• NASE Holds Annual Meeting, Elects Board Members
• Group Claims HSA Enrollment Hindered by State Laws
• IRS Streamlines Extension of Time to File for Business Taxpayers
• Member Poll: A Taxing Time for Micro-Businesses

NASE Holds Annual Meeting, Elects Board Members

NASE Members, staff, and board of directors convened in Dallas, Texas, for the annual meeting to elect three board members on Friday. Additionally, the group took time to remember a member of the board who passed away last month after years of dedicated service to the NASE. David Alders and John Wright received unanimous voice votes of re-election to the board of directors at the meeting. Michael Beene was elected to his first term as director. “Directors of the NASE have an important stake in driving the micro-business agenda and must be extremely dedicated to that cause,” said NASE president Robert Hughes after the election. “I am pleased to see David and John elected for another term and to welcome Mike Beene aboard.” Beene has over 20 years of private law practice. After partnerships in two Dallas law firms, Beene operated his own trial firm for five years. He earned his Juris Doctorate from Baylor University, is board certified in civil trial law and a member of the American Board of Trial Advocates. Alders is the president or manager of a variety of small businesses and investments including timberland, cattle and poultry operations, a real estate partnership, and a chemical lawn care and pest control company. Wright has created, developed, and managed his own business center/travel agency since 1989. The NASE also took time to honor the contributions of Robert “Bob” Pool as a director of the association. Pool served on the NASE board of directors for 20 years, at one point serving as chairman, in addition to his micro-business ventures in publishing. “I am lucky to have been able to call Bob a friend,” Hughes said after the meeting. “He was a man of great integrity, and served the association well. Our sincerest condolences go out to Bob’s family.” For more information about the NASE board of directors or to view the 2005 Annual Report, visit the NASE Web site at www.NASE.org, and click on “About NASE.” Group Claims HSA Enrollment Hindered by State Laws According to a report by the Council for Affordable Health Insurance, many states have laws that could discourage the purchase of high-deductible health plans used with health savings accounts (HSAs). The report’s authors say federal legislation is necessary to resolve differences among state regulations. Some of these laws include mandating coverage of certain benefits below the deductible amounts specified in HSA rules and not exempting the money deposited in HSAs from state taxes, according to the report. Certain income that may be tax free at the federal level may not be at the state level because some states define income differently than the IRS. Arkansas, Mississippi, Nevada, Oklahoma and Pennsylvania have passed legislation in the last year to make HSA contributions tax free while other states are still working on it. For more information or to view the full report, visit the Council for Affordable Insurance. IRS Streamlines Extension of Time to File for Business Taxpayers (The IRS Taxpayer Education and Communication office has provided the following “Headliners” article in an effort to educate micro-business owners and make it easier to fulfill their tax obligations. For more articles, or for more information about any of the information contained in this article, please contact the IRS Small Business/ Self-Employed division at www.irs.gov/smallbiz.) The IRS has simplified the process for business taxpayers filing for an extension. All business taxpayers who previously filed extension forms 8800, 8736, 7004 and 2758 will now only need to file the revised Form 7004, "Application for Automatic 6-Month Extension of Time to File Certain Business Income Tax, Information, and Other Returns,” to request an automatic extension of time to file. The revised Form 7004 grants taxpayers an automatic six-month extension without the need to file intervening forms. For the 2005 filing season, business taxpayers must file Form 7004 by the due date of the return in order to receive an automatic six–month extension of time to file. The extension period is calculated from the due date of the return. Approval of an extension requested on Forms 7004, 4768, and 8892 is automatic. Taxpayers do not need to sign the extension request or provide an explanation for requesting an extension. In addition, the IRS will no longer issue confirmation of receipt of the request and will issue a response only if the extension request is denied. An extension of time to file is not an extension of time to pay. Taxpayers will owe interest on any past due tax and may be subject to a late payment penalty if payment is not made by the due date of the return. For more information, visit www.irs.gov or IRS Form 7004 (pdf) for the business extension form. Member Poll: A Taxing Time for Micro-Businesses Taxes are a source of frustration for the self-employed. The NASE has long supported tax simplification and tax fairness for micro-businesses. Please take this short member survey regarding your opinions on federal tax reform. Let the NASE know your opinions by visiting the MyNASE Web site at http://my.NASE.org/. Log in to your free MyNASE Web Account. If you have not set up an account, you can do so at http://my.NASE.org/ with your member number. Let your voice be heard in the association by taking this survey during the month of March.