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Executive Corner
Looking outside at the beautiful colors, I realize that fall is upon us and winter is around the corner. Now is the time to get your CPE credits in for the upcoming tax season! We have both Gear Up and Jennings Seminars available on individual tax. Come to Hudson WI on December 7th and 8th to attend a Gear Up 1040 Seminar or the WI Dells to attend a Jennings 1040 tax seminar on November 30th and December 1st.
The board has been working hard on some legislative issues to protect your right to practice as well as trying to add more benefits for our members. The current board has an ambitious agenda for the year. It is all about our members and how to serve them better. If you have ideas, or something you would like us to offer our members, please let a board member or know or even consider attending a board meeting and present your idea. We are committed to our members and trying to serve them in the best possible way.
One thing that has already been accomplished is a partnership with the WICPA. We have an agreement with them to let their members attend our seminars at the member price. In return, they will let our members attend any of their seminars at their member price. This allows our members access to seminars on a wider variety of topics. To sign up for one of their seminars, you need to connect me and we will give you a password for their website.
Another thing we are doing for our members is offering round table discussions on various topics. Our first round table will be November 30th at 5:00 at the Kalahari. The topic is Creative Solutions Conversion. It is open and free for our members only. To register go to our website at www.waainc.org and it is under the 1040 Jennings Seminar. If you have already registered for this seminar or don't plan on going to the seminar, but want to participate in the round table, please contact my office at 800-237-4080 or 608-325-5250 and we will get you registered for this. You can sign up to be a member of our organization or register for any upcoming seminars by simply going to www.waainc.org.
Jolynn T. McIntosh
WAA Executive Director
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President's Report
Busy season is coming and we all need this time to ready our spirits and minds for the task ahead. Please sign up for seminars you are planning on attending sooner rather than later as it always helps with planning for them.
Your Board of Directors has been very busy since being installed at convention in July. My focus as President will be on Member Benefits. As we progress this year my goal of a growing and vibrant membership association will be attainable. The Board has met several times in the last 2 months and has really pitched in and gotten off to a great start this year.
We have created a Marketing Committee. We have been monitoring and meeting with authorities on the issue of Compilations being an attest service for CPAs in Wisconsin. We are working on putting together a package of information that will be used to provide information to educational institutions regarding the public accounting/ tax preparer career options. We are hosting our first member Roundtable forum November 30 at the Kalahari on Practice Management/ Creative Solutions Accounting Software conversion issues. We have created a Facebook page! (A big Thank You to Mark Nelson, Jr.) Please "like our page" and check it out for information important to you.
Our Northeast Chapter will be holding its first meeting this month after a long period of inactivity. (A big Thank You to 2nd VP Joe Suttner for hosting it). Hats off to our new Executive Director Jolynn McIntosh as she has really hit the ground running and is doing a great job!
I look forward to serving you as your WAA President.
Mark P. Burbey, CPA
WAA President
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Legislative Committee Report
We have not had action in relation to the "or compilation" issue. Upon last contact with Marklein's office there was confusion and ultimately a completely different story than we were getting from the Accountancy Board. Scott Froehlke, I and other committee members will be meeting with officials in Madison on October 21 to try to get some answers rather than run around.
Like most political issues, there can be a variety of view points. I encourage you as members to send me your perspective on this issue so I can also consider them when discussing with our legislators. Thank you.
Paul Kersten, CPA
Chair WAA Legislative Committee
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Online Seminars from the 2015 IRS Nationwide Tax Forums are Now Available
IR-2015-115, Oct. 15, 2015
WASHINGTON - The Internal Revenue Service today reminded tax professionals that they can earn continuing education credits online through seminars filmed at the 2015 IRS Nationwide Tax Forums.
The 2015 online forum seminars cover many topics of interest to tax professionals including:
- Highlights of 2015 income tax law changes,
- Employment tax updates,
- Tax-related identity theft and victim assistance, and
- Overview of the premium tax credit.
The online forums are registered with the IRS Return Preparer Office and the National Association of State Boards of Accountancy (NASBA) as qualified sponsors of continuing education. For a fee, CPAs, Enrolled Agents and Annual Filing Season Program participants taking NTFO seminars can earn continuing education credits. To earn credit, users must create an account, answer review questions throughout the seminars, and pass short tests.
The online forum seminars can also be audited for free. Individuals who choose to audit seminars will not have access to the review questions or final examination and will not receive credit for the seminar.
NTFO also offers many seminars from previous IRS Nationwide Tax Forums. For more information, please visit www.irstaxforumsonline.com.
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Vacation Home Was Not Converted to Rental
This text has been shared with you courtesy of David & Mary Mellem, EAs & Ashwaubenon Tax Professionals.
Robert and Pamela Redisch rented a place in a private oceanfront community in Palm Coast, Florida. They enjoyed it so much, they decided to buy their own place in the community. After the death of their daughter they decided they could no longer stay at the property. Rather than selling it, they decided to rent it out believing they could sell it later at a profit.
They testified they had entered into a contract in April 2008 with a realty company to handle renting out the property. Since the company had many employees who lived in the community the Redisches believed the company would be in the best position to rent out the property. The community was still under development and the realty company showed potential purchasers properties within the community, both vacant lots and newly constructed homes. The realty company would also let prospective clients know the taxpayer's property was available to rent. Mr. & Mrs. Redisch hoped a potential buyer would decide to construct a home in the community and rent their property during the construction. The realty company's apparent activity in regard to the rental was featuring it in a portfolio of rental properties in its real estate offices. The Redisches did not provide any evidence showing other efforts that the realtor took to market the property outside of the community, which effectively limited potential tenants to only those who visited the community.
The Redisches wanted rentals under one-year leases. Only two potential renters inquired about the property, but neither rented the property. One wanted to rent it only for two months and the other had a large dog which conflicted with building restrictions.
In June 2009, disappointed with the prior year's results the Redisches signed with a new realty to sell the property. They sold it in December 2010 at a large loss, claiming the loss as an ordinary loss from the sale of a rental.
IRS and Tax Court disagreed with this position. IRS and Tax Court gave the following factors looked at:
1) The length of time the house was occupied by the individual as his residence before placing it on the market for sale,
2) Whether the individual permanently abandoned all further personal use of the house,
3) The character of the property (recreational or otherwise),
4) Offers to rent, and
5) Offers to sell.
In the Court's opinion, the Redisches did not produce enough evidence to show the property was converted to rental. The marketing of the property as rental was very limited, only two rental offers came in with neither accepted, and they produced no evidence of actions by the second realty company to rent out the property.
Therefore a loss was not permitted from its operations nor was a loss allowed from the sale.
Robert & Pamela Redisch, TC Memo 2015-95
@2015 Ashwaubenon Tax Professionals. No reproduction of this article is permitted without the express written consent of Ashwaubenon Tax Professionals, 2140 Holmgren Way, Suite 1040, Green Bay, WI 54304, 920-496-1065.
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Welcome to our New Members!
John Czech
JR Tax & Accounting LLC
Jelaine Douglas
Felle, Lundgren & Associates,S.C.
Terri Lemahieu
Kerwin & Lemahieu LLC
Pamela Sulima
Schell CPA LLC
John Windpassinger
JW Accounting
Yuly Shih
Porter & Sacks CPAs, S.C.
If any of these new members should not be
granted membership to the WAA please submit your objections to the Executive Director.
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2015
Seminars
Tax Speaker Business Tax Updates (Bob Jennings)
Nov 30-Dec 1, 2015
Mon 8am to 5:00pm
Tues 8am to 4:00pm
Kalahari Resort
Wisconsin Dells, WI
Gear Up 1040 Update
Dec 7-8, 2015 8am to 5:00pm
Hudson House Inn
Hudson, WI
Visit our website at
to register or view the seminar schedule.
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OFFICERS
President:
Mark Burbey,CPA
900 S 10th St.
Manitowoc, WI 54220
(920)682-6661
Mark Nelson Sr. ,EA,ABA,
2581 S. Kinnickinnic Ave
Milwaukee, WI 53207
(414)481-6812
Joe Suttner,CPA
1230 E. Chestnut PO Box 187
Chiton, WI 53014
(920)849-9346
Secretary:
Diane Wollack,CPA
PO Box 275
Waunakee, WI 53597
(608)849-8700
Treasurer:
Ben Gaus,,EA,ABA,ARA
PO Box 356
River Falls, WI 54022
(715)425-7521
NSAStateDirector:
Thomas Adler
1424 N Highpoint Rd Ste 101
Middleton, WI 53562
(608)664-1944
PastPresident:
Paul Kersten ,CPA
610 W. Green Bay St.
Shawano,WI 54166
(715)524-2302
Directors:
Robert Burgardt
414 Hartford Square
Hartford ,WI 53027
(414)520-0863
James Haas, ATP,CTP,CPB
401 Main St Ste 305
La Crosse, WI 54601
(608)784-5507
John Runkel, EA, ABA
3707 Hamilton Ave
Altoona,WI 54720
(715)832-5779
Mark Nelson Jr.,EA
2581 S. Kinnickinnic Ave
Milwaukee, WI 53207
(414)481-6812
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WAA Benefits
Seminars and Educational Forums
Accreditation
Local Chapter Involvement
Government Agency Liaison
Monitor Legislation
Insurance Programs
Accountants Protection Plan
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To raise professional standards and improve the practice of accountancy.
To strive for excellence in the profession.
To encourage accountants in a continuing program of
professional development.
To foster increased recognition for the professional in the public, private and educational sectors of our state.
To initiate legislative action and provide government liaison between the accounting profession and
government leaders.
To provide meetings and fellowship for accountants.
To promote the highest standard of ethical conduct among its member.
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