Volume 17, Number 2 NMSEA Happenings

N E W M E X I C O S O C I E T Y O F E N R O L L E D A G E N T S , I N C .

P O B O X 3 0 9 7 4 A L B U Q U E R Q U E , N M 8 7 1 9 0 - 0 9 7 4

W E B S I T E : N M S E A . N E T

E - M A I L : N M S E A 2 0 2 0 @ G M A I L . C O M

NMSEA HAPPENINGS

NMSEA

Board:

PRESIDENT: Peter Wanco, EA, MBA, NTPI Fellow VP: Sandra Weidner, EA, ABA, NTPI Fellow SECRETARY: Lynne Shupp, EA, RFC TREASURER: Keri Cardona, EA DIRECTORS-AT-LARGE: Virgina Fell, EA and Monica Hardeman, EA, NTPI Fellow

NMSEA dedicated phone number (505) 877-1598 & FAX (505) 298-2191

June 12, 2020

Table of Contents

Page 1 President’s Letter; June Monthly Meeting date & free I hr CPE Topic 2 Future NMSEA Monthly Meetings & Topics; Important Dates; EA

Testing 3 2020 Quickfinder order instructions; Amended returns can be filed

electronically says IRS 4 Educational opportunities--Albuquerque, CSEA Super Seminar; IRS

June Conference Call 5 Revised NM Form ACD-31015, Business Tax Registration; NAEA

BOD Installation video 6 Important information about Constant Contact distributions to

NMSEA Members 7 NMSEA May (Virtual) Monthly Meeting Notes 8 NMSEA June (Virtual) Monthly Meeting Zoom Login Instructions 9 NMSEA June (Virtual) Monthly Meeting Zoom Login Instructions 10 Changes to Paycheck Protection Program (PPP) 11 Newsletter epilogue page 12 2020 Virtual IRS Tax Forum flyer 13 TxSEA 2020 Webinar Convention flyer 14 2020 Quickfinder Handbook descriptions 15 2020 Quickfinder Handbook order form

Volume 17, Number 2 NMSEA Happenings

N E W M E X I C O S O C I E T Y O F E N R O L L E D A G E N T S , I N C .

P O B O X 3 0 9 7 4 A L B U Q U E R Q U E , N M 8 7 1 9 0 - 0 9 7 4

W E B S I T E : N M S E A . N E T

E - M A I L : N M S E A 2 0 2 0 @ G M A I L . C O M

NMSEA HAPPENINGS

NMSEA

Board:

PRESIDENT: Peter Wanco, EA, MBA, NTPI Fellow VP: Sandra Weidner, EA, ABA, NTPI Fellow SECRETARY: Lynne Shupp, EA, RFC TREASURER: Keri Cardona, EA DIRECTORS-AT-LARGE: Virgina Fell, EA and Monica Hardeman, EA, NTPI Fellow

NMSEA dedicated phone number (505) 877-1598 & FAX (505) 298-2191

June 12, 2020

NMSEA Meeting: June 19, 2020

Due to restrictions currently in place regarding COVID-19, this meeting has been changed to a Virtual Meeting using Zoom (see pg 7-8). One hour of Continuing Professional Education (CPE) will be provided free.

It’s a Great Day to be an EA

Greetings ... from behind the mask! For me, it's somewhat hard to comprehend that 2 months after the end of the 'normal' 2020 filing season, here we are. Still drudging through the maze and confusion of new tax laws, coupled with new tax law interpretations, all playing together in the longest tax filing season of all time! And did I fail to mention, those masks? The white ones, the blue ones, the ones with stripes, all of which make conversation somewhat inaudible at best and client recognition nearly impossible. Just think, only one more month to go! Stay Safe ...Stay Healthy! Peter Wanco, EA, MBA, NTPI Fellow President, NMSEA

SPEAKER

Troy Scott, EA

“The SECURE Act”

Being an Enrolled Agent is not a job — It is a Profession!

FROM THE EDUCATION COMMITTEE: Shelley Barker, Steven Stauss, Monica Hardeman, and Troy Scott

NMSEA Monthly Meeting

July 17, 2020 Steven Stauss, EA, NTPI Fellow “(Tax) Dances for LLCs and Their Owners”

Aug 21, 2020 Presenter TBA, “Paycheck Protection Program (PPP)”

Sept 18, 2020 Monica Hardeman, EA, NTPI Fellow, Topic TBA

Important Dates to Note on Your Calendar

2020 VIRTUAL IRS Nationwide Tax Forum will consist of 30 online webinars, presented live at various times between July 21 and Aug 20, 2020. (See flyer with registration link at page 12). NAEA members receive a $10 discount of registration by using Partner Association Code: NAEA2020#. Discount applies only for early bird registration which ends June 30, 2020. Webinar topics for the 2020 Virtual IRS Nationwide Tax Forum have been announced. The complete list of topics can be viewed at www.irstaxforum.com/webinar_topics. TxSEA 2020 Webinar Convention June 22-26, 2020 (See flyer at pg 13) NMSEA Annual Convention with NMSEA 35th Anniversary Celebration Luncheon is planned for October 19 -21, 2020. (Keep your fingers crossed) .

Volume 17, Number 2 NMSEA Happenings

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Enrolled Agent Testing https://www.irs.gov/tax-professionals/enrolled-agent-news Special Enrollment Exam Delays

Due to the COVID-19 global pandemic, Prometric’s test centers in the United States and Canada will open for appointments beginning June 1, Latest news on testing, go to: https://www.gleim.com/enrolled-agent-review/blog/ea-exam-news/

Volume 17, Number 2 NMSEA Happenings

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2020 Quickfinder Order Form PLEASE PRINT LEGIBLY using the order form on page 15 and fax, email, or mail to NMSEA per instructions on the order form. The NMSEA order cutoff date is September 18, 2020. NMSEA will not get any credit if you mail in your order using the standard

Thomson Reuters website order form.

Issue Number: IRS Tax Tip 2020-69 June 11, 2020

Taxpayers will soon be able to file amended tax returns electronically

Later this summer, for the first time taxpayers will be able to file their Form 1040-X, Amended U.S Individual Income Tax Return electronically. Making this form electronically fileable has been a long-time goal for the IRS. It will greatly benefit the tax professional community and taxpayers. The new electronic option will allow the IRS to receive amended returns faster while minimizing errors normally associated with manually completing the form. It will also provide the IRS with more complete and accurate data to help customer service representatives answer taxpayer questions. When the electronic filing option becomes available, taxpayers will only be able to amend tax year 2019 Forms 1040 and 1040-SR returns electronically. In general, taxpayers will still have the option to submit a paper version of the Form 1040-X and should follow the instructions for preparing and submitting the paper form. Whether an amended return is filed electronically or manually, taxpayers can still use the "Where's My Amended Return?" online tool to check the status of their amended return. Share this tip on social media -- #IRSTaxTip: Taxpayers will soon be able to file amended tax returns electronically. https://go.usa.gov/xwZVT

Volume 17, Number 2 NMSEA Happenings

Welcome aboard to: None

First Friday IRS Liaison Conference Call with NM, TX & AZ Ellen Briscoe, EA, ATA is our representative. Call is usually the first Friday of the month. June call notes will be distributed thru Constant Contact to members. Comments or questions to Ellen at ecbtaxpro@comcast.net

Educational Opportunities

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The New Business Workshop presented by NM Taxation & Revenue is a comprehensive look at the Combined Reporting System (CRS) for Gross Receipts, Withholding and Compensating Tax programs. We will discuss Non-Taxable Transaction Certificates, Estimated income tax payments for business owners, deductions and exemptions from Gross Receipts, special tax programs and audits. We also present e-file training. In addition to the state CRS we have a volunteer CPA discuss federal tax issues (i.e. reporting forms, Self-Employment Tax and Estimated Tax) and good business practices (i.e. good record-keeping). http://www.tax.newmexico.gov/Businesses/workshops.aspx

March 11, 2020

Small business workshops suspended

Tax and MVD customers also urged to consider on-line services As part of the state’s efforts to limit public gatherings in response to the COVID-19 virus, the Taxation and Revenue Department is suspending its public tax workshops for small businesses until further notice.

California Society of Enrolled Agents Super Seminar: A Virtual Education Series for Tax Professionals

https://superseminar.org/ A first of its kind extended online event, delivered over weeks, so that you can “drop in” virtually, while staying safe and continuing to serve your clients. The education session schedule is finalized and we couldn't be more excited to share it with you! The series will kick off starting on June 2. We will take a break leading up to the July 15 tax deadline and then wrap up any remaining sessions in the first week of August.

Volume 17, Number 2 NMSEA Happenings

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NMTRD Form ACD-31015 Business Tax Registration Application and Update Form

Revised April 23, 2020

I have been working with a client to try to get them in the NM Managed Audit program. I was surprised when the NM auditor sent me the subject form. He said that it is meant to be the replacement for the Forms ACD-31015 (Application for Business Tax Identification Number) and ACD-31075 (Business Tax Registration Update). They have taken two 1-page forms and replaced them with a 4-page form plus instructions. The link to this form should be in the newsletter. NMSEA Member

http://www.tax.newmexico.gov/search-results.aspx?q=ACD-31015

NAEA 2020-21 Board of Directors was installed during a virtual ceremony on May 11, 2020---Donald Rosenberg, EA - President; David Tolleth, EA - President Elect; Kathy Brown, EA - Secretary; Directors: Kerry Freeman, EA; Lori Carpenter, EA; Jeff Gentner, EA; Tracey Ann Gordineer, EA; and Lynn Jacobs, EA. Ceremony: https://www.youtube.com/watch?v=ZqlUwcZb2BE

Volume 17, Number 2 NMSEA Happenings

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Constant Contact Distributions

NMSEA uses the mass mailer Constant Contact to distribute to NMSEA members important and informative information including 1) IRS releases from Lisa Novack, IRS Senior Stakeholder

Liaison 2) NMTRD releases from Charlie Moore, NMTRD Public

Relations 3) NMTRD information from Rusvelina Escalante, Tax

Practitioner Liaison, NMTRD 4) NMSEA Happenings newsletters 5) First Friday IRS Liaison Conference Call notes plus any other important information that should be distributed to NMSEA members as soon as possible. If an NMSEA member is not receiving the Constant Contact distributions, please contact Richard Wright, NMSEA Newsletter Editor at rwright77@comcast.net. According to Constant Contact, the average Open/Download rate for our Constant Contact distributions is about 40% (about 50 of 120 NMSEA members). Some members’ Internet Email Providers have problems with mass mailers. The easiest way to solve that problem is to provide Richard Wright at rwright77@comcast.net with an alternate email address.

Volume 17, Number 2 NMSEA Happenings

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NMSEA May Monthly Meeting May 15, 2020

NMSEA’s first, virtual, monthly meeting on Zoom had 15 attendees. Membership Committee obtained a list of NM EAs (about 130) who are not members of NMSEA. Letters with NMSEA mousepads are being sent to invite them to join NMSEA. Sandy Weidner gave an excellent presentation on “The CARES Act and the SECURE Act.” During the presentation, three polling questions were presented to attendees to validate the one hour of free CPE credit.

Volume 17, Number 2 NMSEA Happenings

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NMSEA’s June Monthly Meeting 6/19/2020

Virtually presented through Zoom

Ideally you should use a computer with camera and microphone capabilities. However, any device should work (I pad, Surface, cell phone, etc) but the quality might not be as good. You can also call into the meeting using a regular phone. To enter the meeting, you can either:

1. Click on the Zoom link that has been provided (cut & paste would also work) or

2. Go to Zoom.us and click on the “Join a Meeting”. You will then be asked for the meeting number and the meeting password.

If you have never attended a Zoom meeting, you will be asked if you want to download the Zoom application. This app is free and should only take a few moments to install. Follow the prompts to enter your name and leave your audio and video on. While you are waiting for the meeting to start, you can test your microphone to make sure that the audio is functioning correctly. The meeting will open up at 11:45 AM and all of the attendees will be allowed to enter. You can use this time to wave & chat and smile at each other. Any questions that you have about the Zoom application can be answered. The President will call the meeting to order at Noon and all of the attendees will be muted at that time. Not to worry though as there will be opportunity to ask questions or add to the discussion. After the business portion has been concluded, Troy Scott, EA will make a presentation on The SECURE Act. A FREE 1hr CPE credit will be available to those who choose to stay and watch the presentation. Yes, thanks for asking...there will be a couple of polling questions ….. per IRS requirements. There is absolutely no charge for the education credit. Unfortunately, you will not be able to earn the CPE credit if you are using a regular phone and only have the ability to listen to the presentation. So plan to join and to bring a beverage and/or your lunch and hang out virtually with NMSEA. This is a new adventure for your Education Team so please be patient. It might not go as smoothly as we would like it to. We will welcome your suggestions & criticisms. Thank you, Your Education Committee Shelley Barker, EA Monica Hardeman, EA Troy Scott, EA Steve Stauss, EA

Volume 17, Number 2 NMSEA Happenings

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Your Zoom Meeting Invitation NMSEA is inviting you to a scheduled Zoom meeting. Topic: NMSEA Monthly Meeting Time: June 19, 2020 11:45 AM Mountain Time (US and Canada) To Join Zoom Meeting either click on this link https://us02web.zoom.us/j/83498244423?pwd=aGd1bXJyV1EyNlVRUmFvRUJMRXRlQT09

or go to Zoom.us and click on the tab “Join a Meeting” Meeting ID: 834 98244423 Password: 837340 If you wish to join using a regular phone, dial one of the following numbers. +1 346 248 7799 US (Houston) +1 669 900 9128 US (San Jose) +1 253 215 8782 US (Tacoma) PS: There is a new, unique Meeting ID and Password for each monthly meeting.

Volume 17, Number 2 NMSEA Happenings

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Paycheck Protection Program (PPP) Loan Forgiveness Changed

In a rare bipartisan effort with only one no vote by Rep. Chip Roy (R-Texas), Congress made changes to the Paycheck Protection Program (PPP) Loan Forgiveness. The Paycheck Protection Program Flexibility Act of 2020 (HR 7010) modifies several provisions of the Paycheck Protection Program (PPP) and amends the Small Business Act and the CARES Act related to:

“Covered period” period for loans Payroll spending requirements Deferral of employer payroll taxes FTEs and salary reduction Loan payoff due date

See complete article at: https://tinyurl.com/PPE-Changes

NAEA E@lert June 5, 2020 Changes to Paycheck Protection Program

E@lert, who discovered an empty 2020 CE bucket recently, yesterday attended the first of a half dozen scheduled June NAEA webinars. Jason Dinesen, EA, led a 1 CE course entitled "COVID-19 Tax Issues Update: The latest news, changes, and guidance." E@lert, who is a bit of a geek, decided to share with Facebook the class in progress. The point today is Jason covered a piece of breaking news: Both the House and Senate had passed a bill (HR 7010) https://www.congress.gov/bill/116th-congress/house-bill/7010 making significant changes to Paycheck Protection Program (PPP) requirements: Covered period: Changes from eight weeks to 24 weeks from loan origination date or December 31, 2020, whichever is later. Payroll cap for non-payroll costs: In order for the PPP proceeds to be forgiven, the CARES Act stipulated no more than 25 percent of expenses could be non-payroll. HR 7010 raises the cap to 40 percent. PROBLEM: the bill also states the loan recipient needs to use at least 60 percent of the covered loan for payroll costs, and implies a cliff. Staff replacement: As long as number of staff or salary/hourly wage are restored to February 15, 2020, levels any time before the end of the calendar year, loan recipients will not need to take a haircut on forgiveness. Tony Nitti (https://tinyurl.com/Tony-Nitti-Article), who is one of E@lert's favorite tax writers, takes a masterful run at both the bill and at framing the PPP issue more broadly: The program includes many missteps and much to irritate many observers, including those who were eligible but did not apply, and those who made decisions weeks ago and cannot, at this late date, take advantage of the HR 7010 language. Robert Kerr, EA, Executive VP, NAEA

To receive this newsletter, please send your e-mail address to the newsletter editor, Richard Wright, at rwright77@comcast.net (editor since July 2009)

The NMSEA Happenings is published by the New Mexico Society of Enrolled Agents, Inc, PO Box 30974, Albuquerque, NM 87190-0974 for the benefit of NMSEA members and affiliates. This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is distributed with the understanding that neither the publisher nor author is engaged in rendering specific legal, tax or accounting advice or other professional services. If specific advice or other expert assistance is required, the services of a competent professional person should be sought.

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No trees were harmed in the creation of this newsletter. However, a lot of electrons were terribly inconvenienced.

Volume 17, Number 2 NMSEA Happenings

2019 NMSEA pins and mousepads are in! Members get one free and only $5 for extras or for non-members! Sandy Weidner will be distributing them as she sees members and they can contact her if they want to buy one at: sweidner45@comcast.net

Early Bird Deadline Has Been Extended Until June 30!

6/30/20 6/30/20

TxSEA 2020: Expand Your Horizons Feeling cloistered? Expand Your Horizons. TxSEA is. Our high-caliber speakers are. You can too. Join us for 1 to 5 days of our TxSEA 2020 Webinar Convention.

Dates: Monday June 22nd to Friday June 26th

Price per Day: $85 Time: 9 AM to 1 PM CST with ½-hour follow-up Chat session

Format per day: Four 50-minute sessions with 10-minute breaks in-between Go to: www.TXSEA.org to register for each day

Monday June 22nd LG Brooks, EA, NTPI Fellow - ,

• Privilege vs Confidentiality - 2 hrs Ethics CE - IRS Program #: 4Z48U-E-00166-20-O • Engagement Letters - 2 hrs Tax CE - IRS Program #: 4Z48U-T-00167-20-O

Tuesday June 23rd Kathy Morgan, EA, USTCP, NTPI Fellow - 4 hrs Tax CE - IRS Program #: 4Z48U-T-00168-20-O

• The Life of an Asset: Soup to Nuts • Working from Home, This will be a Snap, Right?

Wednesday June 24th Kathy Morgan, EA, USTCP, NTPI Fellow - 4 hrs Updates - IRS Program #: 4Z48U-U-00169-20-O

We CARES about Taxes: CARES Act Now & into the Future

Thursday June 25th Marc Dombrowski, EA, NTPI Fellow - 4 hrs Tax CE - IRS Program #: 4Z48U-T-00170-20-O

IRS Correspondence-Action & Reaction

Friday June 26th Marc Dombrowski, EA, NTPI Fellow - 4 hrs Tax CE - IRS Program #: 4Z48U-T-00171-20-O

• The Practical Side to a CDP Hearing • Financial Analysis Handbook & Installment Agreements

IRS CPE Provider #: 4Z48 U TSBPA Sponsor ID: 004882

Release dates for each book are noted in the descriptions. HOWEVER, NMSEA HAS NO CONTROL OVERWHEN THE BOOKS ARE ACTUALLY PUBLISHED OR WHEN THE BOOKS WILL BE SHIPPED. NMSEAwill notify you when and where in Albuquerque you can pick up your order. See order form for paymentoptions. The order cutoff date is September 18, 2020. Orders received after that date will incuradditional shipping and handling charges.

1040 Quickfinder® Handbook [Q40] covers all aspects of preparing a 1040 return including separate tabs on Sch A & B,Sch C & F, Sch D, Sch E, Sch SE, Form 2106, Form 4797 and Form 4562. Other tabs include: Autos and Listed Property,At Risk, Tax Credits, Children, Pensions, Social Security, Estate & Financial Planning, and Government & Economy.Scheduled release date: December 2020. Price: $61 [3-ring binder version $64]

Small Business Quickfinder® Handbook [QSB] covers all aspects of preparing returns for Partnerships, C-Corporations, S-Corporations, Fiduciaries, Gift and Estates, Payroll, LLC’s, LLP’s, and Exempt Organizations. Other tabsinclude: Depreciation, Accounting Principles, Starting a New Business, Acquisitions and Dispositions, Tax Credits and TaxPlanning. Scheduled release date: December 2020. Price: $61 [3-ring binder version $64]

Premium Quickfinder® Handbook [QPE] The new Premium Quickfinder Handbook is a handy combination of the mostimportant 1040 and Small Business topics that you need to complete tax returns for individuals and businesses. Has 27chapters with 26 descriptive topical tabs of information on how to prepare individual and small business returns. This newHandbook includes over 500 pages of individual and small business quick reference tax information provided in source.The Premium Quickfinder Handbook has the traditional laminated cover and tabs, colored pages, tax humor, tax tables,convenient pocket insert and much more. Scheduled release date: December 2020. Price: $84 [3-ring binderversion $87]

All States Quickfinder® Handbook [QST] contains a complete, concise and consistent summary of every state’sinstructions for filling out state individual income tax returns. Provides nonresident & part-year resident filing instructions.Each state has its own tab. 500+ pages.Schedule release date: February 2021. Price: $93

Individuals--Special Tax Situations Quickfinder®

Handbook [QSS] This handbook helps preparers through the maze ofunique tax rules that apply to individuals due to their occupations, their investments, or because they are going throughcertain life events. Scheduled Release date: December 2020. Price: $ 61

Depreciation Quickfinder® Handbook [QDE]The only handbook you need to deal with tax depreciation and businessproperty issues – determining recovery periods, computing depreciation, capitalizing expenses and much more.Scheduled release date: November 2020. Price: $61

Tax Planning for Individuals Quickfinder® Handbook [QIP] Expand your practice to include income, estate and gift taxplanning services to individual clients. Covers many topics including residences & vacation homes; stock, bonds & mutualfunds; real estate; children & education; divorce; retirement plans; and AMT.Scheduled release date: May 2020. Price: $61

Social Security and Medicare Quickfinder® Handbook [QSM] traditional Quickfinder Handbook with 18 well-labeled andeasy-to-use laminated tabs with reliable and concise quick reference information on topics that range from becomingeligible for and receiving Social Security, Medicare, and Medicaid to how to receive benefits! Also includes information oninsurance relevant to an aging population, including long-term care and medigap insurance. Scheduled release date:January 2021. Price: $61

IRA and Retirement Plan Quickfinder® Handbook [QIR] covers the rules for IRAs and retirement plans - eligibility, makingcontributions, limits on contributions and elective deferrals, covering employees, how distributions are taxed and whenthey are required, penalties, and selecting beneficiaries. Scheduled release date: June 2020. Price:$61

NEW Quickfinder Annual Tax Update [Q20T] discusses the CARES Act and Families First Coronavirus Response Act(FFCRA). Scheduled release date: January 2021. Price: $61.

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2020 Quickfinder® Handbooks Order FormBook Title Quantity Total

1040 Handbook (comb binding) ........................................................... ______ @ $61 = $ ________

1040 Handbook (3 ring binder) ..........................................................______ @ $64 = $ ________

Small Business Handbook (comb binding ............................................ ______ @ $61 = $ ________

Small Business Handbook (3 ring binder)........................................ ______ @ $64 = $ ________

Premium Handbook (comb binding).................................................... .______ @ $84 = $ ________

Premium Handbook (3 ring binder) ................................................. .______ @ $87 = $ ________

Tax Planning for Individuals Handbook................................................ ______ @ $51 = $ ________

IRA and Retirement Plan Handbook ..............................................’...... ______ @ $61 = $ ________

Social Security and Medicare Handbook......................................’....... ______ @ $61 = $ ________

All States Handbook ............................................................................ ______ @ $93 = $ ________

Depreciation Handbook ....................................................................... ______ @ $61 = $ ________

Individuals-Special Tax Situations Handbook..................................... ______ @ $61 = $ ________

NEW Annuanl Tax Update Handbook................................................... ______ @$61 = $ ________

Subtotal: $ ________

Less 10% discount: $ (________)

Grand Total: $ ________

_____ I prefer to pay by credit card. Please charge my: ______Visa ______ Mastercard

Name: ________________________________________________________________________________________(Please type or print the name)

Phone Number: _____________________________________ Email: _________________________________

Address: ______________________________________________________________________________________(Please use billing address on card) City State ZIP

Card No:__________________________________________________ Security Code: _________________

Signature: ___________________________________________________ Expiration Date: ______________Please email the Quickfinder® order form to: nmsea2020@gmail.comor FAX the Quickfinder® order form to: NMSEA at: 505-298-2191.

____I prefer to pay by check. Please make checks payable to:NMSEAMail the the Quickfinder® order form and check to: NMSEA, P.O .Box 30974 Albuquerque, NM 87190-0974

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