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News For Your Week Ahead: May 13, 2022

Posted on 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: February 4, 2022

Posted on 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 7, 2022

Posted on by Walter Moore

On this week’s MSATP TV, Sami Satouri and Paul Chadowski of Quest Insurance kick-off 2022 on MSATP TV by telling you how they can help with your insurance needs.

Watch on YouTube.

Coming Up: On Tuesday, January 13th at 10 a.m., Don Hoffman of The Hoffman Group joins us to tell you all about our 2022 Interview Bootcamp. This bootcamp is an excellent opportunity for students who are applying for a job or internship for the first time to practice and hone their skills for an interview. To register for the interview bootcamp, click here.

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

The Maryland Legislature Overrides Governor Larry Hogan’s Veto to Amend Job Creation Tax Credit Eligibility Requirements

The Maryland Legislature has overridden a veto by Gov. Larry Hogan to enact legislation amending the Job Creation Tax Credit. The law alters the definitions of “qualified position” and “revitalization area” for purposes of eligibility under the program. The changes apply to job creation tax credits certified after December 31, 2020.

For more information, click here.

IRS Revised Form 1024, Used by Most Types of Organizations to Apply for Exempt Status, to Allow Electronic Filing | IR-2022-2

As part of ongoing efforts to improve service for the tax-exempt community, the IRS has revised Form 1024, Application for Recognition of Exemption Under Section 501(a) or Section 521 of the Internal Revenue Code, to allow electronic filing. Beginning Jan. 3, 2022, applications for recognition of exemption on Form 1024 must be submitted electronically online at Pay.gov. The IRS will provide a 90-day grace period during which it will continue to accept paper versions of Form 1024 (Rev. 01-2018) and letter applications.

For more information, click here.

IRS Sending Information Letters to Recipients of Advance Child Tax Credit Payments and Third Economic Impact Payments | COVID Tax TIp 2022-03

The IRS started issuing information letters to advance child tax credit recipients in December. Recipients of the third round of the Economic Impact Payments will begin receiving information letters at the end of January. Using the information in these letters when preparing a tax return can reduce errors and delays in processing.

People receiving these letters should keep them. Do not throw them away. These letters can help taxpayers, or their tax professional prepare their 2021 federal tax return.

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 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: July 29, 2021

Posted on by Walter Moore

Connie Hess and Marc Reibman of USB Payment Processing join us to discuss their new cash flow management program Merchant as a Service.

Watch on YouTube.

Jonathan Rivlin joins us to tell us about his upcoming seminar and webinar, Firm of the Future on October 21st in Columbia, MD, or virtually.

Watch on YouTube.

Coming Up: On Wednesday, August 4th at 10 a.m., First Vice President Ana Barnabe will join us to tell us all about all the benefits of an MSATP membership! Are you certain you are taking full advantage of your membership? If not, tune in to find out about your benefits!

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

NFIB: Senate Bill Limiting Small Business Deduction Will Hurt Small Business

The Hill reported that Senate Finance Committee Chairman Ron Wyden (D-Ore.) “released a bill that would overhaul a deduction for noncorporate business income that was created by Republicans’ 2017 tax law.” NFIB Vice President of Federal Government Relations Kevin Kuhlman “said in a statement that Wyden’s bill ‘would directly hurt small businesses’ ability to hire, invest in their businesses, and increase employees’ compensation, and threatens the fragile economic recovery.’”

For more information, please click here.

Security Summit: Tax Pros Should Encourage Clients to Obtain IP PINs to Protect Against Tax-Related Identity Theft | IR-2021-158

Internal Revenue Service Security Summit partners called on tax professionals to increase efforts to inform clients about the Identity Protection PIN Opt-In Program that can protect against tax-related identity theft.

The IRS, state tax agencies, and the nation’s tax industry – working together as the Security Summit  – need assistance from tax professionals to spread the word to clients that the IP PIN is now available to anyone who can verify their identity.

For more information, click here.

Guidelines for the Application of the Retail Sales and Use Tax to Sales of Accommodations Facilitated by Accommodations Intermediaries 

Effective September 1, 2021, Senate Bill 1398 (2021 Acts of Assembly, Special Session I, Chapter 383) changes the application of the Retail Sales and Use Tax to sales of accommodations facilitated by accommodations intermediaries. The legislation makes similar changes to the local transient occupancy tax. Additionally, these changes will apply to the state-imposed transient occupancy taxes that fund transportation purposes in certain localities under Va. Code § 58.1-1743 and Va. Code § 58.1-1744 because these taxes are administered by local governments in the same manner as their local transient occupancy taxes. Virginia Tax has issued guidelines to provide processes and procedures for implementing the provisions of Va. Code §§ 58.1-602, 58.1-603, and 58.1-612.2, relating to the Retail Sales and Use Taxation of accommodations, as required by Senate Bill 1398.

For more information, click here.

Here’s what Taxpayers Need to Know About Higher Education Tax Credits | Tax Tip 2021-106

As a new school year approaches, students are considering what classes they need to take and how much the classes will cost. Whether it’s community college, a trade school, a four-year university or an advanced degree, higher education is expensive. The good news is tax credits can help offset these costs.

These credits reduce the amount of tax someone owes. If the credit reduces tax to less than zero, the taxpayer could even receive a refund.

For more information, click here.

Franchot Announces Shop Maryland Tax-Free Week, August 8-14 | Comptroller of Maryland

Comptroller Peter Franchot has announced that Shop Maryland Tax-Free Week returns August 8-14 with significant savings for consumers, scholarship opportunities for college and trade school students, and a much-needed sales boost for retailers.

“Tax-free week is a rite of Maryland’s late summer, signaling the approach of a new school year, cooler weather and a change of wardrobe,” Comptroller Franchot said. “Maryland’s high vaccination rates means life is beginning to return to normal. While I continue to urge caution, Marylanders should take advantage of tax-free week savings and support locally owned businesses that have been hit hard during the pandemic.”

For more information, click here.

Tax Tips for Students Working Summer Jobs | Tax Tip 2021-108

During the summer many students focus on making money from a summer job. They may want to gain work experience, earn some spending money or help pay for college. Here are some facts all student workers should know about summer jobs and taxes.

Not all the money they earn will make it to their pocket because employers must withhold taxes from their paycheck.

For more information, click here.

Special Edition of e-News for Small Business – Information for FIRE Users | Issue Number: 2021-11

The IRS will be making significant improvements to the Filing Information Returns Electronically (FIRE) application process for new users. The new online Information Returns (IR) Application for Transmitter Control Code (TCC) is scheduled to deploy on September 26, 2021. The new application will be available on IRS.gov and will replace both the current Form 4419 and the Fill-in Form 4419 on the FIRE System.

For more information, click here.

News for Your Week Ahead: June 11, 2021

Posted on by Walter Moore

On this weeks’ episode of MSATP TV, Ellen Silverstein and Brian Chrest join Executive Director Bill Feehley to tell us about one of our Signature Programs the Business Builder’s Think Tank (BBTT). If you interested in joining one of our Business Builder’s Think Tank groups please click here to register for one of the upcoming meetings!

Watch on YouTube.

Coming Up: On Thursday, June 17th at 10 a.m., we will have Jerry Lotz with CostSeg joining us to tell us how CostSeg can help you and your clients. Please follow us on Facebook to see this episode and more!

Princess Royale

Thank You to All Who Joined Us Both In Person and Virtually at Our Annual Convention & Banquet

While the past year was rather difficult, MSATP was very excited and happy for all those who joined us both in-person and virtually for the MSATP Annual Convention and Banquet. This years’ event offered 15 hours of CPE from John Kennedy, Bob Jennings, Ryan Jennings, Bill Leonard and Rob Smith! We were excited to see old faces and new that joined us and enjoyed their time with us in Ocean City, MD.

At the convention we handed out many awards and would like to congratulate all for their excellence and achievement.

To see a full recap of our award winners, please click here.

IRS Sending More Than 2.8 Million Refunds to Those Who Already Paid Taxes on 2020 Unemployment Compensation | IR-2021-123

The Internal Revenue Service is sending more than 2.8 million refunds this week to taxpayers who paid taxes on unemployment compensation that new legislation now excludes as income.

IRS efforts to correct unemployment compensation overpayments will help most affected taxpayers avoid filing an amended tax return. So far, the IRS has identified 13 million taxpayers that may be eligible for the adjustment. Some will receive refunds, which will be issued periodically, and some will have the overpayment applied to taxes due or other debts. For some there will be no change.

The American Rescue Plan Act of 2021 (ARPA) excluded up to $10,200 in unemployment compensation per taxpayer paid in 2020. The $10,200 is the maximum amount that can be excluded when calculating taxable income; it is not the amount of refunds.

For more information, click here.

IRS Sending Letters to More Than 36 Million Families Who May Qualify for Monthly Child Tax Credits; Payments Start July 15 | IR-2021-124

The Internal Revenue Service has started sending letters to more than 36 million American families who, based on tax returns filed with the agency, may be eligible to receive monthly Child Tax Credit payments starting in July.

The expanded and newly-advanceable Child Tax Credit was authorized by the American Rescue Plan Act, enacted in March. The letters are going to families who may be eligible based on information they included in either their 2019 or 2020 federal income tax return or who used the Non-Filers tool on IRS.gov last year to register for an Economic Impact Payment.
Families who are eligible for advance Child Tax Credit payments will receive a second, personalized letter listing an estimate of their monthly payment, which begins July 15.

Most families do not need to take any action to get their payment. Normally, the IRS will calculate the payment amount based on the 2020 tax return.  If that return is not available, either because it has not yet been filed or it has not yet been processed, the IRS will instead determine the payment amount using the 2019 return.

For more information, click here.

IRS Procurement Office to Hire 80 New Employees Nationwide, Including Contract Specialists | IR-2021-126

The Internal Revenue Service is looking to hire motivated acquisition professionals interested in providing America’s taxpayers top quality service. The agency’s Procurement office plans to fill 80 vacancies nationwide, many of which are contract specialists.

The IRS Procurement office provides acquisition services for IRS business units, Treasury departmental offices and Information Technology for the Bureau of Engraving and Printing. The office administers all aspects of the acquisition process from planning, contract award, management and closeout. IRS Procurement’s goal is to create agile and innovative best value contract solutions to ensure the IRS meets its mission.

For more information, click here.

Live IRS Webinars in June; Register Now for the 2020 IRS Tax Forum; Join HR Zoom Sessions for IRS Job Openings 

The IRS Tax Exempt & Government Entities would like to invite you to watch two live webinars we have scheduled this month.

1) Applying for Exemption

When: June 23, 2021, at 1:00 pm ET

Learn about:

  • Steps to take before applying to the IRS for tax-exempt status
  • Types of tax-exempt status available and forms used to request them
  • How to apply for tax-exempt status and tips to shorten the application process

Register: Register now for this free webinar

2) Reporting Election Workers Earnings

When: June 24, 2021, at 1:00 pm ET

Learn about:

  • Workers who should be treated as election workers
  • Taxes that should be withheld from election worker wages
  • Amounts to include in earnings

Register: Register now for this free webinar

Questions: Email questions to TEGE.outreach@IRS.gov with “Pre-submitted questions for Election Worker webinar (June 24)” in the subject line. We’ll include the answer in the presentation or separately as time permits.

IRS Virtual Nationwide Tax Forum

The 2021 Virtual Nationwide Tax Forum will consist of 30 live-streamed webinars between July 20 and August 19, 2021. Register by June 15 at 5:00 pm ET to get the $240 Early Bird rate before the price increases to $289.

It’s a great way to earn up to 28 hours of CE credits while getting the latest information on tax law, cybersecurity and more. And you can visit the IRS booths in the Virtual Exhibit Hall, including the TE/GE booth, where you can find other information and chat with the IRS.

TE/GE is presenting two topics at this year’s virtual Tax Forum:

  • Charities & Tax-Exempt Organizations Update: Learn about recent law and guidance changes and how those changes may affect your charity. Also, learn about the current electronic filing requirements for returns filed by charities and more.
  • Retirement Plans – IRS Compliance Initiatives: Learn about the latest IRS compliance initiatives for retirement plans and what to do if your client receives a letter from the IRS about their plan. Use our audit experience to identify and avoid common mistakes in plans.

Information Sessions on IRS Hiring

Did you know the IRS is hiring? We’re hosting virtual information sessions where you can learn more about working for the IRS.

Hear from employees currently working in these positions and learn about the day-to-day work we do at the IRS. A representative from HR will also discuss the application process and some of the requirements for the positions.

Participate in the following IRS virtual information sessions for current and future announcements for Tax Law Specialist positions:

June 10, 3-4:30 ET

Join ZoomGov Meeting

  • Meeting ID: 161 480 2207
  • Passcode: YmB9=pX#

For audio only:

  • 669 254 5252 US (West Coast)
  • 646 828 7666 US (East Coast)

June 17, 4-5:30 ET

Join ZoomGov Meeting

  • Meeting ID: 161 871 6566
  • Passcode: sfZw2f@W

For audio only:

  • 669 254 5252 US (West Coast)
  • 646 828 7666 US (East Coast)

News for Your Week Ahead: May 28, 2021

Posted on by Walter Moore

On this weeks’ episode of MSATP TV Cliff Reiter of National Accounting Sales joins Executive Director Bill Feehley to tell us about how he can help you buy or sell your accounting practice!

Watch on YouTube. 

Coming Up: On Thursday, June 3rd at 10 a.m., we will have our Young Professionals Leadership Program (YPLP) Capstone Project winner on to tell you about themselves and all about our Signature YPLP Program.Tune in on Facebook for this episode and more!

Just a reminder our offices will be closed next week for the Annual Convention & Banquet. We can still be reached via email at info@msatp.com, walter@msatp.org, heather@msatp.org, or kebaugh@msatp.org. Our offices will reopen on June 7th.

There is still time to register for the individual classes virtually or in person at MSATP’s Annual Convention and Banquet. Please use the button below to register!

To learn more about the convention, click here.

Bob Jennings Teaches MSATP’s First In-Person Seminar Since Start of COVID-19 Pandemic

While things in the past year have been very difficult for everyone, we did enjoy a small sense of a return to normalcy this week with our first two in person seminars in Frederick, MD with Bob Jennings! Our seating was still socially distanced and attendees got to enjoy the small round table question and answer sessions throughout the presentation.

Coming this week we have both options, both in person and virtual, for classes during the Annual Convention & Banquet in Ocean City, MD. We hope to see you there.

For more information, please click here.

Interest Rates Remain the Same for the Third Quarter of 2021 | IR-2021-120

The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning July 1, 2021.
The rates will be:

  • 3% for overpayments (two (2) % in the case of a corporation),
  • 0.5% for the portion of a corporate overpayment exceeding $10,000,
  • 3% for underpayments and
  • 5% for large corporate underpayments.

Under the Internal Revenue Code, the rate of interest is determined on a quarterly basis.  For taxpayers other than corporations, the overpayment and underpayment rate is the federal short-term rate plus 3 percentage points.

For more information, click here.

Find Unclaimed Property with “The Franchot Bunch” | Annual Campaign Aims to Unite Marylanders with Their Money and Valuables

Using a popular 1970s family sitcom as this year’s theme, Comptroller Peter Franchot launched the annual unclaimed property campaign aimed at reuniting Marylanders with their money and valuable items.

The 2021 Maryland Unclaimed Property insert hits publications statewide beginning Sunday, May 30, and continuing through mid-June. This year, Comptroller Franchot joins with agency employees to form “The Franchot Bunch,” a spoof of the famous television show “The Brady Bunch” about a large, blended family.

“Unclaimed property is all about reuniting Marylanders with money or belongings that have, for various reasons, ended up in the state’s custody,” Comptroller Franchot said. “There may be stocks, rings of gold that were once your mother’s, and other items of quality. Being on the list may seem like a fantasy, but matching owners with their rightful property is truly a family effort in our agency.”

To use the Unclaimed Property database, click here.

The American Rescue Plan Includes Retroactive Tax Benefits That Can Help Taxpayers | COVID Tax Tip 2021-74

The IRS reminds taxpayers who still haven’t filed, that several provisions of the American Rescue Plan affect their 2020 tax returns.

One provision excludes up to $10,200 in unemployment compensation from income. Another provision benefits many people who purchased subsidized health coverage through either federal or state Health Insurance Marketplaces. The law also includes a third round of Economic Impact Payments, currently going out to eligible Americans, that are generally equal to $1,400 per person for most people. The IRS will automatically provide these benefits to eligible filers.

Most taxpayers who have already filed their 2020 returns should not file amended returns, file refund claims, or contact the IRS about obtaining these newly enacted tax benefits.  These actions will not speed up a future refund. In fact, they could even slow down an existing refund claim.

For more information, click here.

Checking Withholding Can Help Taxpayers Decide if They Need to Give Their Employer a New W-4 | Tax Tip 2021-75

All taxpayers should review their federal withholding each year to make sure they’re not having too little or too much tax withheld.

Employees, retirees and self-employed individuals can use the IRS Tax Withholding Estimator to help decide if they should make a change to their withholding. This online tool guides users, step-by-step through the process of checking their withholding, and provides withholding recommendations to help aim for their desired refund amount when they file next year. Taxpayers can check with their employer to update their withholding or submit a new Form W-4, Employee’s Withholding Certificate.

Adjustments to withholding

Individuals should generally increase withholding if they hold more than one job at a time or have income from sources not subject to withholding. If they don’t make any changes, they will likely owe additional tax and possibly penalties when filing their tax return.

Individuals should generally decrease their withholding if they qualify for income tax credits or deductions other than the basic standard deduction.

Either way, those who need to adjust their withholding must prepare a new Form W-4, Employee’s Withholding Certificate. They need to submit the new Form W-4 to their employer as soon as possible since withholding occurs throughout the year.

For more information, click here.

Tips for Troubleshooting Common After-Tax-Day Issues | COVID Tax Tip 2021-73

While the deadline to file and pay federal income taxes has passed for most people, some taxpayers may still be dealing with tax-related issues.

Here are some tips for taxpayers handling some of the most common after-tax-day issues.

Check refund status

Taxpayers can check on their refund using the Where’s My Refund? tool. It is available on IRS.gov and the IRS2Go app. Taxpayers without access to a computer can call 800-829-1954. To use this tool, taxpayers need their Social Security number, tax filing status and the exact amount of the refund claimed on their tax return. The tool updates once daily, so there’s no need to check more often.

Check withholding

All taxpayers are encouraged to check their withholding using the Tax Withholding Estimator on IRS.gov. This will help them make sure their employers are withholding the right amount of tax from their paychecks. Doing this now will help avoid an unexpected amount due and possibly a penalty when they prepare and file their taxes next year.

Taxpayers can use the results from the Estimator to help complete a new Form W-4 and adjust their income tax withholding with their employer. Taxpayers who receive pension income can use the results to complete a Form W-4P and submit to their payer.

For more information, click here.

News for Your Week Ahead: April 23, 2021

Posted on by Walter Moore

On this week’s episode of MSATP TV, Bob Jennings joins Executive Director Bill Feehley to tell us about his classes TaxSpeaker Security and Preparations, Compilations and Reviews. He will be presenting both of these classes at the MSATP Annual Convention & Banquet in Ocean City, MD on June 2-3, 2021.

Watch on YouTube.

Coming Up: On Thursday, April 29th at 10 a.m., Jim Arnie will join Bill Feehley on MSATP TV to give us a wrap up on the legislative session in Annapolis. Tune in on Facebook for one last up date on the 2021 legislative session.

American Rescue Plan Tax Credits Available to Small Employers to Provide Paid Leave to Employees Receiving COVID-19 Vaccines; New Fact Sheet Outlines Details | IR-2021-90

The Internal Revenue Service and the Treasury Department announced today further details of tax credits available under the American Rescue Plan to help small businesses, including providing paid leave for employees receiving COVID-19 vaccinations.

The additional details, provided in a fact sheet released today, spell out some basic facts about the employers eligible for the tax credits. It also provides information on how these employers may claim the credit for leave paid to employees related to COVID-19 vaccinations

Eligible employers, such as businesses and tax-exempt organizations with fewer than 500 employees and certain governmental employers, can receive a tax credit for providing paid time off for each employee receiving the vaccine and for any time needed to recover from the vaccine. For example, if an eligible employer offers employees a paid day off in order to get vaccinated, the employer can receive a tax credit equal to the wages paid to employees for that day (up to certain limits).

For more information, click here.

Second Round of Economic Impact Payments | 2021-04

The Coronavirus Response and Relief Supplemental Appropriations Act Second Round Economic Impact Payment data are now available on SOI’s Tax Stats Web page. The Coronavirus Response and Relief Supplemental Appropriations Act, enacted in December 2020, created a second round of advance cash payments to individuals. These tabulations provide data on the second round of Economic Impact Payments by adjusted gross income, State, and marital status. Data on the third round of Economic Impact Payments from the American Rescue Plan Act of 2021 will be available at a later date.

For more information, click here.

Taxpayer Should File Their Tax Return on Time Even if They Can’t Pay Their Tax Bill in Full | Tax Tip 2021-53

Taxpayers should file their tax return by the deadline even if they cannot pay the full amount due.

If an individual taxpayer owes taxes, but can’t pay in full by the May 17, 2021 deadline, they should:

File their tax return or request an extension of time to file by the May 17 deadline.

  • People who owe tax and do not file their return on time or request an extension may face a failure-to-file penalty for not filing on time.
  • Taxpayers should remember that an extension of time to file is not an extension of time to pay. An extension gives taxpayers until October 15, 2021 to file their 2019 tax return, but taxes owed are still due May 17, 2021.

For more information, click here.

Digital Advertising Gross Revenues Tax and Tobacco Tax Alterations and Implementaion | SB 787

Due to the broad interpretation of what “digital goods” were subject to a new sales tax in HB932 of 2020, the MDCC formed a working group of tax experts to develop a set of recommended amendments providing clarity in the law. After much work, amendments on two major issues were agreed upon and included in SB 787, which passed Monday night and awaiting review from the Governor.

The amendments do two things:

  • Clarify that a taxable “digital product” does not include educational instruction or seminars conducted by educational institutions or professional organizations and business associations.
  • Clarify that certain types of computer software and related services are not taxable, where the purchase involves software that is unusable until it is configured or modified as necessary to perform the required functions and for the software to operate as intended. This is often referred to as “enterprise software” used by businesses.

For more information, click here.

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