 for single

filers. f. Repeal the estate death tax. g. Americans will be able to take an above-the-line child care deduction for children under age

13 that will be capped at state average for age of child, and for eldercare for a dependent. The exclusion will not be available to taxpayers with total income over $500,000 Married-Joint /$250,000 Single, and because of the cap on the size of the benefit, working and middle class families will see the largest percentage reduction in their taxable income. The childcare exclusion would be provided to families who use stay-at-home parents or grandparents as well as those who use paid caregivers, and would be limited to 4 children per taxpayer. The eldercare exclusion would be capped at $5,000 per year. The cap would increase each year at the rate of inflation. The childcare exclusion would be provided to families who use stay-at-home parents or grandparents as well as those who use paid caregivers, and would be limited to 4 children per taxpayer. The eldercare exclusion would be capped at $5,000 per year. The cap would increase each year at the rate of inflation.

h. There would be spending rebates for childcare expenses to certain low-income taxpayers through the Earned Income Tax Credit (EITC). The rebate would be equal to 7.65 percent of


remaining eligible childcare expenses, subject to a cap of half of the payroll taxes paid by the taxpayer (based on the lower earning parent in a two-earner household). This rebate would be available to married joint filers earning $62,400 ($31,200 for single taxpayers) or less. Limitations on costs eligible for exclusion and the number of beneficiaries would be the same as for the basic exclusion. The ceiling would increase with inflation each year. All taxpayers would be able to establish Dependent Care Savings Accounts (DCSAs) for the benefit of specific individuals, including unborn children. Total annual contributions to a DCSA are limited to $2,000 per year from all sources, which include the account owner (parent in the case of a minor or the person establishing elder care account), immediate family members of the account owner, and the employer of the account owner. When established for children, the funds remaining in the account when the child reaches 18 can be used for education expenses, but additional contributions could not be made. To encourage lower-income families to establish DCSAs for their children, the government will provide a 50 percent match on parental contributions of up to $1,000 per year for these households. When parents fill out their taxes they can check a box to directly deposit any portion of their EITC into their Dependent Care Savings Account. All deposits and earnings thereon will be free from taxation, and unused balances can rollover from year to year.

3. Affordable Care Act. Changes to broaden healthcare access, make healthcare more affordable and improve the quality of the care available to all Americans. This includes:

a. Eliminate the individual mandate. No person should be required to buy insurance unless he or she wants to.

b. Modify existing law that inhibits the sale of health insurance across state lines. c. Allow individuals to fully deduct health insurance premium payments from their tax returns

under the current tax system. NOTE: This appears to mean an insurance premium deduction to Adjusted Gross Income.

d. Allow individuals to use Health Savings Accounts (HSAs). Contributions into HSAs should be tax-free and should be allowed to accumulate. These accounts would become part of the estate of the individual and could be passed on to heirs without fear of any death penalty. These plans should be particularly attractive to young people who are healthy and can afford high-deductible insurance plans. These funds can be used by any member of a family without penalty.

e. Require price transparency from all healthcare providers, especially doctors and healthcare organizations like clinics and hospitals. Individuals should be able to shop to find the best prices for procedures, exams or any other medical-related procedure.

f. Block-grant Medicaid to the states. Nearly every state already offers benefits beyond what is required in the current Medicaid structure. The state will have the incentives to seek out and eliminate fraud, waste and abuse to preserve resources.

g. Remove barriers to entry into free markets for drug providers that offer safe, reliable and cheaper products.

h. Eliminate the employer mandate for employers of more than 50 full time equivalent (FTE) employees. Also eliminate the 30 hours of service per week for FTE determination.

i. Continue to provide coverage for employee dependents up to age 26. j. Continue to provide coverage for preexisting conditions.

4. Education. These educational items include the following: a. School Choice. Provide a state mechanism for school choice for $12,000 in school choice funds

for every child who today lives in poverty. b. University costs. Ensure universities are making a good faith effort to reduce the cost of college

and student debt in exchange for the federal tax breaks and tax dollars. c. Ensure that the opportunity to attend a two or four-year college, or to pursue a trade or a skill

set through vocational and technical education, will be easier to access, pay for, and finish.

5. Defense. These defense programs items include the following programs which will also increase defense contracts to businesses:

a. Work with Congress to fully repeal the defense sequester and submit a new budget to rebuild our depleted military.

b. Increase the size of the U.S. Army to 540,000 active duty soldiers, which the Army Chief of Staff says he needs to execute current missions.

c. Rebuild the U.S. Navy toward a goal of 350 ships, as the bipartisan National Defense Panel has recommended.

d. Provide the U.S. Air Force with the 1,200 fighter aircraft they need. e. Grow the U.S. Marine Corps to 36 battalions. f. Invest in a serious missile defense system to meet growing threats by modernizing our Navy's

cruisers and procuring additional, modern destroyers to counter the ballistic missile threat from Iran and North Korea.

g. Emphasize cyber warfare and require a comprehensive review from the Joint Chiefs of Staff and all relevant federal agencies to identify our cyber vulnerabilities and to protect all vital infrastructure and to create a state-of-the-art cyber defense and offense.

h. Pay for this necessary rebuilding of our national defense by conducting a full audit of the Pentagon, eliminating incorrect payments, reducing duplicative bureaucracy, collecting unpaid taxes, and ending unwanted and unauthorized federal programs.

6. Trade and Economic Issues. There are many proposals here to bring jobs back to America.

7. Business Regulation and Environment. These defense programs items include the following programs which will dramatically affect business issues:

a. Ask all Department heads to submit a list of every wasteful and unnecessary regulation which kills jobs, and which does not improve public safety, and eliminate them.

b. Reform the entire regulatory code to ensure that we keep jobs and wealth in America. c. End the radical regulations that force jobs out of our communities and inner cities. We will stop

punishing Americans for working and doing business in the United States. d. Issue a temporary moratorium on new agency regulations that are not compelled by Congress or

public safety in order to give our American companies the certainty they need to reinvest in our community, get cash off of the sidelines, start hiring again, and expanding businesses. We will no longer regulate our companies and our jobs out of existence.

e. Cancel immediately all illegal and overreaching executive orders. f. Eliminate our most intrusive regulations, like the Waters of The U.S. Rule. We will also scrap the

EPA’s so-called Clean Power Plan which the government estimates will cost $7.2 billion a year. g. Decrease the size of our already bloated government after a thorough agency review. h. Transform America’s crumbling infrastructure into a golden opportunity for accelerated economic

growth and more rapid productivity gains with a deficit-neutral plan targeting substantial new infrastructure investments. Pursue an “America’s Infrastructure First” policy that supports investments in transportation, clean water, a modern and reliable electricity grid, telecommunications, security infrastructure, and other pressing domestic infrastructure needs.

i. Create thousands of new jobs in construction, steel manufacturing, and other sectors to build the transportation, water, telecommunications and energy infrastructure needed to enable new economic development in the U.S., all of which will generate new tax revenues.

j. Put American steel made by American workers into the backbone of America’s infrastructure. k. Leverage new revenues and work with financing authorities, public-private partnerships, and other

prudent funding opportunities.



l. Harness market forces to help attract new private infrastructure investments through a deficit-neutral system of infrastructure tax credits.

m. Implement a bold, visionary plan for a cost-effective system of roads, bridges, tunnels, airports, railroads, ports and waterways, and pipelines.

n. Link increases in spending to reforms that streamline permitting and approvals, improve the project delivery system, and cut wasteful spending.

o. Employ incentive-based contracting to ensure projects are on time and on budget. p. Approve private sector energy infrastructure projects—including pipelines and coal export

facilities—to better connect American coal and shale energy production with markets and consumers.

q. Work with Congress to modernize our airports and air traffic control systems, end long wait times, and reform the FAA and TSA, while also ensuring that American travelers are safe from terrorism and other threats.

r. Incorporate new technologies and innovations into our national transportation system such as state-of-the-art pipelines, advancements in maritime commerce, and the next generation of vehicles.

s. Make clean water a high priority. Develop a long-term water infrastructure plan with city, state and federal leaders to upgrade aging water systems. Triple funding for state revolving loan fund programs to help states and local governments upgrade critical drinking water and wastewater infrastructure.

Submitted by: Richard P Allen, EA, Past President, Independent Accountants Association of Illinois. Information was obtained from https://www.donaldjtrump.com/policies/

BASE Ad

STEP 3 Calculate Quantity Discount (Total Quantity × Quantity Discount Per Item)

Total Quantity of All Items

(from STEP 2)

Quantity Discount Per ItemQuantity Discount

1 Item

2 Items

3 – 5 Items

6 – 10 Items

11 – 20 Items

21+ Items

$ 0.00 $ 3.00 $ 4.00 $ 5.00 $ 6.00 $ 7.00A (items) × per item per item per item per item per item per item = $ C

STEP 4 Calculate Shipping & Handling Charge (Total Quantity × S&H Charge Per Item)

Total Quantity of All Items

(from STEP 2)

Shipping & Handling (S&H) Charge Per ItemShipping

& Handling Charge*

1 Item

2 Items

3 – 5 Items

6 – 10 Items

11 – 20 Items

21+ Items

$ 7.45 $ 6.45 $ 5.95 $ 5.45 $ 4.95 $ 3.95A (items) × per item per item per item per item per item per item = $ D

* Excludes all online products. Please call for international orders.

STEP 5 Calculate Order Cost (Total Cost – Quantity Discount + S&H Charge)Total Cost

(from STEP 2)Quantity Discount

(from STEP 3)Shipping & Handling Charge (from STEP 4) Order Cost

B – C + D = $

STEP 6 Finalize Your Order

Sales Tax MN residents add 7.275% (Order Cost from STEP 5 × 0.07275) = $

Order Total Order Cost (from STEP 5) + Sales Tax = $

– + =

× =

× =

2016 ORDER FORM

STEP 1 Enter Quantity and Calculate Cost for Each Item

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TheTaxBook SeriesFast-Answer Tax Books

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Deluxe Edition Plus × $ 87 $ 78 = $Deluxe Edition × $ 79 $ 71 = $

1040 Edition Plus × $ 60 $ 53 = $1040 Edition × $ 52 $ 46 = $

Small Business Edition × $ 52 $ 46 = $Health Care & Retirement × $ 59 $ 49 = $

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20 Online Credit Hours × $ 159 $ 119 = $8 Online Credit Hours × $ 89 $ 71 = $

1 Online Credit Hour × $ 16 $ 14 = $AFSP Non-Exempt Package × $ 199 $ 179 = $

AFSP Exempt Package × $ 179 $ 159 = $AFTR Course and Test × $ 72 $ 64 = $

New Tax Law (3 hrs) × $ 45 $ 40 = $Business Entities (4 hrs) × $ 49 $ 44 = $

Moving and Relocation (4 hrs) × $ 49 $ 44 = $Circular 230 Ethics (2 hrs) × $ 38 $ 34 = $

ClientTaxTools SeriesClient Handouts

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FastTaxFacts SeriesTax Reference Charts

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FastTaxFacts Master Set × $ 59 $ 50 = $Health Care Reform/ACA × $ 17 $ 14 = $1040 and Small Business × $ 17 $ 14 = $

Clients With Children × $ 17 $ 14 = $W-2 / 1099 Roadmap × $ 17 $ 14 = $

STEP 2 Total Quantity and Cost Columns

Total Quantity of All Items A Total Cost B

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BESTSeller

BESTSeller

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Tax Materials, Inc.15105 Minnetonka Ind. Rd.Suite 221 Minnetonka, MN 55345

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Independent Accountants Association

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Invitation to Membership Independent Accountants Association of Illinois

Executive Office: P.O. Box 1506, Galesburg, IL 61402-1506 Email: [email protected] Website: www.illinoisaccountants.com

Phone: (800) 222-2270 Fax: (800) 313-2270

Name PTIN__________________________

Business Address__________________________________________________________________________________________

Street P.O. Box _____________________________________________________________________ E-Mail:______________________________ City State Zip+4 Sole Practitioner _____ Partner______ Employee______ Corporate Officer______

Name of Firm ____________________________________________ Business Phone (_____) __________________________

Home Address ___________________________________________ Home Phone (____) ______________________________

Date of Birth _____________________________________________ Fax (____) ______________________________________

Name of Spouse __________________________________________

Years of experience in accounting _________________________ Years of experience in public practice __________

Are you enrolled to practice before the IRS? ______Yes EA #___________________________________________

Are you a Certified Public Accountant? ______Yes CPA # and State________________________________

Are you accredited by the Accreditation Council for Accountancy and Taxation in:

Taxation?____________ Certificate?_______________ Accountancy?___________ Certificate #_____________________

Degree(s) you hold ______________ Years(s) _________ School(s) _______________________________________

Have you ever been a member of IAAI? ___________________ Date: __________________________________________

National or State Tax/Accounting Associations in which you now hold Membership__________________________

___________________________________________________________________________________________________________

The following two references may be contacted as to my character, ability and professionalism: ___________________________________________________________________________________________________________ Name Address State Zip ___________________________________________________________________________________________________________ Name Address State Zip The Membership Status I am applying for with IAAI is: (see back of application for requirements)

Regular $199.00/year __________ Associate $150.00/year __________ Student/year $20.00 ___________

Affiliated $85.00/year __________ Prairie State $25.00/year __________ Employee/year $100.00 ___________

Employers Name_______________________________________________________

Check Enclosed ___________

Charge to my: VISA _______ Master Card _______ Discover _______ American Express _________

Card # ______________________________________________ Expiration Date _________________________________

Which Chapter will you affiliate with? If known: _________________________________________________________

I hereby state that the accompanying statements are correct to the best of my knowledge and belief. I further state that I will abide by the Bylaws of the Association and will practice in strict conformity with the Code of Ethics adopted by the Association. In the event my membership terminates, for any reason, I agree to return my membership Certificate to the Executive Office. Date__________________ Signature of Applicant _____________________________________________________________

Note: A Copy of Applicant’s Professional Stationery and/or Business Card Must Accompany This Application

Sponsoring Member ________________________________________ Membership Number_______________________

Effective 01/1/14


The Independent Accountants Association of Illinois represents accountants and the accounting profession at the state level. Founded in 1949, IAAI, on behalf of the accounting profession, maintains communication with important governmental agencies and congressional representatives in matters related to the accounting field. The Association also provides a forum for members to exchange ideas and information with other accounting professionals. Its members and Board of Directors are dedicated individuals, working as a group to secure the advancement of accountants and the accounting profession. Because of IAAI’s affiliation with the National Society of Accountants, members are also assured of representation at the national level. This kind of broad representation safeguards your rights as a professional practicing accountant.

Membership Classification Accredited Membership (Annual Dues $199.00) (Effective 1-1-14) Persons who (a) have attained the age of twenty-one, (b) are of good moral character, (c) are citizens of the United States or have declared their intention of becoming such, and (d) meet the requirements set forth below:

(1) are actively engaged in the practice of public accounting as their principal occupation and, at the time of application for membership, are in full-time practice, or

(2) are now employed as a senior on the staff of a member in good standing of the Independent Accountants Association of Illinois, or are a senior accountant in either state or federal government accounting departments or subdivisions thereof, and, at the time of application for membership, are so employed, or

(3) are actively engaged in the practice of tax accounting and are authorized to practice before the Internal Revenue Service pursuant to U.S. Department of Treasury Circular No. 230 have completed the required Continuing Professional Education hours; 24 hours required in each calendar year.

(4) have completed the required Continuing Professional Education hours; 24 hours required in each calendar year.

Regular/Active Membership (Annual Dues $199.00) (Effective 4-1-12) All persons as defined in Article III, Section I A-Accredited Member, (1), (2) or (3) who have not qualified for Accredited Membership. Associate Membership (Annual Dues $150.00) (Effective 4-1-12) Persons of good moral character and possessing an interest in accountancy as a teacher or employee engaged in public, private or governmental accounting and/or related employment may be admitted as Associate members. Associate members shall have the right to attend meetings and participate in all educational programs sponsored by the Independent Accountants Association of Illinois. Upon qualification for Accredited or Regular membership, an Associate member must become an Accredited or Regular member. Employee Membership (Annual Dues $100.00) (Effective 4-1-12) Persons of good moral character and possessing an interest in accountancy as an employee of an Accredited, Regular or Life member in good standing of the Independent Accountants Association of Illinois, may be admitted as an Employee member. An employee may not be a principal, partner or owner of more than 5% of a firm. An Employee member will be provided with all membership benefits as related to the Associate member, except the issuance of the monthly newsletter. Student Membership (Annual Dues $20.00) (Effective 4-1-12) Persons pursuing a full-time course of study in accounting, business administration, or related studies at a college, university or business school. Affiliated State Membership (Neighbor) (Annual Dues $85.00) (Effective 4-1-12) Persons who are members of state organizations, which are affiliated with the National Society of Accountants, other than Illinois, may be admitted as “Affiliated State Members” and shall have the right to attend meetings and participate in all educational programs sponsored by the Independent Accountants Association of Illinois. Prairie State Membership (Annual Dues $25.00) (Effective 4-1-12) Persons who are members of their state association, excluding Iowa, Indiana, Wisconsin, Missouri and Kentucky, may become Prairie State Members.

Proration of Dues For New Members (All amounts rounded to the nearest dollar).

Join Month Amount Due April, May, and June 100% July, August, and September 75%

October, November, and December 60% January 25% February and March 100% of the following years dues

IAAI Chapters: Central 1, Chicago 2, East Central 3, Fox Valley 4, Joliet-Kankakee 5, Prairie 8, Southeastern 10, Southern 11, West Suburban 13, Western14,

South Cook County 16, Quincy 17, Northwest Suburban 18, Prairie State 32 PAGE 22 DEBITS AND CREDITS

STATE OFFICERS

Norman W. Regitz Jr EA ABA ATA ATP President

403 Church St, West Chicago, IL 60185-2709 (630) 231-0180 Fax (630) 231-9152

[email protected]

Robert E Kulig EA ABA ARA ATA 1st Vice President

3760 41st St, Ste 12, Moline, IL 61265-6719 (309) 764-4552 Fax (309) 764-5600

[email protected]

Joel Shabsin CPA ATA ATP 2nd Vice President

105 Woodstone, Buffalo Grove, IL 60089 (847) 229-0177 Fax (847) 229-0178

[email protected]

R. Phil Bollheimer ABA Treasurer

49 Walnut Circle, Aviston, IL 62216 (618) 228-7825 Fax (618) 228-7824

[email protected] Vera Kapka Secretary

590 Kirkland Dr, Algonquin, IL 60102 (224) 209-8947

[email protected]

Patrick McGinnis EA ABA ATA ATP Immediate Past President

2531 Division St, Suite 105, Joliet, IL 60435 (815) 744-5500 Fax (815) 744-5527

[email protected]

NSA STATE DIRECTOR Raymond W. Heinen EA ARA

854 W. Bottom Ave., Columbia, IL 62236 (618) 281-7444 Fax (618) 281-3680

[email protected]

NSA DISTRICT V GOVERNOR James Weickgenant EA ATA

612 South Blvd, PO Box 98, Baraboo, WI 53913 (608) 356-9494

[email protected]

EXECUTIVE OFFICE Carmen DeVoss, Executive Assistant

Pamela Whittom, Administrative Assistant P O Box 1506, Galesburg, IL 61402-1506

(800) 222-2270 Fax (800) 313-2270 [email protected]

STATE DIRECTORS

Chapter 1 Barbara R. Sternitzke EA ATA ATP


Chapter 2 Richard P. Allen MBA EA ABA ATA


Chapter 3 Heather S. Johnson EA ABA ATA ATP

(2l7) 351-5010 Fax: (217) 351-5092 [email protected]

Chapter 4 James F. MacIntosh ABA ARA


Chapter 5 Mary S. Carpenter CPA


Chapter 8 Cindy Carey-Butler EA


Chapter 10 Patricia M. Gathe EA ABA ATA


Chapter 11 Brian Kish, ABA ARA ATA

(618) 281-7444 Fax: (618) 281-3680 [email protected]

Chapter 13 Raymond L. Sherretz


Chapter 14 D. Mark Compton EA ABA ARA ATA ATP


Chapter 16 Dale Schwer, EA ARA ATA ATP


Chapter 17 Edward J. Lohman EA ABA ATA


Chapter 18 Sherry Dalgaard EA ABA


DEBITS & CREDITS is designed to provide accurate and authoritative information regarding the subject matter covered. It is provided with the understanding that the publisher is not rendering legal, accounting or other professional services. If legal or expert assistance is required the services of a competent professional person should be sought (adapted from a Declaration of Principles jointly adopted by a Committee of the ABA and a committee of Publishers and Associations.) Statements of facts and opinions are made on the responsibility of the authors and do not imply an opinion on behalf of the officers, directors staff or any member of the Independent Accountants Association of Illinois.


Independent Accountants Association of Illinois PO Box 1506 Galesburg, IL 61402-1506 800.222.2270 Email: [email protected] Website: illinoisaccountants.com RETURN SERVICE REQUESTED

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DEBITS AND CREDITS - Home | IAAI · DEBITS AND CREDITS VOLUME 6 ... thank each and every one of you who attended a seminar in 2016! ... ITIN issues - 2013-2015