Chapter Meeting Minutes

Meeting Minutes - January 16, 2008

In Attendance: Members:
Mary Adkins William Barbour Rebecca Donehew Gunther Greimel Michael Harrison Nancy Lynch	Benny Montgomery Mary Moore Grace Robelen Charles Spencer David Tanner Sharon Tabor Warren
Guests:
Gail Abbott Paul Donahue	Ryan Richardson
The January meeting of the Blue Ridge Chapter of the Virginia Society of Enrolled Agents was held on Wednesday, January 16th, 2008, at Famous Anthony’s, Williamson Road, Roanoke. President Rebecca Donehew called the meeting to order at 12:35. David Tanner gave us the end of year balance and noted the reports would be sent to VASEA within days. Becky noted that VASEA needs volunteers for federally declared disasters. IRS will provide training to those who volunteer and will call on those people if there is a disaster in our area (which could include West Virginia, North Carolina and possibly Maryland) to assist people with tax issues. Becky also noted that NCPE will have their Corporation and Partnership course available in the Roanoke area this year. It will probably be held at Holiday Inn Tanglewood. Sharon Tabor Warren confirmed that our next meeting will be held April 16th, 2008. Becky will arrange for a speaker and select a location. Information will be posted on the website when it becomes available. Benny Montgomery began his presentation on Circular 230 at 12:45. According to the Kiplinger letter, IRS has eased the stringent requirements on preparers inasmuch as preparers will not be penalized if clients are advised they have to have substantial authority. Benny also noted that the IRS would like to restrict the marketing of RALs effective the end of 2008. He covered other issues that have arisen and provided a Due Diligence Compliance Checklist which he said his firm will include with work papers for every client and recommended we adopt the same process. Benny noted further that clients who come to him without adequate records will be turned away. There was some discussion regarding the language in Circular 230: We regulate EAs and attorneys and CPAs who practice before the IRS. Benny questioned if that limits the regulation to those EAs who practice before the IRS. No conclusion was reached. Benny’s presentation ended at 1:55; the meeting adjourned at 2:05. CPE of 1.25 hours will be given. Sharon Tabor Warren, EA Secretary

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Meeting Minutes - April 16, 2008

In Attendance: Members:
William Barbour Rebecca Donehew Gunther Greimel Don Houck	Benny Montgomery Charles Spencer David Tanner Sharon Tabor Warren
Guests:
Paul Donehew	Ginger Sawyer
The April meeting of the Blue Ridge Chapter of the Virginia Society of Enrolled Agents was held on Wednesday, April 16th, 2008, at Szechuan Restaurant in Roanoke. There was no formal business meeting. Rebecca announced that in deference to Benny Montgomery, the March meeting would be held in Lynchburg. Sharon Tabor Warren agreed to contact Michael Harrison to arrange for the room at Super China Buffet. No topic for CPE has been determined. There was informal discussion of various issues that arose during tax season. Most was divided between the upper and lower ends of the table but at some point, the discussion included everyone. Issues presented were the fact the Virginia Retirement System issued some unusual 1099’s. In addition to the fact that nowhere is the year 2007 on the forms, amounts were questionable. It was also been determined that Forms 1098-T (Tuition Statement) are almost useless and taxpayers need to provide statements from the college financial office if we’re to be certain of the amount to claim as tuition credit. The question was raised that when a 1099-R has a gross distribution amount and a lesser taxable amount, which is used for the state distribution? Some thought it should be the lesser amount but it was pointed out that when the provider of the 10A99-R included a state distribution it was the gross. It doesn’t make a difference in Virginia but can in states that don’t tax, or allow credit, for retirement earnings. There was no substantiated answer. The last question raised was regarding bartering, because it’s much more prevalent today and is included on the Due Diligence list. The matter was tabled with the thought it might be the topic of a future CPE presentation. The gathering disbursed at 1:45. No CPE will be given. Sharon Tabor Warren, EA Secretary

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Please Note: This information is provided to you by the Blue Ridge Chapter of the Virginia Society of Enrolled Agents for use as general guidance. The Chapter is not engaged in rendering specific legal, tax, or accounting advice. Only a qualified tax professional with all the facts at his or her disposal can determine the appropriateness of the application of any law to a given set of facts.

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