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Chapter Meeting Minutes

Meeting Minutes - December 10, 2003

In Attendance: Members:
William D. Barbour Rebecca Donehew Michael G. Harrison Benny R. Montgomery Charles R. Spencer Sharon Tabor Warren	James D. Dishman Gunther Greimel Nancy H. Lynch Mary A. Russo David R. Tanner Ann T. Wood
Guests:
Gail Abbott James Carwile Mary Adkins
The meeting was held at Ippy's in Rocky Mount, VA. and was called to order by Nancy Lynch, President. Nancy Lynch introduced Marie Crouch, Virginia Department of Taxation, and Marie led the program on changes in Virginia state tax law for 2003 returns. This included giving us the telephone "hotline" number. Sharon agreed to be membership chair and Benny had some information from TPP for everyone. The next meeting will be held on January 21, at The Szechuan Restaurant in Roanoke. Benny will be presenting a program on ethics. David R. Tanner, EA Secretary/Treasurer

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Meeting Minutes - January 21, 2004

In Attendance: Members:
William D. Barbour Michael G. Harrison Nancy H. Lynch Mary L. Moore Charles R. Spencer Sharon Tabor Warren	Gunther Greimel Donald L. Houck Benny R. Montgomery Mary A. Russo John Sweitzer Ann T. Wood
Guests:
Gail Abbott James Carwile
The meeting was held at Noon at the Szechuan Restaurant in Roanoke, VA and was called to order by Nancy Lynch, President. Mary Russo inquired of the members present as to their thoughts on the taxability of Roth IRA accounts distributed after five years but before the account owner reaches age 59 1/2. After discussion, it seemed to be a consensus that withdrawal of principal would not be taxable but earnings could be based upon circumstances and also could be subject to the 10% penalty. Mary also gave information on some of the speakers for our June seminar in Fredericksburg. Louis Arthur, Paul LaMonica and Tom Cook will be presenting education at the seminar. Nancy Lynch asked if any members had experience with an executor of an estate (not in the business of being a professional executor) being able to contribute to an IRA based on their executor's fees since this is earned income but is not subject to FICA and medicare tax. It seemed that such fees are not subject to FICA and medicare tax since it is not their profession. Post Meeting Note: Please refer to Reg. Sec. 1.408A-3 Q-4 & A-4. Q-4. How is compensation defined for purposes of the Roth IRA contribution limit? A-4. For purposes of the contribution limit described in A-3 of this section, an individual's compensation is the same as that used to determine the maximum contribution an individual can make to a traditional IRA. This amount is defined in section 219(f)(1) to include wages, commissions, professional fees, tips, and other amounts received for personal services, as well as taxable alimony and separate maintenance payments received under a decree of divorce or separate maintenance. Compensation also includes earned income as defined in section 401(c)(2), but does not include any amount received as a pension or annuity or as deferred compensation. In addition, under section 219(c), a married individual filing a joint return is permitted to make an IRA contribution by treating his or her spouse's higher compensation as his or her own, but only to the extent that the spouse's compensation is not being used for purposes of the spouse making a contribution to a Roth IRA or a deductible contribution to a traditional IRA. Nancy Lynch introduced Benny Montgomery, EA, and Benny led a one-hour program on Ethics. The second hour of this seminar will be presented at the May meeting in Lynchburg. This is important to all Enrolled Agents, as they are now being required to have two hours of ethics training per year The April meeting will be on the 21st in Roanoke at a place to be posted on the website at a later date. Upon motion, the meeting was adjourned. Nancy H. Lynch, EA President

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Meeting Minutes - April 21, 2004

In Attendance: Members:
William Barbour James Dishman Rebecca Donehew Mike Harrison Nancy Lynch	Benny Montgomery Mary Russo Charles Spencer David Tanner Sharon Warren
Guests:
Gail Abbott
The meeting was held at the Szechuan Restaurant in Roanoke, VA. The meeting consisted of a round table discussion with many interesting problems that cropped up during tax season. Respectfully submitted, David Tanner Secretary/Treasurer

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Tax laws are subject to change at any time. Consult your local Enrolled Agent for the latest information.

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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