The MSATP Facebook Live series came at you LIVE from our Annual Convention in Ocean City, MD! Ellen Silverstein, the MSATP President-Elect, was inducted at the convention and we had the pleasure of having her on the show to discuss some of the exciting upcoming networking and educational opportunities.
As Ellen noted, one of the headlining features of last week’s convention is the Tax Speaker Tax Cuts & Jobs Act Member Appreciation Seminar presented by Bob Jennings, CPA. Bob is a nationally renowned author and speaker, presenting continuing education classes to over 100,000 tax professionals over the last 20 years. Bob’s discussion covers all aspects of the Tax Cuts and Jobs Act (TCJA), which some have called the biggest tax law change in 30 years. Over 95% of the law goes into effect in 2018 and in this course, Bob has two goals: first, discuss and analyze the changes for individuals and small businesses; and second, provide dozens and dozens of planning tips the professional may utilize for their clients. Included for attendees is an Excel calculator of the 20% flow-through deduction and in-depth discussion of the new 20% flow-through deduction as well as discussion of how this new law may affect the choice of operating entity for a business. The TCJA has illustrated many concerns and this course answers practitioner questions on mortgage interest deductions; tax deduction limits for taxes; deducting meals and entertainment; what to do about employees business expenses; and how the new depreciation rules will work.
This seminar is just an example of the many great educational opportunities MSATP offers their members on a consistent basis in order for them to hone their professional skills. With the professional licensure deadlines fast approaching, keep in mind that we will be offering the required Enrolled Agents Ethics and Maryland CPA Ethics courses on June 7 in Gaithersburg, MD. For registration details concerning these events and more great networking and professional opportunities, check out the interactive MSATP calendar to stay up to date: https://www.msatp.org/event-calendar/.
MSATP has the pleasure of working with several amazing corporate sponsors. On this week’s episode, we welcomed Michael Ashley from Registered Agents Legal Services, LLC onto the show. Registered Agents offers a low cost alternative for your common corporate service needs, backed with the high level of experience and availability you should expect in an incorporation service company. Think of them when you need to have a registered agent, to incorporate a business, form a limited liability company, or for any other related incorporation needs. Registered Agents Legal Services, LLC was founded in 1999 to serve the needs of law firms and their clients who require a professional registered agent, without exorbitant registered agent fees! They provide a cost-effective alternative for your corporate filing/information retrieval needs. Since many of their clients, including tax and finance professionals, have unique requests, Registered Agents strives to add flexibility to their personable service. Registered Agents Legal Services delivers reliable and accurate service, while remaining dedicated to the highest business and ethical standards. Headquartered in corporate-friendly Delaware, Registered Agents Legal Services has direct on-line access to the Delaware Division of Corporations. Their expertise and extensive network of agents gives them immediate access to corporate information in all 50 states. For more information, please visit: http://www.inclegal.com/index.shtml.
That’s it for this edition of the MSATP Facebook Live—be sure to tune in this tomorrow! We’ll hear from Sandy and Ellen about the Maryland Volunteer Lawyers Service (MVLS), as well as from our corporate sponsors, DOCEO!
Not a member of our private MSATP Members Facebook Group yet? Click HERE to join!
MSATP is back with a brand-new Facebook Live Episode! Last week’s episode opened with an in-depth review of the Save4College State Contribution Program and the Maryland Community College Promise Scholarship that we announced were in works back on our April 26th show. We then had the pleasure of hearing from Michael Blair, owner of Blair & Associates, Inc., to discuss the growing trend of digital accounting platforms. Michael discussed how you can implement these new and exciting technologies into your own practice to attract new clients and make your day-to-day life more efficient. To close out the episode, we learned about one of MSATP’s great sponsors: Quest Insurance. Here’s a quick recap of last week’s major segments—be sure to tune in for the real deal!
SAVE4COLLEGE STATE CONTRIBUTION PROGRAM—DEADLINE IS GETTING CLOSE!
The Save4College State Contribution Program, managed by T Rowe Price, offers eligible taxpayers the opportunity to receive a one-time matching amount of $250 that is applicable to tuition at virtually any U.S. or international college, technical or trade school. Keep in mind that you have to complete the application by June 1, 2018. You can learn more about the program and eligibility requirements by visiting https://maryland529.com/MDMatch250.
MARYLAND COMMUNITY COLLEGE PROMISE SCHOLARSHIP—LINGERING QUESTIONS
MSATP has received questions from a few members regarding HBO16. The bill, which was signed by the Governor, establishes the Maryland Community College Promise Scholarship. The initial scholarship awards shall be provided to recipients based on the greatest demonstrated financial need. All eligible applicants who do not receive an award will be notified and placed on a waiting list. Beginning for the 2019-2020 academic year (September 2019-June 2020) the annual scholarship award is $5,000 per recipient or actual tuition, whichever is less.
In order to be eligible for the program, applicants must meet the following criteria:
Be eligible for in-state tuition
Enroll in a vocational certificate, certificate, or an associate degree program at an in-state community college within 2 years of graduating high school or successfully completing a GED in the state
Earn an overall high school grade point average of at least 2.3 GPA
Have annual adjusted gross income of not more than $100,000 if single or residing in a single parent household or not more than $150,000 if the applicant is married or resides in a two-parent household (NOTE: Annual adjusted income = Total combined adjusted gross income of the applicant and the applicant’s parents or spouse)
Enroll in at least 12 credits per semester
Timely submit a FAFSA form for federal and any other state financial aid
MSATP has reached out to the Maryland Higher Education Commission to clarify how to apply and what tax year applicants should use to determine the adjusted gross income. We are still awaiting their feedback—so if any of your clients inquire about this opportunity, tell them it is currently a wait-and-see situation.
DIGITAL PLATFORMS—THE FUTURE OF THE PROFESSION
The digital workplace is the future—and that’s a great thing! Here’s just a few advantages of going digital:
Makes work more efficient and creates a more ideal work/life balance
Routine tasks can be automated, leaving more time for client analysis and generating more value to clientele
Practice is more valuable to buyers, especially millennials
More collaborative and provides real time service delivery for clients
Working digitally is just a different way of doing your job and managing your practice—it’s not just going “paperless” like some would have you believe. The two biggest digital players in the small business services area are QBO and XERO. Each platform has its pros and cons. The discussion is not which system is better, but rather why they are more efficient to use as opposed to the outdated desktop and manual data entry systems. Client accounting services are task-centric, but the vast majority of this work can be completed via technology and AI. Each accounting platform has an “ecosystem” of apps that will work seamlessly with the accounting application. Virtually all of these are cloud (SaaS) services. The benefits of using these apps in each Ecosystem are time saving, extra services available, custom fit for each client, integration of platforms, and costs.
Here’s a quick breakdown of everyday accounting tasks and the various digital platforms you can implement to make life easier:
ACCOUNTING SERVICE TECHNOLOGIES:
QBO/Other Cloud-Based (Xero) – By far the most advanced is QBO, it is the online standard for SMB. You can link bank checking and savings accounts, credit card accounts, and loan accounts to QBO. This enables the transactions to be downloaded as they clear the bank and makes reconciling a breeze. Where this is really handy is when clients are using multiple debit and credit cards. NO DATA ENTRY.
Time Tracking – eBillity & TSheets – TSheets is inside of QBO, while Ebility is a stand-alone product that syncs with QBO.
Bill Payment Services – Bill.com & Entryless: Easy ways to add service with virtually no time investment. Bill.com is the standard here. There is some setup time, but it works efficiently with QBO. Bill.com also has multiple levels of transaction approvals.
Digital Workpapers – Neat Technologies, Adobe, Hubdoc, Receipt Bank
Expense Capture Apps – Expensify, Talk, Mile IQ, QBO SE
Invoicing Apps – QBO & Invoices2go
Online Storage/File Sharing – OneDrive, Gdocs, Amazon, MS Azure, Dropbox, etc.
Integration Apps – Apps/Technology that make two different systems work together, with cloud-based software and apps.
PAYROLL SERVICES TECHNOLOGIES
Web Based Services – QBO FSP, ADP, IFSP, Paychex
Direct Deposit to Debit Card – No printing/mailing of checks.
Employee Links to PR System – Time entry, document collection/delivery
Online 1099 – Cloud based system, online delivery to IRS and recipient Track1099
Full Services for Tax Compliance – Very low cost, and low hassle
PRACTICE MANAGEMENT SOFTWARE
Contact/Document Management – Office Tools
Online Document Storage – MS OneDrive, Azure, Google Docs, AWS
Adobe Acrobat – Scanning and document manipulation
Microsoft Office 365 – Online versions of Word, Outlook, Excel, etc.
Communication/Video Conferencing – Skype for Business, GoToMeeting, Zoom
Client Payment Systems – QB Payments, Square, PayPal
Password Manager Apps – Roboform, Dashlane
WHAT DOES SOFTWARE AS A SERVICE (SaaS) REPLACE?
Desktop Versions – Replaces installing different versions on new computers, and admin time is reduced
IT Maintenance Costs – Only on desktops, no need for high-end computers
Server Costs – Nonexistent, may need storage space online, MS OneDrive, Google Docs, Amazon, etc.
Postage & Supplies Costs – Office supplies and postage have been reduced 50% from 2014 to 2017
Labor Costs – More efficient, talent pool not limited by location. Talent can be kept in place even if they move away from CPA office location. Everyone is on the same software; training costs go down and efficiencies increase.
Here are links to the websites for the digital platforms mentioned above where you can learn more and get started to integrate them into your practice:
QUEST INSURANCE—TRUSTED BUSINESS & PERSONAL COVERAGE
Last, but certainly not least, we closed out the show with a message from Chris Corbett of Quest Insurance. Quest Insurance has been serving accounting professionals and their clients for over 25 years providing employee benefits, business insurance and personal coverage in DC, Maryland, and Virginia. They look forward to providing you the best value for your insurance needs! For more information, get in touch with Chris via phone: (571) 367-7971 or email: chris@questinsurance.usor checkout the Quest Insurance website: www.questinsurance.us to learn more about all the great options they have to offer!
It’s our favorite time of the week! Another great episode of MSATP’s Facebook Live series is up and running and you’ll want to check it out ASAP to get caught up on all the latest happenings in the tax and accounting world. Here’s a quick preview of what you can expect to learn more about on last week’s show.
We had the pleasure of welcoming onto the show MSATP’s Vice President and President Elect, Ellen Silverstein to talk a little bit about her past and what she has planned during her upcoming tenure. Ellen joined MSATP in 1990 and credits her membership with helping her streamline her accounting business and giving her the flexibility to balance work with raising her children. During her time with MSATP, Ellen has been an integral component of our educational committee, where she has organized class itineraries and seminars, coordinated guest speakers and provided insight as a practicing professional as to what types of learning opportunities would be most helpful to our members. Ellen will be inducted as MSATP President on May 24th for the 2018-2019 term. Some of her plans include attracting and maintaining relationships with corporate sponsorships to add value to MSATP members, continuing and enhancing the Facebook Live channel and organizing networking events to enable our members in order to expand their practices and take their careers to the next level. Additionally, given the dynamic nature of the upcoming tax year, thanks to the impending legislatively-implemented changes, Ellen recommends attending as many CPE-related events as possible to both assist your clients and reduce your stress levels.
Next, we welcomed on Megan Roth from MileIQ (taxpros@mileiq.com) to discuss an exciting new app you can use to augment your practice and communicate to your clients that you are the consummate professional prepared to address any of their needs or concerns. Reputation is everything when it comes to growing your business, and MileIQ can help you do just that with their easy-to-use and convenient digital interface. Mile IQ is an automatic mileage tracking app for your clients. Mileage is a huge deduction and could trigger an audit if you resort to guesswork. Even small trips can add up to big savings. MileIQ utilizes cutting-edge GPS technology to quickly and accurately tabulate your client’s mileage for each and every business-related trip they take. This translates into big savings when tax season rolls around—trust us, your clients will thank you for hooking them up with MileIQ. MileIQ has been in partnership with MSATP for over two years and we look forward to maintaining our excellent relationship with them. The best part is that MileIQ is FREE for all MSATP members! Just head on over to www.mileIQ.com/taxpros today to get started today.
Tomorrow, we have Michael Blair coming on to talk about more great apps for tax and accounting professionals. We will be LIVE from our annual trust meeting on-site at Annapolis—so be sure to tune in for this exciting event as we take the show on the road!
Not a member of our private MSATP Members Facebook Group yet? Click HERE to join!
Seems like every couple years MD attempts to implement a sales tax on services. Prior to the last attempt several years ago the tax on services idea was nixed as they discovered many government contractors would simply move their business to N. Va or another “business friendly” state. The powers that be determined MD would lose not only business and the taxes that go along but many employees.
The legislators have no clue what it takes to run a small business. Evidence the HSA debacle. Now insurance companies are requesting premium increases of close to 20% (the two that will sell on the exchange that is). The thought is most receive subsidies, which many of us do not qualify for, meaning those paying the unsubsidized cost are the “beasts of burden”. I wrote to several legislators last year after my premium went from ~1800 to ~2600. The responses I received were enlightening – those who represent us are clueless. The only elected official whose response indicated an understanding the dilemma we and many of our small business clients face was Gail Bates.
I too am unable to keep up with the increases which means I’m losing money. Politics aside depending on who becomes the next governor, I am seriously considering a move – working remotely gives one more options.
Last week’s Facebook Live Episode featured MSATP Board Member and Chair, Barbara J. Smith, who joined us to learn the basics of navigating the MSATP website. The site has tons of useful information about you, the value of MSATP membership status and the latest efforts MSATP is making to improve your practice! Here are some common Q&A’s we’ve received about the website—read on to improve your online experience with MSATP and get the most out of your membership!
STEP 1: Click the log-in button located in the upper right-hand corner
STEP 2: Enter your email address in the “USERNAME” box
STEP 3: Enter the password that you selected (NOTE: If you forgot your password, click the “forgot password” button and an email will be sent for you to reset it)
FAQ #2: WHAT MEMBERSHIP INFO CAN I ACCESS ON THE SITE?
As a MSATP member, you can view the following information on the site by clicking on your name in the green bar and selecting “View Profile:”
Account Information
Dues
CPE Credits & Certificates
Registered Events
Free State Accountant
Membership Discounts & Benefits
Job Opportunities
Buy/Sell a Practice
Non-Members will only see the following areas:
Account Information
CPE Certificates & Credits
Registered Events
FAQ #3: HOW DO I FIND MSATP EXPERTS IN A SPECIFIC AREA?
STEP #1: Place your cursor on the “About” tab
STEP #2: Click on “Find a Professional”
STEP #3: You will then be able to search our directory by subject matter expertise and/or location
FAQ #4: WHERE CAN I LEARN ABOUT THE 2018-2019 BOARD OF DIRECTORS CANDIDATES?
STEP #1: Place your cursor on the “About” tab
STEP #2: Select “Board Candidates”
STEP #3: You will then be able to browse through the candidate profiles for a more in-depth look at all of the current candidates
FAQ #5: HOW DO I ACCESS THE CALENDAR OF EVENTS FOR THE SOCIETY?
STEP #1: Place your cursor on the “Community” tab
STEP #2: Scroll down to “Society Calendar”
STEP #3: Select “Event Calendar”
We have tons of great classes and seminars coming up—be sure to check out the Event Calendar often to make sure you don’t miss out on these great events!
FAQ #6: HOW CAN I LEARN ABOUT LICENSING REQUIREMENTS?
STEP #1: Place your cursor on the “Education” tab
STEP #2: Scroll down to your specific designation to view the relevant licensing requirements
FAQ #7: HOW DO I REGISTER FOR A SEMINAR AND GET DETAILS?
STEP #1: Place your cursor on the “Education” tab
STEP #2: Scroll down to “Seminars” section
The upcoming events on this page is organized by date by default. You can change this by searching this list by a specific field of study, alphabetically by seminar title or by a specific speaker. Once you select a course you can view the following information:
PRICE: Including both Member and Non-Member Rates
SPEAKER: Information on the featured presenter
EVENT DESCRIPTION & OBJECTIVES: A brief overview of the presentation outline and learning goals
FINAL EVENT DETAILS: This section includes important information including location, accommodation details and CPE approval credits.
That’s it for last week’s Facebook Live Recap! Be sure to tune in this Thursday to Meet Your President Elect, Ellen Silverstein, CPA!
Not a member of our private MSATP Members Facebook Group yet? Click HERE to join!
On last week’s edition, we welcomed Rich Gottfried, Second Vice President of the Society and Chair of the Young Professionals Committee, to discuss the all-important topic of Financial Literacy. We then discussed how the Maryland legislature is attempting to offer college financial savings options for Maryland taxpayers. Read on for a closer look at the segments on this week’s recap!
FINANCIAL LITERACY
April is Financial Literacy Month—a very important topic that the MSATP community is actively trying to promote at levels of the education system. We have been collaborating with other agencies, including the Maryland Coalition for Financial Literacy and the Maryland Council on Economic Education, to lay a solid financial foundation for the next generation of competent, confident and financially literate adults. For more information on what financial literacy entails, check out this great resource published by the Maryland Council on Economic Education! (http://www.econed.org/2018/02/1487/)
While financial literacy is a required course offering in some Maryland public schools, it is only a mandatory graduation requirement in Baltimore City Schools and seven other county school systems.
MSATP is working with the Maryland Financial Literacy Coalition to offer our member volunteers as guest speakers that meet with teachers from elementary to high school grade levels and deliver presentations to their classes that focus on financial literacy topics the teacher and member volunteer have selected. Ann Elliot, a long-time member of the Society and a current volunteer with the MSATP Financial Literacy Team, submitted some of her thoughts after a recent visit to Eleanor Roosevelt High School: “In December, I presented at Northwestern High School in Hyattsville…I started with how I’d begun working the accounting field, how I’d begun working for myself, and how long I’d been doing it. I discussed various career opportunities, the pros and cons of accounting and tax work, including hours, sitting at a desk for long hours, multi-tasking, and working within various organizations versus working for yourself.” Ann also offered some suggestions on how the financial literacy initiative might be improved in the future: “One take away would be that I think it might be helpful to have someone available for one on one meetings, questions and discussions with students that are sincerely interested. If during the career day programs, they allowed for some of us to be available to meet, the interested students may have an opportunity to drill down to their interests. In the classroom environment, it didn’t allow for more directed discussions without most of the class being excluded.”
MARYLAND’S NEW COLLEGE SAVING PROGRAMS
Maryland offers two great Sec 529 plans—the Maryland Prepaid College Trust and the Maryland College Investment Plan—that allow parents to save early for their children’s education while enjoying tax savings on their Maryland income tax return.
The State of Maryland and Maryland 529 are now teaming up to start a new initiative called The Save4College State Contribution Program. The plan, managed by T. Rowe Price, gives eligible taxpayers the opportunity to receive a one-time matching amount of $250. These funds can be applied to tuition at any U.S. college, technical or trade school and even international schools. To be eligible for the program, your tax client must meet the following criteria:
Must be a Maryland resident
The previous tax year’s taxable income must not exceed $112,500 as an individual or $175,000 jointly
Must open a Maryland College Investment Plan or have opened an account after December 31, 2016
Submit an application for the Save4College State Contribution Program prior to June 1, 2018 and make a minimum contribution to the investment plan between July 1 and November 1.
Additionally, the MSA Scholarship Foundation offers scholarship opportunities for Maryland accounting students who are Maryland Residents. In 2017, the Foundation awarded 17 scholarships totaling $30,500. The Foundation will begin reviewing applications for the 2018-2019 Academic Year on June 15, 2018. If you know a current accounting student who might benefit, make sure you have them complete the on-line application by June 15, 2018! (www.msascholarships.org)
