2008 NEW JERSEY AND NEW YORK TAX FORMS

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The 2008 New Jersey and New York state income tax forms are now available to download at the respective Division of Taxation and Department of Finance and Taxation websites.

I have written a post on “What’s New for New Jersey and New York Taxes for 2008” over at THE WANDERING TAX PRO.

Click here for “NJ 2008 Information” for New Jersey from the NJDOT website.

The big news for New Jersey concerns the “Property Tax Reimbursement Program” – aka “Senior Freeze”. Click here for more information on changes for 2008 and retroactive for 2007. Qualifying clients who did not file a PTR-1 or PTR-2 application for 2007 because of their level of income may now be able to request a check!

Click here to download the 2008 Form NJ-1040, and here for the 2008 NJ-1040-O “Opt Out” form.

New York State has produced “A Guidebook of Resources for Tax Practitioners” (Publication 3). Click here for the NY Department of Finance and Taxation website’s Tax Professional Home Page.

TAFN

BTW – You may want to check out my post “2008 – The Tax Year In Review” that will appear tomorrow (Tuesday) at THE WANDERING TAX PRO to see if I left anything out.

HO! HO! HO!

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Before you say good-bye to Christmas 2008 be sure to check out Peter Pappas' (a CPA and a lawyer) take on the famous holiday poem at THE TAX LAWYER BLOG -

"Twas the Night Before an Obama Christmas".

WHOOP DE DO AND DICKORY DOCK!

HO! HO! HO!

TO NSTP OR NOT TO NSTP?

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I just got the renewal notice for my membership in the National Society of Tax Professionals in the mail. I have been a member of NSTP for at least 19 years (possibly 20). This is the first time I will not be automatically renewing my membership – I am seriously considering not renewing!

Why?

1) A big advantage to membership in NSTP and NATP (National Association of Tax Professionals), for me, was always the opportunity for a tax-deductible vacation. Each year both of the organizations would hold national conferences in a different US city. NATP still does, most recently in Atlanta. This gave me the opportunity to either discover new destinations that I would not otherwise have visited, or revisit old favorites, often staying in high-end hotels for discount prices, and to get free continuing tax education (the tax deduction provided by the trip would usually pay for the cost of the conference) in the process.

NSTP has changed its annual national convention to 4 regional conferences that tie into the IRS Nationwide Tax Forums. This was good, for me, the first year with a conference in Chicago. However, this limits the location of the conference to the locations of the Forums – which pretty much remain the same each year. In addition the format and length of the conference has also changed – with two tax topics replacing the choice of several topics.

2) When it comes to the various tangible benefits (other than education) offered by the organizations – tax research, publications, website, availability of discounts via affiliate programs, etc – NATP is far superior to NSTP in every category.

Although access to the NSAP “research department” (which is not a “department” but a handful of volunteers) is free to members, it does not accept research questions via email – you must call on certain days. One of the few times I used this member benefit several years ago I was actually given an incorrect answer – and by a former IRS manager! While I have complained about the cost of using the NATP research function, which has more than doubled so far since 2000, the responses are thorough, prompt, and correct, with copies of appropriate documentation provided.

By the time one receives the monthly NSTP newsletter, the organization’s only publication, the information included is outdated – as up-to-date tax information is readily available for free at a multitude of online resources. Under Tom Cooke, and to a degree continuing under Beanna Whitlock, the newsletter contained lots of interesting non-tax information and facts and figures, often presented from the point of view of a Washington or IRS insider, which to a degree made up for its “outdated-ness”.

The NSTP website is barren compared to what is available – both to members and non-members – on the NATP site.

There are minimal state chapters – you can count them on the fingers of one hand – and no apparent attempts to expand to other states. The NJ chapter of NATP is an excellent resource for state tax education.

3) While the NSTP's annual Special Topic workshop is an excellent idea – and the one I attended provided great continuing education value – because apparently Paul LaMonaca has a time-share in the area this program will always be in the same location (city and motel) each and every year. And because of the host motel’s total lack of concern for its guests during my stay I will never return there again.

4) What it comes down to is really what I have posted in the past (from “Membership Organizations for Tax Professionals” at THE WANDERING TAX PRO) -

“My main concern with NSTP is that its benefits rely too much on the individuals at the top. When Tom Cooke, a tax law professor from Georgetown University, was the Executive Director we got a unique prospective on the tax scene from a Washington DC “insider”. Current {no longer – rdf} ED Beanna Whitlock, former IRS Director of Public Liaison, is a perfect 'replacement' for Tom, with a similar IRS insider’s prospective. Paul LaMonaca, NSTP’s other major workshop leader for many years, is also an excellent instructor. However, if Paul and Beanna decide to run off together to the Cayman Islands (or another tax shelter), and the new team is not of the same high caliber, then the organization’s effectiveness will be seriously diminished.”

While Paul and Beanna have not run off together, it seems that Paul has caused Beanna, and maybe Tom before her, to run off!

Without a Tom or Beanna as Executive Director I can see no real benefit to continuing my membership. If an educational offering interests me I can enroll as a non-member – but that may well be the extent of my continued relationship with NSTP.

To be perfectly honest, considering what I have read about the state of the Board of Directors on the NSTP website’s Message Board – without a Tom or Beanna as ED the organization must just as well disband and Paul can form a private “Gear-Up”-type continuing education company.

I sincerely welcome the comments of other NSTP members, as well as its Board, on this subject. You can email me at rdftaxpro@mail.com.

TAFN

GHOST OF FYI

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Here are some items of interest to the New Jersey tax professional –

+ Fellow tax blogger Kelly Phillips Erb, the internet’s “taxgirl”, reports - “If you’re a tax practitioner who prepares federal form 1040 returns with a schedule C, the IRS would like for you to answer a completely anonymous survey for compliance purposes.”

If you would like to participate click here.

+ CCH has prepared a special Tax Briefing titled “President-Elect Obama’s Tax Proposals: An Update”.

Click here to download.

+ Click here for the latest word on the licensing of tax professionals from the National Association of Tax Professionals.

TAFN

NJ NATP WINTER NEWSLETTER

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I have just returned from the Boardwalk in Atlantic City, where I attended the annual NATP year-end tax update workshop. It was held at Caesar's Palace.

In checking my email I discovered that the NJ-NATP Winter 2008 newsletter is available to download. Click here. It includes an article on the demutualization issue by yours truly.

Editor Jean Millerchip announces the new chapter officers in her “From the Editor” column –

· President – Marilyn Ayers
· Vice President – Jaimee Hammer
· Secretary – Julia Robinson
· Treasurer – Thomas De Titta

I join Jean in offering congratulations to the new administration.

The newsletter also includes details on the upcoming annual State Tax Seminar.

As previously posted, the seminar will be on Saturday, January 10, 2009 from 7:30 AM to 4:30 PM at the Hilton Woodbridge in Iselin (where it always is).

I am very pleased to announce that the agenda will deal entirely with New Jersey taxes, as it should. The popular duo of Jim Gordon and Jacob Foy from the NJDOT will return to discuss NJ corporate tax changes, new state tax legislation, NJ sales tax and electronic filing. Susan Feeney of McCarter & English will discuss sales tax in more detail. Kevin Treaux will discuss NJ estate and inheritance tax.

The keynote speaker will once again be NJDOT Director Maureen Adams.

There is one slight exception to the NJ tax agenda, although not really. NATP Board Member Kathryn Keane will give a presentation on New Jersey Vs New York Tax Topics.

I was very pleased to see that the topic of Ethics does not appear anywhere on the day’s schedule!

For registrations postmarked by 1/6/09 the cost is $185 for members and $215 non-members. It is $225 for all if postmarked on or after 1/7/09 or at door. Click here for the registration flyer.

As usual continental breakfast, lunch and afternoon dessert is included. Attendees who spend the day will earn 8 CPE credits.

I hope that the Hilton sets up the seminar room in the proper way (they seem to FU the set-up every few years).

TAFN