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Author: Walter Moore

News for Your Week Ahead: December 30, 2021

Posted on by Walter Moore

On this week’s MSATP TV, Michael Ashley of Registered Agents joined us to discuss how he can help you incorporate your business in all 50 states!

Watch on YouTube.

Coming Up: On Tuesday, January 4th at 10 a.m., Sami Satouri of Quest Insurance will join us to discuss insurance options for MSATP members to cover everything from your business to your boat!

Be sure to Like/Follow us on Facebook so you can catch MSATP TV live every week!

Frequently Asked Questions on the Maryland Pass-Through Entity Tax 

This version of Frequently Asked Questions on the Maryland Pass-Through Entity Tax supersedes the previous version published September 10, 2021. The answer to Question 15 on credit for entity-level taxes paid to other states has been updated. Additionally, a clarification has been added to Question 11 regarding Form 500LU and 502LU.

For more information, click here.

MSATP’s 2022 Tax Season Kickoff Event Has Been Cancelled

Due to the increase in COVID-19 cases in Maryland, MSATP is canceling our Tax Season Kickoff scheduled for January 20, 2022. We hope you all have a safe and healthy start to the New Year and tax season.

The TaxSpeaker 1040 Tax In Depth Seminar in Frederick, MD Moved to Webinar Only

For the safety of our attendees and due to Frederick County’s pending decision to limit in-person events, the TaxSpeaker 1040 Tax In-Depth seminar at the Clarion Inn Frederick will now exclusively be offered as a webinar. You will receive webinar access information prior to the event.

News For Your Week Ahead: December 17, 2021

Posted on by Walter Moore

This week, Marc Reibman of USB Payment Processing joined us to highlight the special perks his company has to offer MSATP members.

Watch on YouTube.

Coming Up: On Tuesday, December 21 at 11 a.m., Jerry Lotz of CostSeg Energy Solutions will joins us to tell us about how CostSeg can help you and your clients.

Be sure to Like/Follow us on Facebook so you can catch MSATP TV live every week!

For Kentucky Tornado Victims, IRS Extends 2021 Tax-Filing Dealing, Other Deadlines to May 16 | IR-2021-248

Victims of this weekend’s tornadoes in Kentucky will have until May 16, 2022, to file various individual and business tax returns and make tax payments.

Following the recent disaster declaration issued by the Federal Emergency Management Agency (FEMA), the IRS is providing this relief to taxpayers affected by storms, tornadoes and flooding that took place starting on Dec. 10 in parts of Kentucky. Currently, relief is available to affected taxpayers who live or have a business in Caldwell, Fulton, Graves, Hopkins, Marshall, Muhlenberg, Taylor and Warren counties. But the IRS will provide the same relief to any other localities designated by FEMA in Kentucky or neighboring states. The current list of eligible localities is always available on the disaster relief page on IRS.gov.

For more information, click here.

Families Will Soon Receive Their December Advance Child Tax Credit Payment | IR-2021-249

The IRS and the Treasury Department announced today that millions of American families will soon receive their final advance Child Tax Credit (CTC) payment for the month of December. Eligible families who did not receive advance payments can claim the Child Tax Credit on their 2021 federal tax return to receive missed payments and the other half of the credit.

This final batch of advance monthly payments for 2021, totaling about $16 billion, will reach more than 36 million families across the country. Most payments are being made by direct deposit.

For more information, click here.

Applicable Federal Rates | RR-2022-01

Revenue Ruling 2022-01 provides various prescribed rates for federal income tax purposes including the applicable federal interest rates, the adjusted applicable federal interest rates, the adjusted federal long-term rate, and the adjusted federal long-term tax-exempt rate. These rates are determined as prescribed by § 1274.

The rates are published monthly for purposes of sections 42, 382, 412, 642, 1288, 1274, 7520, 7872, and various other sections of the Internal Revenue Code.

Revenue Ruling 2022-01 will be in IRB:  2022-2, dated January 10, 2022.

For more information, click here.

IRS Revising Form 1024 to Allow For Electronic Submission

As part of an ongoing effort to improve service for the tax-exempt community, the IRS is revising Form 1024, Application for Recognition of Exemption Under Section 501(a), and its instructions to allow electronic filing for the first time.

The IRS expects electronic filing to be available early in 2022, at which point applications for recognition of exemption on Form 1024 must be submitted electronically online at www.pay.gov. The IRS will provide a grace period during which it will continue to accept paper versions of Form 1024.

For more information, click here.

IRS Joins Leading Nonprofit Groups to Highlight Special Charitable Tax Benefit Available Through Dec. 31 | IR-2021-247

The IRS joined with several leading nonprofit groups to highlight a special tax provision that allows more people to deduct donations to qualifying charities on their 2021 federal income tax return.

The Independent Sector and National Council of Nonprofits joined with the IRS to highlight this pandemic-related provision where married couples filing jointly can deduct up to $600 in cash donations and individual taxpayers can deduct up to $300 in donations.

For more information, click here.

 

 

 

News For Your Week Ahead: December 10, 2021

Posted on by Walter Moore

This week, Rob Smith of Point7Seconds discussed what to expect from his upcoming Microsoft Lists webinar on December 16, 2021.

Watch on YouTube.

Coming Up: On Thursday, December 16 at 10 a.m., Marc Reibman of USB Payment Processing will talk about the special perks the company has to offer MSATP members.

Be sure to Like/Follow us on Facebook so you can catch MSATP TV live every week!

IRS Issues Guidance Regarding the Retroactive Termination of the Employee Retention Credit | IR-2021-242

The IRS issued guidance for employers regarding the retroactive termination of the Employee Retention Credit. The Infrastructure Investment and Jobs Act, which was enacted on Nov. 15, 2021, amended the law so that the Employee Retention Credit  applies only to wages paid before October 1, 2021, unless the employer is a recovery startup business.

Notice 2021-65 applies to employers that paid wages after September 30, 2021, and received an advance payment of the Employee Retention Credit for those wages or reduced employment tax deposits in anticipation of the credit for the fourth quarter of 2021, but are now ineligible for the credit due to the change in the law. The notice also provides guidance regarding how the rules apply to recovery startup businesses during the fourth quarter of 2021.

For more information, click here.

IRS Seeks Applications for the Electronic Tax Administration Advisory Committee | IR-2021-244

The IRS is seeking qualified applicants for nomination to the Electronic Tax Administration Advisory Committee (ETAAC).

The ETAAC is an organized public forum for discussion of issues in electronic tax administration, such as prevention of identity theft and refund fraud. The committee supports the overriding goal that paperless filing should be the preferred and most convenient method of filing tax and information returns. ETAAC members work closely with the Security Summit, a joint effort of the IRS, state tax administrators and private-sector tax partners to fight electronic fraud.

For more information, click here.

Most Retirees Must Take Required Minimum Distributions by Dec. 31 | IR-2021-245

The IRS reminded retirement plan participants and individual retirement account owners that payments, called required minimum distributions, must usually be taken by Dec. 31.

Required minimum distributions (RMDs) generally are minimum amounts that retirement plan account owners must withdraw annually starting with the year they reach 72 or, if later, the year they retire. However, if the retirement plan account is an IRA or the account owner is a 5% owner of the business sponsoring the retirement plan, the RMDs must begin once the account holder is age 72, even if they’re still working. RMD amounts not timely withdrawn from accounts may be subject to penalties.

For more information, click here.

Security Tip For Tax Pros: Remember to Safeguard EFINs | Tax Tip 2021-182

Tax professionals are prime targets for criminals. These criminals not only want to steal client data, but also the professionals’ data, such as their electronic filing identification numbers.

A thief who breaches the data of just one tax return preparer can get their hands on lots of other data. In fact, they can get personal info on hundreds or even thousands of people.

For more information, click here.

News For Your Week Ahead: December 3, 2021

Posted on by Walter Moore

On MSATP TV this week, Barbara J. Smith, CPA joins us to discuss her upcoming Payroll & 1099 Forms – “Are You Reporting Correctly?” seminar/webinar on December 13th in Ellicott City, MD.

Watch on YouTube.

Coming Up: On Thursday, December 9 at 10 a.m., Rob Smith of Point7Seconds to discuss his class on Microsoft Lists. Have you been struggling with workflow management in processing tax returns? Rob Smith has a solution to help you track your and your associates’ progress throughout a tax return. Give yourself the gift of proper workflow management this holiday season!

To register for the webinar, please click here.

Be sure to Like/Follow us on Facebook so you can catch MSATP TV live every week!

What Small Business Owners Should Know About the Depreciation of Property Deduction | Tax Tip 2021-173

Depreciation is an annual tax deduction that allows small businesses to recover the cost or other basis of certain property over the time they use the property. It is an allowance for the wear and tear, deterioration or obsolescence of the property.

Small businesses can depreciate property when they place it in service for use in their trade or business or to produce income. The business stops depreciating property when they have fully recovered their cost or other basis or when they retire it from service, whichever happens first.

For more information, click here.

Safe Harbor for REITs and RICs | RP-2021-53

Rev. Proc. 2021-53 provides temporary guidance regarding the treatment of certain stock distributions by publicly offered REITs and RICs. Specifically, in recognition of the need for enhanced liquidity as a result of the impact of the COVID-19 pandemic, this Rev. Proc. modifies the safe harbor provided in Rev. Proc. 2017-45, 2017-35 I.R.B. 216, by temporarily reducing the minimum required aggregate amount of cash that distributee shareholders may receive to not less than 10 percent of the total distribution in order for § 301 of the Code, by reason of § 305(b) of the Code, to apply to such distribution. This temporary modification is effective solely with respect to distributions declared by a publicly offered REIT or publicly offered RIC on or after November 1, 2021, and on or before June 30, 2022.

For more information, click here.

Low Income Housing Credit | RR-2021-20 & RP-2021-43

Revenue Ruling 2021-20 provides guidance regarding whether the 4 percent applicable percentage (4 percent floor) under § 42(b)(3) of the Internal Revenue Code applies to the low-income buildings described in the revenue ruling. This revenue ruling holds that a draw-down bond that is issued prior to 2021 (with draws occurring in a subsequent year), a de minimis § 42(h)(4)(A) obligation issued after December 31, 2020, or a de minimis allocation of low-income housing credit dollar amount occurring after December 31, 2020, do not cause a building to be subject to the minimum 4 percent floor under § 42(b)(3).

Revenue Procedure 21-43 provides safe harbors for when an obligation described in § 42(h)(4)(A) of the Internal Revenue Code or an allocation of a low-income housing credit dollar amount is more than de minimis for purposes of the associated revenue ruling providing guidance on whether the 4 percent applicable percentage under § 42(b)(3) applies to certain low-income buildings.

For more information, click here.

News For Your Week Ahead: November 19, 2021

Posted on by Walter Moore

On MSATP TV this week, Julie Weaver from the Maryland Council on Economic Education (MCEE) joined us to discuss the organization’s financial literacy initiatives.

Watch on YouTube.

Later this week, Tammy Nickels from Wolters Kluwer joined us on MSATP TV to highlight the CCH TaxAware program for MSATP members.

Watch on YouTube.

Interested in becoming an MSATP member to take advantage of this perk and other exciting benefits? Click here to join today.

Coming Up: On Tuesday, November 23 at 10 a.m., we have a special pre-Thanksgiving episode with Rob Smith of Point7Seconds to discuss his class on Microsoft Lists. Have you been struggling with workflow management in processing tax returns? Rob Smith has a solution to help you track your and your associates’ progress throughout a tax return. Give yourself the gift of proper workflow management this holiday season!

To register for the webinar, please click here.

Be sure to Like/Follow us on Facebook so you can catch MSATP TV live every week!

IRS Provides Guidance on Per Diem Rates and The Temporary 100% Deduction for Food or Beverages From Restaurants | IR-2021-225

The IRS issued Notice 2021-63 to make clear how the temporary 100% business deduction for food or beverages from restaurants applies to taxpayers properly applying the rules of Revenue Procedure 2019-48 for using per diem rates.

Previously, the IRS issued Notice 2021-25 providing guidance under the Taxpayer Certainty and Disaster Relief Act of 2020, which added a temporary exception to the 50% limit on the amount that businesses may deduct for food or beverages. The temporary exception allows a 100% deduction for food or beverages from restaurants, as long as the expense is paid or incurred in 2021 or 2022.

For more information, click here.

IRS Announces New Online Tool to Help U.S. Withholding Agents Validate Their 1042-S Data Prior to Filing | IR-2021-223

The IRS launched a new online tool designed to help U.S. withholding agents comply with their reporting and withholding responsibilities with respect to IRS Form 1042-S (Foreign Person’s U.S. Source Income Subject to Withholding).

The tool performs a quality review of data before submission to the IRS. Use of the tool does not change a withholding agent’s obligations to file Forms 1042-S with the IRS and furnish a copy of the Form 1042-S to the payee.

For more information, click here.

IRS Advisory Council Issues 2021 Annual Report | IR-2021-227

The Internal Revenue Service Advisory Council today issued its annual report for 2021, including recommendations to the IRS on new and continuing issues in tax administration.

The IRSAC is a federal advisory committee that provides an organized public forum for discussion of relevant tax administration issues between IRS officials and representatives of the public. IRSAC members offer constructive observations regarding current or proposed IRS policies, programs and procedures.

For more information, click here.

Resources to Make Tax Time Easier for U.S. Service Members and Veterans | COVID Tax Tip 2021-171

The IRS has a variety of resources to help members of the military, veterans and their families navigate the unique and complex circumstances that come with filing taxes while in the military. Reviewing these resources is a good way to get ready for the upcoming tax filing season.

For more information, click here.

Teachers Can Deduct Out-of-Pocket Classroom Expenses Including COVID-19 Protective Items | COVID Tax Tip 2021-169

Fall is here and another school year is in full swing. Many teachers are already dipping into their own pockets to buy classroom supplies that will help set their students up for success. Doing this all year long can add up fast. Fortunately, eligible educators may be able to offset qualified expenses they paid in 2021 when they file their tax return in 2022.

Educators who work in schools may qualify to deduct up to $250 of unreimbursed expenses. That amount goes up to $500 if two qualified educators are married and file a joint return. However, neither spouse can deduct more than $250 of their qualified expenses when they file their federal tax return.

For more information, click here.

IRS Criminal Investigation Releases Annual Report Highlighting 2,500+ Investigations, Law Enforcement Partnerships | IR-2021-232

Over 2,500 criminal investigations, the identification of more than $10 billion from tax fraud and financial crimes, and a nearly 90% conviction rate are just a few highlights from the IRS-Criminal Investigation (IRS-CI) Fiscal Year 2021 Annual Report. The report, released Thursday, details statistics, important partnerships and significant criminal enforcement actions from IRS-CI, the criminal investigative arm of the IRS, for the past fiscal year, which began Oct. 1, 2020 and ended Sept. 30, 2021.

“IRS-CI agents are the only federal law enforcement officers with the authority to investigate criminal violations of the U.S. tax code. Their work reinforces the backbone of our voluntary compliance tax system — a system that funds services and benefits for our nation, including defense, infrastructure and education,” said IRS Commissioner Chuck Rettig.

For more information, click here.

IRS Provides Answers to States and Local Governments on Taxability and Reporting of Payments from Coronavirus State and Local Fiscal Recovery Funds | IR-2021-231

The IRS provided answers regarding Coronavirus State and Local Fiscal Recovery Funds (SLFR Funds). These funds give eligible state and local governments a substantial infusion of resources to meet pandemic response needs.

The answers are in FAQs (FS-2021-16) and detail the tax consequences for individual recipients and the reporting requirements for the states and local governments and employers, as applicable.

For more information, click here.

Tax Professionals Can Now Order More Transcripts from the IRS | IR-2021-226

The Internal Revenue Service today announced that, effective Nov. 15, 2021, tax professionals are able to order up to 30 Transcript Delivery System (TDS) transcripts per client through the Practitioner Priority Service® line. This is an increase from the previous 10 transcripts per client limit.

“Increasing the number of transcripts a caller can receive addresses the concerns the IRS has received from PPS callers. This is another example of addressing concerns from our partners and stakeholders,” said Ken Corbin, the Wage and Investment Commissioner and the IRS Taxpayer Experience Officer.

For more information, click here.

IRS Announces Changes to Retirement Plans for 2022 | Tax Tip 2021-170

Next year taxpayers can put an extra $1,000 into their 401(k) plans. The IRS recently announced that the 2022 contribution limit for 401(k) plans will increase to $20,500. The agency also announced cost of living adjustments that may affect pension plan and other retirement-related savings next year.

For more information, click here.

IRS Unveils New Online Identity Verification Process for Accessing Self-Help Tools | IR-2021-228

The IRS announced the launch of an improved identity verification and sign-in process that enables more people to securely access and use IRS online tools and applications.

Taxpayers using the new mobile-friendly verification procedure can gain entry to existing IRS online services such as the Child Tax Credit Update Portal, Online Account, Get Transcript Online, Get an Identity Protection PIN (IP PIN) and Online Payment Agreement. Additional IRS applications will transition to the new method over the next year.

For more information, click here.

IRS: Families Will Soon Receive November Advance Child Tax Credit Payments; Time Running Out to Sign Up Online to Get an Advance Payment in December | IR-2021-222

The Internal Revenue Service and the Treasury Department announced today that millions of American families will soon receive their advance Child Tax Credit (CTC) payment for the month of November. Low-income families who are not getting payments and have not filed a tax return can still get one, but they must sign up on IRS.gov by 11:59 pm Eastern Time on Monday, Nov. 15.

This fifth batch of advance monthly payments, totaling about $15 billion, will reach about 36 million families across the country. The majority of payments are being made by direct deposit.

For more information, click here.

News For Your Week Ahead: November 12, 2021

Posted on by Walter Moore

Rob Smith of Point7Seconds joins us to tell us about his upcoming OneNote classes on December 6 and 16th. Save the dates as we will announce further details soon!

Watch on YouTube.

Coming Up: We have two special MSATP TV episodes airing next week. On Tuesday, November 16 at 10 a.m., Julie Weaver of the Maryland Council on Economic Education joins us to discuss their initiatives on financial literacy. On Thursday November 18 at 10 a.m., Tammy Nickels from Wolters Klower will join us to tell us about CCH TaxAware which is a benefit for all MSATP members!

Be sure to Like/Follow us on Facebook so you can catch MSATP TV live every week!

IRS Provides Tax Inflation Adjustments for Tax Year 2022 |IR-2021-219

The IRS announced the tax year 2022 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2021-45 provides details about these annual adjustments.

For more information, click here.

Homeowners Assistance Fund Payments | Rev. Proc. 2021-47

Rev. Proc. 2021-47 provides guidance on the income tax treatment and information reporting requirements for payments made to or on behalf of financially distressed individual homeowners by certain entities with funds allocated from the Homeowner Assistance Fund (HAF), which was established under section 3206 of the American Rescue Plan Act of 2021, Pub. L. No. 117-2, 135 Stat. 4 (March 11, 2021) (ARP), in response to the coronavirus disease (COVID-19) pandemic.

For more information, click here.

The IRS Financial Report Available on IRS.gov | IR-2021-220

The IRS  published its Financial Report on IRS.gov. This new report provides the American people with a comprehensive view of the IRS’s financial activities as well as the accomplishments of its finance management community.

In fiscal year 2021, the IRS managed more than $4.1 trillion in tax revenue, $1.1 trillion in refunds and $658 billion in unpaid assessments, as well as the resources that support its mission. In addition, Congress and both Administrations entrusted the IRS with $2.4 billion in supplemental funding to support the nation’s recovery from the COVID-19 pandemic.

For more information, click here.

Families Can Now Report Income Changes Using the Child Tax Credit Update Portal | COVID Tax Tip 2021-167

The IRS recently launched a new feature in its Child Tax Credit Update Portal, allowing families receiving monthly advance child tax credit payments to update their income.

Families should enter changes by November 29, so the changes are reflected in the December payment. Once the update is made, the IRS will adjust the payment amount to ensure people receive their total advance payment for the year. For married couples, if one spouse makes the income update, it will apply to both spouses and could impact both spouses’ future monthly advance payments of the child tax credit.

For more information, click here.

Here’s How Businesses Can Deduct Startup Costs from Their Federal Taxes | Tax Tip 2021-166

When starting a business, owners should treat all eligible costs incurred before beginning to operate the business as capital expenditures that are part of their basis in the business. Generally, the business can recover costs for assets through depreciation deductions.

For costs paid or incurred after September 8, 2008, the business can deduct a limited amount of start-up and organizational costs. They can recover the costs they cannot deduct currently over a 180-month period. This recovery period starts with the month the business begins to operate active trade or as a business.

For more information, click here.

Get Ready for Taxes: Easy Steps Taxpayers Can Take Now to Make Tax Filing Easier in 2022 | IR-2021-217

The IRS encouraged taxpayers, including those who received stimulus payments or advance Child Tax Credit payments, to take important steps this fall to help themselves file their federal tax returns in 2022.

Planning ahead can help people file an accurate return and avoid processing delays that can slow tax refunds.

For more information, click here.

IRS Updates 2021 Child Tax Credit and Advance Child Tax Credit Payments Frequently Asked Questions | IR-2021-218

The IRS updated frequently-asked-questions (FAQs) for the 2021 Child Tax Credit and Advance Child Tax Credit Payments to describe how taxpayers can now provide the IRS an estimate of your 2021 income using the Child Tax Credit Update Portal (CTC UP).

These FAQs update the Advance Child Tax Credit Topic A FAQs by adding a new question, question 17 and Topic F FAQs by adding new questions, questions 2 through 6.

For more information, click here.

News For Your Week Ahead: November 5, 2021

Posted on by Walter Moore

Join your fellow MSATP members this month for a fun-filled evening of trivia!  Stephen Walsh of Walsh Trivia joined us this week on MSATP TV to discuss this upcoming virtual event on November 18. (Register for the event here!)

Watch on YouTube.

Coming Up: On Thursday, November 11, at 10 a.m., Rob Smith of Point7Seconds will join us to discuss his upcoming new OneNote course with MSATP! Stay tuned for details and registration information.

Be sure to Like/Follow us on Facebook so you can catch MSATP TV live every week!

IRS Issues Another 430,000 Refunds For Adjustments Related to Unemployment Compensation | IR-2021-212

The IRS recently sent approximately 430,000 refunds totaling more than $510 million to taxpayers who paid taxes on unemployment compensation excluded from income for tax year 2020.

The IRS efforts to correct unemployment compensation overpayments will help most of the affected taxpayers avoid filing an amended tax return. So far, the IRS has identified over 16 million taxpayers who may be eligible for the adjustment. Some will receive refunds, while others will have the overpayment applied to taxes due or other debts.

For more information, click here.

Deputy Comptroller Sharonne Bonardi to Take National Role | Franchot Taps BRE Director Andrew Shaufele as Successor When She Departs at End of Year

Comptroller Peter Franchot announced that Deputy Comptroller Sharonne R. Bonardi has accepted a position as executive director of the Federation of Tax Administrators (FTA). She will remain in her role with the Comptroller’s Office through the end of December.

Comptroller Franchot has named Andrew Schaufele, the current director of the Bureau of Revenue Estimates (BRE), to succeed Bonardi as deputy comptroller, effective January 3, 2022. Current BRE Chief Economist David Farkas will be the Bureau’s interim director.

For more information, click here.

Year-End Giving Reminder: Special Tax Deduction Helps Most People Give Up to $600 to Charity, Even if They Don’t Itemize | IR-2021-214

The Internal Revenue Service reminded taxpayers that a special tax provision will allow more Americans to easily deduct up to $600 in donations to qualifying charities on their 2021 federal income tax return.

Ordinarily, people who choose to take the standard deduction cannot claim a deduction for their charitable contributions. But a temporary law change now permits them to claim a limited deduction on their 2021 federal income tax returns for cash contributions made to qualifying charitable organizations. Nearly nine in 10 taxpayers now take the standard deduction and could potentially qualify.

For more information, click here.

News for Your Week Ahead: October 29, 2021

Posted on by Walter Moore

 

This week, Roy Frick of the Maryland Society of Accountants Scholarship Foundation joined us to give an update on the MSA Scholarship Foundation, including how you can help the future of the profession.

Watch on YouTube.

Coming Up: On Thursday, November 4th, at 9 a.m., Walsh Trivia joins us to tell us all about our upcoming virtual trivia night!

Be sure to Like/Follow us on Facebook so you can catch MSATP TV live every week.

COVID Relief: IRS Helps Employers Wanting to Rehire or Retain Employees After Retirement Age |IR-2021-208

To help address COVID-related labor shortages, the Internal Revenue Service reminded employers that they generally will not jeopardize the tax status of their pension plans if they rehire retirees or permit distributions of retirement benefits to current employees who have reached age 59 ½ or the plan’s normal retirement age.

With the COVID-19 pandemic, many employers, including governmental employers (such as public school districts), are looking for ways to encourage retirees to return to the workforce to fill open positions and experienced employees to stay on the job.

For more information, click here.

IRS, Security Summit Partners Remind Families to Make Online Safety A Priority During National Cybersecurity Month | IR-2021-209

The Internal Revenue Service reminded families, teens and senior citizens about the continued importance of protecting personal and financial information (.pdf) online. Although the IRS and its Security Summit partners continue making strides in fighting identity theft and fraudulent tax returns, help is needed.

The Security Summit works to protect taxpayers from criminals that file fraudulent returns for refunds. The Summit coalition includes representatives of the software industry, tax preparation firms, payroll and tax financial product processors as well as state tax administrators and the IRS, which work together year-round to protect taxpayers.

For more information, click here.

Tips to Help Taxpayers Decide How and When to File an Amended Tax Return | COVID Tax Tip 2021-157

After filing their tax return, taxpayers may find they made an error or forgot to enter something on it. The IRS strongly recommends taxpayers use the Interactive Tax Assistant, Should I File an Amended Return? to help determine if they should correct an error or make other changes to the tax return they already filed.

For more information, click here.

Additional Hurricane Ida Relief From IRS; September 15th, October 15th Deadlines, Other Dates Further Extended to January 3rd For Other Parts of Mississippi; November 1st Deadline Still Applies to the Rest of the State | IR-2021-210

Victims of Hurricane Ida in parts of Mississippi now have additional time–until Jan. 3, 2022–to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.

Following last week’s disaster declaration by the Federal Emergency Management Agency (FEMA), the IRS is offering this expanded relief to those parts of the state newly designated for either individual or public assistance. Previously, the IRS had provided special relief to the entire state of Mississippi, generally postponing various tax-filing and tax-payment deadlines until Nov. 1, 2021.

For more information, click here.

Here’s How People Can Become an IRS-Certified Volunteer | Tax Tip 2021-155

The IRS and its community partners encourage people to make a difference in communities across the country by becoming an IRS-certified volunteer. These volunteers will help taxpayers file their tax returns during the upcoming tax season.

  • Volunteer Income Tax Assistance offers free tax return preparation to eligible taxpayers who generally earn $58,000 or less, people with disabilities and limited English-speaking taxpayers.
  • Tax Counseling for the Elderly is mainly for people age 60 or older. Although the program focuses on tax issues unique to seniors, most taxpayers can usually get free assistance. Many sites in the TCE program are operated through AARP Foundation Tax-Aide.

For more information, click here.

MVLS Updates For Our Community Partners

Criminal Record Expungement Training
Community advocates should be aware of recent changes to expungement law and where criminal records are found. Watch this presentation by MVLS and the Human Trafficking Prevention Project to learn about what you need to know.

For more information, click here.

REAL ID News and Fact Sheet
MVLS’ October Access to Justice – A Legal Tip Column for Marylanders in The Baltimore Times focuses on what you need to know about renewing your driver’s license and REAL ID. The column question is: I received a notice that my driver’s license was expiring, but when I went to the MVA to try to renew it, they turned me away because my name didn’t match exactly on all my documents. What do I do? Read our answer and other helpful REAL ID tips here. MVLS also had a REAL ID factsheet you can access here.

“MVLS Has Been a Godsend to Me” Video
MVLS recently recorded a video highlighting the importance of volunteering and the big difference it can make in the life of an individual with a legal issue. Sometimes it can be hard to identify a legal issue or where to turn for help. This 5-minute video shows the good that can come of reaching out for legal help. The video is available here.

National Estate Planning Awareness Week
This week just passed but it’s not too late to share with your community members and colleagues that everyone should do their estate planning regardless of income. For those that income-qualify, free legal assistance is available through MVLS. You can also share a talk from John Kern, MVLS Advance Planning Project Coordinator, that breaks down what estate planning is and why every family should do it. Every year the University of Maryland hosts a Wills Week and John is one of their featured speakers. His presentation is available here.

Baltimore City Launches Security Deposit Assistance
The grant program, which launched earlier this month, will provide up to $2,000 toward a renter’s security deposit based on their income. The grants, which are administered by the Mayor’s Office of Children and Family Success, are available only to low-income residents on a one-time basis. To apply visit www.bmorechildren.com.

Spanish Language Community Resource Guide
The Office of People’s Counsel has released its Spanish language community resource guide. This guide includes information about your rights as a residential utility consumer, information on how to get help with your utility bill, telephone discount programs, answers to frequently asked questions about utility issues, and more. The guide can be found here.

Medicaid Open Enrollment
Medicare open enrollment ends December 7, with plans going into effect January 1, 2022. During this period, older adults can purchase, change, or drop their Medicare Advantage and Part D prescription drug programs, or switch to Original Medicare. Insurers and scammers take advantage of this period to market their services. Keep yourself safe by following these tips:

  • Insurance agents are NOT ALLOWED to contact you unless you request an appointment first.
  • There is no incentive, gift, or benefit if you sign up before December 7. Agents cannot pressure you into enrolling today.
  • Agents cannot claim that Medicare endorses their plan.
  • You can’t keep a Medigap policy and a Medicare Advantage plan at the same time – beware anyone who claims that you can.
  • Scammers can “spoof” numbers and make it look like Social Security is calling. Do not trust the caller ID. Do not give your Medicare or Social Security number over the phone, or your bank or credit card information.
  • Do your research – read the 2022 Medicare & You handbook or an insurer’s Annual Notice of Change and Explanation of Benefits to verify your coverage, benefits, and pricing.
  • Report Medicare fraud at 1-800-MEDICARE.
  • Speak to unbiased insurance counselors in your Maryland county. Click here to see a list of counselors.

2022 PTIN Renewal Season

Posted on by Walter Moore

Preparer Tax Identification Number (PTIN) renewal season is underway for all return preparers for 2022, as is participation in the Annual Filing Season Program (AFSP) for 2022.

The IRS Return Preparer Office (RPO) is sending the message in the first attachment to all PTIN holders over the next few days. A general news release will also be issued this week.

To promote Annual Filing Season Program participation, RPO has sent the message in the second attachment to non-credentialed PTIN holders.

More information about PTINs can be found at www.irs.gov/ptin and more info about AFSP is at www.irs.gov/tax-professionals/annual-filing-season-program.

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