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 Mission Society of Enrolled Agents
1080 Minnesota Ave., #1
San Jose, CA 95125
Phone (800) 832-6732
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President's Message
I hope you all are
enjoying your summer and some of our members will be on vacation.
First, I would like to
remind our members that September 15, 2010 is a deadline for filing
Corporation, Partnership and LLC Tax Returns.
IRS will start accepting
Application Mid-September for new PTIN. You need to apply for PTIN even you
have already PTIN and IRS will charge fee $ 64.25. To read more information visits the following
link.
http://www.magnetmail.net/actions/email_web_version.cfm?recipient_id=552575691&message_id=1089779&user_id=NAEA
http://www.irs.gov/taxpros/article/0,,id=221009,00.html
MSEA Education Committee has planned Great Education Topics for Mini Workshops in the month of September to meet Continuing Education
needs of Members. I will encourage all members to support MSEA Education Team.
We
are open to your valuable suggestions to make Education Program even more attractive
in future. New ideas are welcome for next year planning.
We
are looking for Volunteers, if you would like to participate or devote sometime for
Education Committee Programs. You can contact me via email Jessie@
Jessietax.com or Myra Thompson at enrolled2@yahoo.com.
For more information about education programs
and classes Visit MSEA website: http://www.missioneas.org
I would like to invite all members to join MSEA
Board meetings every 3rd Tuesday of the month, this month on September 21, 2010 at Maggiano's, San Jose, CA.
Be a member of MSEA
Team.
Jaswant
S. Jessie, EA
MSEA President 2010-2011 |
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September Mission Society Lunch Meeting
When :Tuesday 20, 2010, Time 10:AM-1:30PM
10:00 - 11:30 Board Meeting - Everyone is Invited
11:30 - 12:00 Mingle & Network
12:00 - 12:30 Lunch / Announcements
12:30 - 1:30 Speaker : Claudia Hill, EA, MBA
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is a nationally recognized tax professional and frequent lecturer on
taxation of individuals, tax planning and practice before IRS. She is
Editor-in-Chief of the CCH, Inc., Journal of Tax Practice &
Procedure. Ms. Hill is owner and principal of Tax Mam, Inc. in
Cupertino, CA. Her firm provides tax preparation, planning and
controversy representation services. She acts as a resource person for
tax topics to news media including Dow, Hearst and Forbes. She has
testified before Congressional committees numerous times. She is an
Associate member of the ABA Tax Section, a Fellow and former Dean of the
NAEA-EF National Tax Practice Insititute, and a speical advisor to the
Government Relations Committee of NAEA. A frequent speaker of CCH Audio
Seminars, Claudia has presented at every CSEA Super Seminar held and
over a decade of IRS Nationwide tax forums.
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Topic : Client Advocacy How far can an Enrolled Agent go in advocating and representing their client?
The Elizabeth B. Chapman V. Commissioner of IRS story
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Location: Maggiano's Little Italy
Santana Row
3055 Olin Ave. #100
San Jose CA 95128
CPE : 1 Hour Federal
Lunch Fee:By reservation $30 on/or before Thursday 09/16/10 by 5pm
or $35 at the door.
RSVP Requested: Sign Up Now! Contact : MSEA Office at 1-800-832-6732 or office@missioneas.org
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What did I learn recently?
Do your math! It is always so easy to assume that we need to look for ways to exclude canceled debt
from income. I have prepared 2 different tax returns lately that each had over $400,000 of canceled
debt and still ended up with an NOL. In both cases the TP's had multiple rental properties lost to
foreclosure or short sale. When either happens, there are 2 separate issues to address, 1 the debt
cancelation, the other is a sale of assets. Under IRC 108(D) you may exclude real property business
indebtedness provided it is acquisition debt, but you must reduce the basis of the property (if there is no
other depreciable real property) prior to calculating the sale. What I have found in these cases the TP's
had both suspended losses and a capital loss on the sale of the property. By first calculating the sale of
the property which released the suspended losses after claiming the COD income they still had an NOL.
So it is important to look at the whole picture prior to assuming that you need to find exclusion under
IRC 108. On a side note if you are having problems finding out what the property sold for after
foreclosure you may want to investigate www.ForeclosureRadar.com.
Alan L Pinck EA
Immediate Past President |
EAs in Action!
Let us know if you are
giving a presentation, receiving an award, promoted, volunteering, or quoted in
the media. We want to ensure that our
members are getting publicity for their contributions to the community, efforts
on behalf of taxpayers and promotion of Enrolled Agents, in general. Send us an email at office@missioneas.org or call (800)
832-6732 and give us the good news.
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MSEA on Twitter!
MSEA is now on Twitter. You can follow-us at www.twitter.com/missioneas. We
will provide reminders of upcoming meetings, educational events and more. Check it out!
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Committee Meetings
PIA Committee Meeting
When: Friday, September 10, 2010
11:30 am -12:30 pm
Location: Mama Mia's Restaurant
200 Hamilton Avenue
Campbell, CA 95008
(408) 379-3333
Attendees: All members are welcome!
For more info: Contact Richard
DeVaney at richard@goldenstatetaxservice.com
Education Committee Meeting
When: Thursday, September 16, 2010
9:30 to 11:00
Location: Telesky & Hernandez Office
2095 Park Avenue
Santa Clara CA 95126
Attendees: All members are welcome!
For more info: Contact Myra Thomson at Myra.J.Thompson@intel.com
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September Anniversaries
09/21/1981 Melinda Meyers, EA
09/13/1982 Lynn K. Telford, EA
09/10/1984 Anthony J. Bugge, EA
09/10/1984 Dilip H. Vyas, EA
09/12/1984 David Barone, EA
09/28/1984 Alice M. Tepel, EA
09/04/1985 Julianne Mazurek, EA
09/30/1985 Gregory Piszczatowski, EA
09/29/1987 Suzanne L. Buck, EA
09/08/1993 Sally Ransone Kane, EA
09/27/1993 Robert R. Goodfellow, EA
09/06/1996 Susan A. Wayne, EA
09/16/1997 Guy L. Plummer, EA
09/01/1998 William A.D. Herrington, EA
09/08/1998 Herbert M. Nagamine, EA
09/12/2001 Ilse Beck, EA
09/18/2006 Elizabeth Lison, EA
09/10/2007 Ernest Hayden, EA
09/18/2008 Stacy Hocking
09/11/2009 Dorothy J. Dupre, EA
09/24/2009 Loan T. Doan, EA
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 Welcome New Members
04/13/2010 Fabio Romero Jr., EA
04/13/2010 Julie B. Shih
04/13/2010 Robert J. Widgren, EA
04/20/2010 Jackie Bovatsek
04/22/2010 Mercedes Capillo, EA
04/22/2010 Bogumila Wojslaw De Lanerolle
06/15/2010 Dolores P. Webb
07/01/2010 Margaret Agustin
07/01/2010 Mary Scherr, EA
08/17/2010 Joseph Afonso
08/17/2010 Arthur Bourdon Jr., CPA
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Click on flyers below to register to any Education Event
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To see a list of other MSEA members and their specialties, click here________________________________________________________________________ |
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Mission Society of Enrolled agents is a chapter of the California  Association of Enrolled Agents www.csea.org. California Society of Enrolled agents is a chapter of the National Society of Enrolled Agents www.naea.org. | |
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