Power Tools for Tax Pros

Have you heard about all of the IRS online tools everyone has been talking about and didn’t have time to explore them?  Make your practice more powerful and efficient by using the newly expanded IRS online tools.  In this webinar, you will be introduced to the different types of IRS online accounts that can be used to help tax professionals and their clients.  Methods to access these accounts will be explained for both tax professionals and taxpayers, including how to manage Power of Attorney Forms, obtain transcripts, review payments and review resolution options for your clients.

Presenters

Sarah A. Fields, EA, NTPI Fellow is a Sr. Manager Tax Controversy with Prager Metis CPAs and Davidoff Tax Law.  As an Enrolled Agent and NTPI Fellow with over 17 years of experience in tax resolution, Sarah has worked with Taxpayer Advocate and top IRS officials to suggest improvements in facilitating resolutions of taxpayer issues.  On a daily basis she represents clients with regard to federal and state tax issues, negotiating installment agreements, offers in compromise, penalty abatements, audits, NYS residency issues and other tax matters for both individuals and businesses.  Sarah is affiliated with the New Jersey Society of Enrolled Agents, Pennsylvania Society of Enrolled Agents and the National Association of Enrolled Agents. 

 Rachel Baldwin, EA is a Tax Controversy Specialist with over 16 years of experience working with taxpayers to resolve their federal and state tax matters with Prager Metis CPAs and Davidoff Tax Law.  As both an Enrolled Agent and a Certified Paralegal, she utilizes her skills to help clients resolve their complicated tax problems.  Rachel regularly attends federal and government agency seminars to get the latest information and appreciates the opportunity to empower practitioners to elevate their practice by sharing her knowledge.  She educates Taxpayers about the tools they have at their disposal to understand and effectively interact with the IRS.  She is a member of both the New Jersey Society of Enrolled Agents and the National Association of Enrolled Agents.  Rachel is proud to serve as a Board Member of the Prager Metis Charitable Foundation and coordinates Prager Metis’ participation in the “Walk to End Alzheimer’s” events nationwide and also volunteers on the Monmouth-Ocean NJ Walk to End Alzheimer’s committee. 

Update on CTA & BOI Reporting February 20, 2025

New Jersey Society of Enrolled Agents Update on Corporate Transparency Act and Beneficial Ownership Information Reporting Requirements – February 20, 2025

We wish to inform you of recent developments concerning the Corporate Transparency Act (CTA) and its Beneficial Ownership Information (BOI) reporting requirements, which are pertinent to many of our clients and stakeholders.

Reinstatement of BOI Reporting Requirements

On February 17, 2025, a federal judge in Texas lifted a previous injunction that had halted the enforcement of the CTA's BOI reporting obligations. This decision follows a Supreme Court ruling that favored the Treasury Department, allowing the enforcement of the CTA to proceed. As a result, companies are once again required to comply with BOI reporting mandates.

The Wall Street Journal

Extended Filing Deadline

In response to the reinstatement, the Financial Crimes Enforcement Network (FinCEN) has extended the filing deadline for BOI reports to March 21, 2025. This extension aims to provide businesses with additional time to gather and submit the necessary information. FinCEN has indicated that it will provide updates before March 21 regarding any further modifications to the deadline.

Landline

Compliance Recommendations

Given these developments, we recommend the following actions:

• Review Applicability: Determine whether your clients' entities are subject to BOI reporting under the CTA. Generally, corporations, limited liability companies, and other similar entities are required to report.
• Prepare for Filing: Advise affected clients to compile the necessary beneficial ownership information promptly to meet the March 21 deadline.
• Stay Informed: Monitor communications from FinCEN for any updates or changes to the reporting requirements or deadlines.

For detailed information on the reporting process and to submit BOI reports, please visit FinCEN's official website at FinCEN.gov/boi. See FinCEN Notice, FIN-2025-CTA1, 2/18/2025.

If you have any questions please feel free to reach out to the NJSEA Government Relations Committee:  [email protected]