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NC NATP Fall, 2019

Celebrating 30 Years!

JOIN US FOR OUR 2020 NC TAX UPDATE! We are excited to announce that registration has opened for our 2020 NC NATP Tax Update Seminar to be held at the Hilton Garden Inn in Cary, NC, on Saturday, January 11. The cost will be $109 for NATP members and $129 for non-members.

We are excited to welcome representatives from the NC Department of Revenue, NC Department of Justice, and NC Department of Em-ployment Security who will speak on changes to the NC tax code, Sales and Use tax, and other reporting requirements. To register call NATP at 800-558-3402 Ext 3 or register at http://www.natptax.com/Chapters/Pages/NorthCarolinaChapterEducation.aspx

FIRST TCJA TAX SEASON Well, the first tax season since enactment of the sweeping Tax Cuts and Jobs Act (TCJA) overhaul of our Federal Revenue System has been completed. Drum roll please…

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BOARD OF DIRECTORS

Mike Barrier, President

Janet Arias, Vice President

Karen Ester, Secretary

Stephanie Smith, Treasurer

Oredia Burt

John Christenberry

Johnnie Jones

Don Mizelle

Karen Stiwinter

Deborah Sweeney

Neil Thomas

CONTACT INFORMATION Email: admin@ncnatp.com

Website: www.ncnatp.com

Facebook: North Carolina Chap-ter of NATP

LinkedIn: NC NATP Tax Group

Phone: Telephone numbers for board members can be found on our website.

North Carolina Chapter of NATP

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NC NATP Fall, 2019

Our 2019 Annual Conference was held at The Mountain Lodge Resort in Flat Rock, NC, October 21 & 22 and was a great success. In addition to celebrating our 30 year anniversary as an NATP chapter, we had a great turnout of members for two days of engaging CPE led by Tom O’Saben, EA.

Topics covered and discussed were strategies on help-ing our senior clients, planning ideas in light of the Tax Cuts and Jobs Act (TCJA), and the basics of trusts and estates as well as a refresher on the basics of basis for both business and personal clients.

We hope you will be able to join us in October 2020 for our next annual conference. We will post event details in our Chapter News as we near the event next year.

Please see more photos from our 2019 event on Page 4.

REFLECTIONS ON TCJA

2019 ANNUAL CONFERENCE

And the results say that for most people and entities, the results are better when they are measured by tax amounts or rates. Sure, there were a few not as well off as before, mostly those with unreimbursed employ-ee business expenses, such as traveling construction

workers, healthcare professionals, and over the road truckers. However, our experiences indicated that most others paid tax at a lower rate, with the few un-pleasant surprises revolving around reduced withhold-ings. The increased standard deduction and Child Tax Credit tended to offset the loss of personal ex-emptions. But as previously mentioned, the TCJA was largely a pleasant surprise for most taxpayers.

In the business world as well, TCJA results were pre-

dominantly positive with the Qualified Business In-come deduction leading the way for business tax changes. Add in increased Section 179 expensing limits as well as much enhanced bonus deprecation rules and the TCJA was positive for most small busi-nesses. The future effect is starting to come into fo-cus as we learn to evaluate the ongoing effect of pre-

vious losses on succeeding QBI calculations.

Overall, the TCJA has been a positive for us, NATP members, as every tax simplification in history has just added to the voluminous tax laws. Hope all of our membership stays abreast of the new requirements and does well implementing them in their respective practices. — Don Mizelle, EA

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“Overall, the TCJA has been a positive for us, NATP members, as every tax simplification in history has just added to the voluminous tax laws.”

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NC NATP Fall, 2019

2019 NATIONAL NATP CONFERENCE

NATP held their national conference in July 2019 in Chicago, IL. From the North Carolina chapter, we had ap-proximately 40 members attend.

The featured speaker for the event was IRS Commissioner Charles Ret-tig. Also notable were the business fast-track courses offered as a part of the available 29 hours of CPE.

In celebration of our national organi-zation turning 40 this year, a dinner was held recreating a 1920’s style speakeasy complete with gangster and flapper girl costumes!

Mark your calendar now to join us for learning and fun at the 2020 NATP national conference to be held on Ju-ly 27-30, 2020 in San Antonio, TX.

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MOMENTS FROM OUR ANNUAL CONFERENCE

OCTOBER 21 & 22, 2019—FLAT ROCK, NC