Legislation – MSATP

Understanding the Recent Changes to the Employee Retention Credit (ERC)

Posted on October 20, 2023March 12, 2024 by Giavante' Hawkins

The Employee Retention Credit (ERC) has been a significant topic of discussion in the financial community in recent months. The Internal Revenue Service (IRS) recently spotlighted a concerning trend of aggressive promotion and scams connected with the credit. Unfortunately, many well-intentioned businesses have fallen victim to such “ERC mills,” resulting in a web of inaccuracies and potential penalties.

What has the IRS Done?
The IRS is offering a lifeline to businesses. They’re granting employers an avenue to rescind any inaccurate claims for the ERC, especially if they’ve been ensnared by the misleading promises of these “ERC mills.”
Notably, the IRS paused the processing of new ERC claims last month. This decision was a reaction to an unexpected surge in claims, which resulted from the relentless promotion of the ERC as an easy avenue to access federal funds. However, recognizing the challenges this could bring to innocent businesses tricked by scams, the IRS also introduced a process for withdrawing illegitimate claims. This can help employers avoid accruing unwanted interest and penalties.

How Does the Withdrawal Process Work?
For the employers who, in good faith, applied for the ERC but haven’t yet seen a refund, there’s now an option to withdraw their submission. This allows them to sidestep future complications, such as repayments, interest, and penalties. If a claim is withdrawn, it’s as though it never existed, ensuring the IRS imposes no penalties or interest.
However, it’s essential to note that any fraudulent claims, or involvement in such schemes, won’t be protected from potential criminal investigation and prosecution.

A Checklist for Withdrawal Eligibility:
* The claim was made on an adjusted employment return.
* The adjusted return was filed solely to claim the ERC, with no other adjustments made.
* The entirety of the ERC claim is intended for withdrawal.
* The IRS hasn’t paid the claim or, if they have, the refund check hasn’t been cashed or deposited by the business.

Upcoming Course Announcement: Dive Deeper into the ERC Changes
For those seeking a more comprehensive understanding of these recent developments, we’re excited to announce an upcoming course:
Employee Retention Credit (ERC) 2023 Update
Date: November 29, 2023
Time: 2 – 3:30 PM
The course will feature attorney speakers from Frost Law, who’ll delve deep into the nuances of the recent ERC changes, providing professional insights and guidance.

REGISTER HERE

This course aims to equip businesses and tax professionals with the knowledge they need to navigate these turbulent waters, ensuring they can make informed decisions related to the ERC.

Be vigilant, stay informed, and always prioritize the best interests of your business.

Maryland Society of Accounting and Tax Professionals Champions Taxpayer Advocacy at Governor Wes Moore’s Bill Signing Event

Posted on May 19, 2023March 12, 2024 by Giavante' Hawkins

The Maryland Society of Accounting and Tax Professionals (MSATP) has long been a stalwart advocate for the accounting and tax profession in the state of Maryland. Recently, the society’s Committee on Professional Regulation volunteers Betty Kohls Stehman and Jim Arnie and executive director, Giavante’ Hawkins had the honor of attending Governor Wes Moore’s bill signing ceremony for Senate Bill 660. This pivotal legislation establishes the Taxpayer Advocate Division within the Comptroller’s office, marking a significant milestone in Maryland’s commitment to protecting taxpayers’ rights. The event served as a testament to MSATP’s dedication to advocating for the profession and its clients.

Senate Bill 660 holds immense significance for both tax professionals and taxpayers in Maryland. The bill’s passage establishes the Taxpayer Advocate Division within the Comptroller’s office, serving as an independent entity focused on protecting taxpayers’ rights and ensuring fair treatment by tax authorities. This division will work closely with taxpayers, addressing their concerns, providing assistance, and resolving any disputes that may arise. By creating a streamlined process for resolving tax-related issues, the Taxpayer Advocate Division aims to enhance transparency, accountability, and efficiency in Maryland’s tax administration.

MSATP has always been at the forefront of promoting the highest standards of professionalism and integrity within the accounting and tax field. The society recognizes that an essential aspect of maintaining public trust in the profession is safeguarding taxpayers’ rights. This dedication to advocacy was exemplified by MSATP’s presence at Governor We Moore’s bill signing event, which showcased the society’s commitment to championing the interests of both tax professionals and their clients.

MSATP has fostered a strong and collaborative relationship with the Maryland Comptroller’s office. This partnership has been instrumental in advancing the society’s mission of advocating for the accounting and tax profession. The close collaboration with the Comptroller’s office has allowed MSATP to effectively address critical issues and concerns affecting tax professionals and taxpayers in Maryland. As we move forward, MSATP eagerly looks forward to continuing this partnership and working closely with the Taxpayer Advocate Division to ensure that the interests of both tax professionals and their clients are well-represented. By fostering this ongoing collaboration, MSATP aims to contribute to developing effective policies and initiatives that will benefit the profession and enhance the overall tax experience for Maryland taxpayers.

News For Your Week Ahead: May 13, 2022

Posted on May 13, 2022March 12, 2024 by Walter Moore

Matthew Pollard joined Executive Director Bill Feehley to tell you how he will help you create a Rapid Growth Practice which is your ticket to higher profits and less stress.

Matthew Pollard is an internationally recognized consultant, speaker, blogger, author, mentor, coach, and serial entrepreneur with five multi-million dollar business success stories under his belt, all before the age of 30. He is the founder and CEO of Rapid Growth, LLC, dedicated to achieving maximum ROI for businesses of all sizes.

Drawing from over a decade of experience growing his own businesses to multiple millions – as well as his transformative work with thousands of clients – Matthew Pollard reveals his tried and tested Rapid Growth® blueprint. This is his signature A-Z system, proven to propel even the most unprofitable business into unstoppable momentum and growth.

Learn More!

Coming Up: On Thursday, May 19 at 12 p.m. Rob Smith of Liscio will join us again for another episode in his Lunch & Learn series on Office 365. View our episodes live on LinkedIn, Facebook, YouTube, and Twitter! If you have questions for the speaker, you can ask them directly in the comments section of the stream on all platforms.

Delaware – Property Tax: Law Imposing Tax on Gross Rental Income Passed | via Wolters Kluwer IntelliConnect

For property tax purposes, Delaware passed a law imposing a tax on gross rental income. The law authorizes the Mayor and Council to impose a gross receipts tax of no more than 3% on:

the gross rental income of any lot where there are recreational facilities for recreational vehicles, load or truck campers, camping trailers, trailers, motorhomes, or cottage type structures located within the Delaware city boundaries; and
rents or lease payments from apartments and other leased premises that are not subject to city property taxes located within the Delaware city boundaries.

Ch. 299 (S.B. 238), Laws 2021, effective April 28, 2022

Virginia – Property Tax: Special Commissioner Appointment, Coveyance of Real Estate with Delinquent Taxes Authorized | via Wolters Kluwer IntelliConnect

For Virginia property tax purposes, enacted legislation amends the delinquent tax land provisions. The legislation authorizes localities to petition a circuit court to appoint a special commissioner to convey certain real estate with delinquent taxes to a locality’s land bank entity or an existing nonprofit entity designated to carry out the functions of a land bank. The legislation also allows real estate that contains a derelict building and has delinquent taxes exceeding 10% of its assessed value to be conveyed by a special commissioner to the locality, the locality’s land bank entity, or a qualified nonprofit entity. Additionally, a land bank or qualified nonprofit entity that receives delinquent parcels is required to pay any surplus above the amount of unpaid taxes or liens to the former owners or other parties with an interest in the property.

Ch. 713 (S.B. 142), Laws 2022, effective July 1, 2022

Get access to news updates like the ones above when you sign up for CCH Tax Aware, a complimentary benefit of being an MSATP member! Visit the perks page of your profile for information on how to sign up.

“A Closer Look” at Expanding Access in Puerto Rico | CL-2022-08

The IRS published the latest executive column, “A Closer Look,” which features Ken Corbin, IRS Taxpayer Experience Officer, discussing how the IRS is working to serve residents of Puerto Rico. This year marks the first time in history that many families with children in Puerto Rico will be eligible to claim the Child Tax Credit, which has been expanded to provide up to $3,600 per child. “We know we must start from the ground up to reach out to Puerto Rico residents who may have little or no experience filing a federal tax return or receiving the credit,” said Corbin. “Not only do we want them to know about the credit, but we also want them to know there is help – some of it free – for getting it.”

For more information, click here.

News For Your Week Ahead: April 29, 2022

Posted on April 29, 2022March 12, 2024 by Walter Moore

Tammy Nickels of Thompson Reuters joined us to tell you about a benefit included in your MSATP membership CCH TaxAware. Be sure to take care of this amazing program to track upcoming tax changes for you and your clients.

Watch on YouTube.

Jim Arnie joined us to give a final update on the Legislative session in Annapolis. Be sure to tune in to learn all this year’s tax changes that affect you and your business.

Watch on YouTube.

Coming Up: On Thursday, May 5 at 12 p.m. Rob Smith of Liscio will join us again for another episode in his Lunch & Learn series on Office 365. View our episodes live on LinkedIn, Facebook, YouTube, and Twitter! If you have questions for the speaker, you can ask them directly in the comments section of the stream on all platforms.

IRS Revises Tax Year 2021/Filing Season 2022 FAQs for the Child Tax Credit | IR-2022-96

The IRS issued a revised set of frequently asked questions for tax year 2021 and filing season 2022 for the Child Tax Credit. These frequently asked questions (FAQs) are released to the public in Fact Sheet 2022-28 PDF, April 27, 2022. The revision adds Topic F: Commonly Asked Filing Season Questions, Questions 1 through 6.

For more information, click here.

Updated Mortality Improved Rates and Static Mortality Tables for Defined Benefit Pension Plans for 2023 | N-2022-22

Notice 2022-22 sets forth the updated mortality improvement rates and static mortality tables that are used for purposes of determining minimum funding requirements under § 430(h)(3) for 2023 and minimum present value under § 417(e)(3) for distributions with annuity starting dates that occur during stability periods beginning in the 2023 calendar year. Notice 2022-22 will be in IRB: 2022-20, dated May 16, 2022.

For more information, click here.

MSATP Sponsors A Taste for Pro Bono and MCEE’s 2022 Financial Education & Capability Teacher Awards

MSATP was happy to sponsor the MVLS A Taste for Pro Bono event and MCEE’s 2022 Financial Education & Capability Teacher Awards. Several of our MSATP members also volunteered to take on MVLS cases to help out within the community.

News For Your Week Ahead: March 18, 2022

Posted on March 18, 2022March 12, 2024 by Walter Moore

Coming Up: On Thursday, March 24th at 12 p.m. Rob Smith of Liscio will join us for the 4th episode of his Lunch & Learn series where he will discuss Microsoft Teams and how to better set it up to fit your business. In this Lunch & Learn series, you can now view our episodes live on LinkedIn, Facebook, YouTube, and Twitter! If you have questions for the speaker, you can ask them directly in the comments section of the stream on all platforms. Be sure to follow us on all of our social media to enjoy our upcoming events and stay up to date on the latest news!

Relief from Addition to Tax for Underpayment of Estimated Income Tax by Individual Farmers and Fishermen | N-2022-13

Notice 2022-13 provides a waiver of the addition to tax under section 6654 for underpayment of estimated income tax by qualifying farmers and fishermen described in the notice. Under the notice, the addition to tax is waived for farmers and fishermen who, by April 18, 2022, or, for those taxpayers who reside in Maine or Massachusetts, by April 19, 2022, file their 2021 federal income tax return and pay in full any tax reported as due on the return.

For more information, click here.

Tax Time Guide: Minimize Cyber Footprints, Protect Personal Information Online | IR-2022-60

The IRS urged people to stay resolute against ongoing scams and schemes by properly securing computers, tablets and phones. Solid cybersecurity protection and scam recognition is vital to reduce the threat of identity theft inside and outside the tax system.

The IRS works closely with the Security Summit, a partnership with state tax agencies and the private-sector tax industry, to help protect taxpayer information and defend against identity theft. Taxpayers and tax professionals can take steps to help in this effort by doing things like minimizing cybersecurity footprints and recognizing common scams and schemes.

For more information, click here.

April 2022 AFR | RR-2022-08

Revenue Ruling 2022-08 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

For more information, click here.

Revenue Procedure 2022-17 | RR-2022-17

Revenue Procedure 2022-17 provides: (1) two tables of limitations on depreciation deductions for owners of passenger automobiles placed in service by the taxpayer during the calendar year 2022; and (2) a table of dollar amounts that must be used to determine income inclusions by lessees of passenger automobiles with a lease term beginning in the calendar year 2022. The tables detailing these depreciation limitations and amounts used to determine lessee income inclusions reflect the automobile price inflation adjustments required by section 280F(d)(7). For purposes of this revenue procedure, the term “passenger automobiles” includes trucks and vans.

For more information, click here.

News For Your Week Ahead: March 11, 2022

Posted on March 11, 2022March 12, 2024 by Walter Moore

On this week’s episode of MSATP TV, Rob Smith of Liscio will joined us for the 3rd episode of his Lunch & Learn series where he will discuss how to manage tasks in Outlook, Microsoft To Do and OneNote. Rob tells you how to better keep track of tasks to completion and streamline your workflow, tune in to learn more!

Watch on YouTube.

IRS Revised 2021 Child Tax Credit and Advance Child Tax Credit Payments FAQs | IR-2022-53

The IRS updated its frequently asked questions (FAQs) (FS-2022-17) PDF on the 2021 Child Tax Credit and Advance Child Tax Credit Payments. These updates are to help eligible families properly claim the credit when they prepare and file their 2021 tax return.

These changes reflect that Publication 972, Child Tax Credit, has become obsolete. Taxpayers should refer to Schedule 8812 (Form 1040). Schedule 8812 (Form 1040) is now used to calculate child tax credits and to report advance child tax credit payments received in 2021, and to figure any additional tax owed if excess advance child tax credit payments were received during 2021.

For more information, click here..

E-Filing Options Make Tax Time Easier on Member of the Military and Their Families | COVID Tax TIp 2022-36

Active-duty military personnel have options for free federal tax preparation. One is IRS Free File. This program offers, online tax preparation, electronic filing, and direct deposit of refunds, at no cost.

Members of the military and their families who have an income of $73,000 or less in 2021 may choose from any of the IRS Free File tax software companies to help them prepare their tax returns online.

For more information, click here.

Two Tax Credits That Can Help Cover the Cost of Higher Education | Tax Tip 2022-38

Higher education is important to many people and it’s often expensive. Whether it’s specialized job training or an advanced degree, there are a lot of costs associated with higher education. There are two education tax credits designed to help offset these costs – the American opportunity tax credit and the lifetime learning credit.

Taxpayers who paid for higher education in 2021 can see these tax savings when they file their tax return. If taxpayers, their spouses, or their dependents take post-high school coursework, they may be eligible for a tax benefit. To claim either credit, taxpayers complete Form 8863, Education Credits, and file it with their tax return.

For more information, click here.

News For Your Week Ahead: February 25, 2022

Posted on February 25, 2022March 12, 2024 by Walter Moore

On this week’s episode of MSATP TV, Rob Smith of Liscio joined us again for another Lunch & Learn episode where he taught us about how to use OneNote with Outlook. Rob explains how the common problem with Outlook is you can’t add or consolidate items and you can’t share items with others. Basically Outlook is an information prison. Tune in to learn how to use OneNote to liberate the items in Outlook – emails, contacts, and meetings.

Watch on YouTube.

Coming Up: On Thursday, March 3rd at 12 p.m. Jonathan Pocius of Payroll Services will join us to give a full rundown of the new Mandatory Retirement Pilot Program, how it can affect your business and what he can do to help. In this Lunch & Learn series, you can now view our episodes live on LinkedIn, Facebook, YouTube, and Twitter! If you have questions for the speaker, you can ask them directly in the comments section of the stream on all platforms. Be sure to follow us on all of our social media to enjoy our upcoming events and stay up to date on the latest news!

Comptroller Franchot Extends Filing and Payment Deadline for Quarterly Estimated Tax Filers to July 15 – Action Aligns with Earlier Three-Month Extension for State Individual Income Tax Returns | Comptroller of Maryland

Comptroller Peter Franchot announced that Maryland individual taxpayers who pay estimated quarterly taxes may defer those payments for the first and second quarters of tax year 2022 until Friday, July 15, 2022.

The extension only applies to individuals, not pass-through entities (PTE) or corporate estimated tax filers. Individual estimated tax filers are strongly encouraged to file electronically.

For more information, click here.

Important Information Regarding 2021 Virginia Income Tax Returns: Virginia’s Conformity to the Internal Revenue Code Advanced to Dec. 31, 2021 | Virginia Tax Bulletin 22-1

Under legislation enacted by the 2022 General Assembly, Virginia’s date of conformity to the Internal Revenue Code will advance from December 31, 2020 to December 31, 2021. This allows Virginia to generally conform to the American Rescue Plan Act of 2021 (ARPA) and provides additional benefits to recipients of certain COVID-19 business assistance programs during Tax Years 2021 and 2019. No changes have been made to the Virginia income tax treatment for recipients of COVID-19 business assistance for Tax Year 2020.

For more information, click here.

Interest Rates | RR-2022-05

Revenue Ruling 2022-05 containing the interest rates: underpayments and overpayments. The rates for interest determined under Section 6621 of the code for the calendar quarter beginning April 1, 2022, will be 4 percent for overpayments (3 percent in the case of a corporation), 4 percent for underpayments, and 6 percent for large corporate underpayments. The rate of interest paid on the portion of a corporate overpayment exceeding $10,000 will be 1.5 percent.

For more information, click here.

IRS Updates FAQs for the Premium Tax Credit | RR-2022-44

The Internal Revenue Service updated its frequently asked questions (FAQs) on the Premium Tax Credit. FS-2022-13 PDF includes the following FAQ revisions and additions:

Updated The Basics FAQs: Q1, Q3, Q4
Updated Eligibility FAQs: Q5, Q7, Q8, Q9, Q11
Updated Reporting, Claiming and Reconciling FAQs: Q24, Q26, Q27
Updated Suspension of Repayment of Excess Advance Payments of the Premium Tax Credit (Excess APTC) for Tax Year 2020 FAQs: Q33, Q36
New Unemployment Compensation 2020 and 2021 FAQs: Q38 through Q45

These FAQs are being issued to provide general information to taxpayers and tax professionals as expeditiously as possible. More information about reliance is available.

For more information, click here.

Filing Season Reminder for Teachers: Some Educator Expenses May be Tax Deductible | COVID Tax Tip 2022-30

The educator expense deduction allows eligible teachers and administrators to deduct part of the cost of technology, supplies and training from their taxes. They can only claim this deduction for expenses that were not reimbursed by their employer, a grant or other source.

For more information, click here.

Tips for Parents Who Share Custody or Alternate Tax Benefits | COVID Tax Tip 2022-29

Some parents who have a legal agreement with their child’s other parent about who claims the child on their taxes may have some questions this tax season about the child tax credit and the 2021 recovery rebate credit. Here’s what people in this situation need to know before filing their 2021 federal tax return.

For more information, click here.

News for Your Week Ahead: February 18, 2022

Posted on February 18, 2022March 12, 2024 by Walter Moore

On this week’s episode of MSATP TV, Jim Arnie joined us to give us a full rundown on the legislative session taking place in Annapolis including the pieces of legislation the Society has taken a position on. Remember as an MSATP member we advocate as your voice in Annapolis to make sure you are heard!

Watch on YouTube.

Coming Up: On Thursday, February 24 at 12 p.m. Rob Smith joins us for another episode on OneNote and how you can integrate the software with Outlook on the new MSATP TV. In this new Lunch & Learn series, you can now view our episodes live on LinkedIn, Facebook, YouTube, and Twitter! If you have questions for the speaker, you can ask them directly in the comments section of the stream on all platforms. Be sure to follow us on all of our social media to enjoy our upcoming events and stay up to date on the latest news!

Latest Spearphishing Scams Target Tax Professionals | IR-2022-36

With tax season in full swing, the IRS, state tax agencies, and the tax industry today warned tax professionals of new email scams that attempt to steal their tax software preparation credentials.

The Security Summit partners warned these scams to serve as a reminder that tax professionals remain prime targets for thieves. These thieves try to steal client data and tax preparers’ identities in an attempt to file fraudulent tax returns for refunds.

For more information, click here.

IRS Provides Further Details on Additional Relief for Certain Partnerships Preparing Schedules K-2 and K-3 for 2021 | IR-2022-38

The IRS provided further details on additional transition relief for certain domestic partnerships and S corporations preparing the new schedules K-2 and K-3 to further ease the change to these new schedules. Those eligible for the relief will not have to file the new schedules for tax year 2021.

The new schedules K-2 and K-3 improve reporting by standardizing international tax information to partners and flow-through investors, making it easier for them to report these items on their tax returns. In addition, the changes ease flow-through return preparation compliance by clarifying obligations and standardizing the format for reporting.

For more information, click here.

IRS Announced an Update to the Form 14457 – Voluntary Disclosure Practice Preclearance Request and Application | IR-2022-33

The IRS announced that Form 14457, Voluntary Disclosure Practice Preclearance Request and Application, has been revised, including expanding a section on reporting virtual currency. Form 14457 permits taxpayers who may face criminal prosecution for willful violation of tax law to voluntarily disclose information to the IRS that they failed to previously disclose.

For more information, click here.

IRS Reminds Those with Farming, Fishing Businesses of March 1 Tax Deadline | IR-2022-39

The IRS reminded those with income from a farming or fishing business they should file and pay their entire tax due on or before Tuesday, March 1, if they did not make estimated tax payments.

Taxpayers can pay from their bank account using their Online Account or they can schedule payments in advance using IRS Direct Pay.

For more information, click here.

Comptroller Franchot Renews Call for $500M in Small Business Relief – Business Advocates and Owners Throughout Maryland Share Stories of Struggle, Endorse Franchot’s Proposed Use of Surplus Money | Comptroller of Maryland

Comptroller Peter Franchot today redoubled his call for Governor Larry Hogan and the General Assembly to earmark $500 million from the state’s historic surplus for direct financial relief payments to Maryland small businesses in hard-hit industries.

The Comptroller said his agency estimated 40,000 businesses in Maryland have closed since the pandemic began, a number that is almost certain to grow.

For more information, click here.

Shop Maryland Energy Weekend Runs Saturday Through Monday – Comptroller Franchot Encourages Customers to Shop Local, Get Tax-Free Deals and Protect the Environment with ENERGY STAR Appliances | Comptroller of Maryland

Comptroller Peter Franchot reminds Marylanders they can save the environment and their hard-earned dollars during Shop Maryland Energy Weekend, which runs this weekend, February 19-21.

The following appliances bearing the ENERGY STAR label, purchased in-store or online, will be exempt from the state’s six percent sales tax: air conditioners, washers and dryers, standard-size refrigerators, furnaces, heat pumps, boilers, compact fluorescent light bulbs (not LED), dehumidifiers and programmable thermostats. Solar water heaters are tax-exempt year-round.

For more information, click here.

IRS Updates FAQs for Higher Education Emergency Grants | IR-2022-34

The IRS updated its frequently asked questions (FAQs) on Higher Education Emergency Grants.

This updated FAQ adds questions 8 and 9 in (FS-2022-11) PDF.

In IR-2021-70, Emergency aid granted to students due to COVID is not taxable, the IRS issued FAQs on how students and higher education institutions should report pandemic-related emergency financial aid grants. These FAQs were subsequently updated on May 18, 2021.

For more information, click here.

News For Your Week Ahead: February 4, 2022

Posted on February 4, 2022March 12, 2024 by Walter Moore

On this week’s MSATP TV, Bob Jennings of TaxSpeaker and MSATP President Barbara J. Smith, CPA discussed our exciting member benefit, Talking With TaxSpeaker.

MSATP Members get access to this tax expert Q&A video service at a discounted rate! Subscribers have access to 15-20 minute video segments in which TaxSpeaker’s experts answer hot topic tax-related questions. Subscribers will also be able to submit any of their questions so they can be answered in the next Talking With TaxSpeaker episode! As an added bonus Bob Jennings gives special episodes for any new tax changes affecting the accounting industry.

This discounted subscription is only available to MSATP members for $162* — that’s 20% off the original price! Click here to register for the service now.

Watch on YouTube.

On next week’s MSATP TV, Rob Smith will be presenting a special Lunch & Learn on how to use OneNote to streamline your workflow. The examples given in this class will show how a small to mid-sized accounting firm would set up its firm notebooks and employee individual notebooks. Join us on Facebook live at 12 p.m. on Thursday, February 10 for this exciting episode!

Hearing All Voices February 10, 2022

The IRS cordially invites you and your small business owner/self-employed members and clients to join us for our annual 2022 Hearing All Voices Small Business event on February 10, 2022, 11:00 a.m. – 1:00 p.m.

Hear directly from IRS Executives on topics to help small businesses succeed. Join the conversation on how the IRS can better serve small businesses. Tell us about issues and concerns regarding preparing and paying taxes.

For more information, click here.

IRS Revised FAQs for 2021 Child Tax Credit and Advance Child Tax Credit Payments | IR-2022-22

The IRS updated its frequently asked questions (FAQs) for the 2021 Child Tax Credit and Advance Child Tax Credit Payments.

This updated FAQ modifies a question and adds a new question (FS-2022-07) PDF:

Question 4, Topic H: Reconciling Your Advance Child Tax Credit Payments on Your 2021 Tax Return
Question 10, Topic H: Reconciling Your Advance Child Tax Credit Payments on Your 2021 Tax Return

For more information, click here.

IRS Free File Now Accepting 2021 Tax Returns | COVID Tax Tip 2022-16

IRS Free File, available only through IRS.gov, is now accepting 2021 tax returns.

IRS Free File is available to any person or family with an adjusted gross income of $73,000 or less in 2021. The fastest way to get a refund is by filing an accurate return electronically and selecting direct deposit. This year, there are eight Free File products in English and two in Spanish.

For more information, click here.

News For Your Week Ahead: January 28, 2022

Posted on January 28, 2022March 12, 2024 by Walter Moore

On this week’s special 2 episode MSATP TV, Joann Platt joined us to give you insight on The Business Builders ThinkTank, how it works and how to join.

Watch on YouTube.

On part 2 of this week’s MSATP TV, Jonathan Pocius of Payroll Services joined us to give a full rundown on how he can help you and your clients with your payroll needs as well as the effects of the infrastructure bill on payroll law.

Watch on YouTube.

Bob Jennings will be joining us next week on Thursday, February 3 at 10 a.m., episode of MSATP TV to tell you about the added benefits of this service.

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

An Overview of the Credit for Other Dependents | Tax Tip 2022-12

Taxpayers with dependents who don’t qualify for the child tax credit may be able to claim the credit for other dependents. This is a non-refundable credit. It can reduce or, in some cases, eliminate a tax bill but, the IRS cannot refund the taxpayer any portion of the credit that may be left over.

For more information, click here.

All Third Economic Impact Payments Issued; Parents of Children Born in 2021, Guardians and Other Eligible People Who Did Not Receive All of Their Third-Round EIPs Can Claims Up to $1,400 Per Person Through the 2021 Recovery Rebate Credit | IR-2022-19

The IRS announced that all third-round Economic Impact Payments have been issued and reminds people how to claim any remaining stimulus payment they’re entitled to on their 2021 income tax return as part of the 2021 Recovery Rebate Credit.

Parents of a child born in 2021 – or parents and guardians who added a new child to their family in 2021 – did not receive a third-round Economic Impact Payment for that child and may be eligible to receive up to $1,400 for the child by claiming the Recovery Rebate Credit.

For more information, click here.

IRS Chief Counsel Looking for 200 Experienced Attorneys to Focus on Abusive Tax Deals | IR-2022-17

The IRS Office of Chief Counsel announced plans to hire up to 200 additional attorneys to help the agency combat syndicated conservation easements, abusive micro-captive insurance arrangements and other tax schemes.

“Combating abusive tax transactions that threaten to undermine our tax system remains a top priority for our enforcement efforts,” said IRS Commissioner Chuck Rettig. “It’s critical we work to ensure a fair tax system and adding these new attorneys will help us in on our ongoing efforts in this arena.”

For more information, click here.

Maryland Estimated Tax Payments

We received a call from a member about Maryland Estimated Tax Payments. He had sent his payment in several weeks ago for the 4^th quarter and it still has not cleared. He said he just got off the phone with the State of Maryland and was told they are way behind in processing these payments; the estimated time for processing is approximately 4-6 weeks.