AZ passes conformity at last
In the “better late than never maybe” category, the Arizona legislature passed conformity to the federal tax code at the end of May. The law, HB 2757, fully conforms Arizona to the federal tax reform law retroactively to 2018. The conformity for 2018 created an estimated $155 million windfall for the state, which the state is keeping. For 2019, tax brackets and numerous other changes attempt to restore the tax situation to close what Arizona’s tax burden was before than reform conformity. For more info:
No Roundtable for July
The roundtable will not meet in July becasue of the July 4th holiday. In August, the roundtable will return to its first Wednesday morning schedule. For more info, visit the Roundtable page.
IRS releases draft 2020 W-4 form
After much controversy, the IRS is showing off its 2020 W-4 in draft form. IRS reminds that for 2019, the official current W-4 should still be used. Workers are also encouraged to use the new Paycheck Checkup tool.
EA renewal fees jump Nov. 1
The Enrolled Agent application and renewal user fee increases from $30 to $67, effective Nov. 1. That’s the beginning of the next renewal cycle (for SSN’s ending 4, 5 or 6. If your SSN ends in 0-3 (2019 cycle), get your renewal in now before the fee goes up. Applications and renewals are electronically submitted via Pay.gov.
Pima College EA Certificate
Pima Community College has launched an Enrolled Agent Certificate program within its accounting department. Instead of SACEA presenting a SEE prep class this year, some of our members will be teaching the SEE prep classes at Pima. If you know someone who could benefit by becoming an Enrolled Agent, encourage them to look into the EA program at https://pima.edu/programs-courses/credit-programs-degrees/business-careers/accounting/accounting-enrolled-agent-cert.html
IRS announcements & guidance
- Tax Cuts & Jobs Act (TCJA) Center
- Pub 5307, Tax Reform Basics for Individuals and Families
- 20% Qualified Business Income Deduction
- 2019 inflation adjustments: Rev.Proc. 2018-57
- 2019 mileage rates
- Deducting business meals: Notice 2018-76
- FAQ on 20% Deduction for Qualified Business Income
- Section 199A guidance
- Arizona Booklet X
Latest handy numbers
Where can you find the 2019 mileage rates, 2019 tax brackets and 2018 AZ Standard deductions, and oodles of other juicy numbers? At the FAQ page on the AzSEA website, of course.