Blog – Page 18

Closing All Non-Essential Businesses in MD, & COVID-19 Resources

Closing All Non-Essential Businesses | Order of the Governor of the State of Maryland Maryland Governor Larry Hogan announced today that he is ordering all non-essential businesses in the state to close. For information on which businesses are allowed to remain open, view the press release from the Governor’s office here. Accounting and Bookkeeping firms are allowed to …
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Filing Deadline, COVID-19 Relief Package, 5 Ways to Pay Your Taxes, & More

IRS Will Move Tax Filing Deadline to July 15 as Coronavirus Spreads | CNBC The IRS will move the national income tax filing day ahead to July 15, three months after the normal deadline for Americans to send in their returns. The move announced by Treasury Secretary Steven Mnuchin is the latest in a series of …
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Important Updates In Response to COVID-19

Maryland Income Tax Deadline Extended to July 15, 2020 | Comptroller of Maryland Following yesterday’s press conference from the White House where it was announced there would be a 90-day extension of the April 15th deadline for federal income tax payments, Maryland Comptroller Peter Franchot has announced that Maryland business and individual income taxpayers will be …
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Collegiate Financial Management Association Started by Young Professionals, for Young Professionals

By: Marie Greenbank The Collegiate Financial Management Association (CFMA) is the brainchild of Wynston Reed and Max Burke, two students from the University of Maryland in the spring of 2018. Wynston reached out to Max wanting to start a club on campus that focused on financial literacy for young professionals. They realized that many of …
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Timely Radio Ads Featuring Local Sports Heroes Dramatically Increase Healthcare Coverage

By Maryland Citizens’ Health Initiative Paid radio advertising featuring local sports heroes has proven to be an effective means of raising awareness of health coverage options among Maryland’s uninsured population. The Maryland Citizens’ Health Initiative Education Fund, Inc. (MCHIEF) first led a Medicaid enrollment campaign featuring Ed Reed, then of the Baltimore Ravens, in radio …
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The New RMD Rules-in Layman’s Terms

By Bob Jennings of TaxSpeaker In November 2019, before the Budget Bill was passed, the IRS increased life expectancy tables to more accurately reflect American’s longevity. The adjustment was unrelated to the Budget Bill. Who knows if another change will come (it is under discussion), but there is no direct change as of now from …
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How Form 2848 Can Prevent Potential Fraud

By The IRS Liaison Office Question: How can practitioners receive an entire listing of all Forms 2848 to remove former clients, in an effort to prevent potential fraud? As the Form 2848 instructions now explain, practitioners can request a list of active authorizations. They can submit a Freedom of Information Act request to the IRS …
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Fixing the Error — How Do We Solve Depreciation Mistakes?

By TaxSpeaker Depreciation errors are corrected by either filing an amended return or filing a change in accounting method form. Depreciation errors that are NOT subject to the accounting method change filing requirements require amended returns and include: Amended Returns: You claimed the incorrect amount because of a mathematical error made in any year. You …
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Accountable Plans

By Bob Jennings, CPA, EA, CFP® of TaxSpeaker Many employees incur job related expenses such as mileage, travel, entertainment, dues, licenses, supplies, office equipment, etc. An employee whose employer requires the employee to provide for and pay for such expenses essentially makes the employee pay income and social security tax on the expenses. Because employee …
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Innovative New Program to Help Tax Clients Access Health Insurance

By Stephanie Klapper, Deputy Director, Maryland Citizens’ Health Initiative Tax preparers play a big role in people’s lives. Soon, thanks to the Maryland Easy Enrollment Health Insurance Program, preparers will have an opportunity to help clients in another important way—by helping them gain access to quality, affordable health care. Starting this January, Marylanders will be …
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