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Category: Society Updates

Celebrating with Purpose: Anticipation Builds for MSATP’s Second Annual Holiday Soiree

Posted on by Giavante' Hawkins

The holiday season is often marked by festive gatherings, heartwarming moments, and memorable celebrations. And when the Maryland Society of Accounting and Tax Professionals (MSATP) announces a party, one can be sure it won’t just be about the festivities. As we look ahead, the Second Annual Holiday Soiree by MSATP promises to be an event with purpose and passion.

An Upcoming Evening at the Marriott Owings Mills Metro Centre
Come December 1, 2023, professionals from across the region will gather at the grand Marriott Owings Mills Metro Centre. The anticipation is palpable. The venue, expected to be adorned with elegant holiday-themed embellishments, will undoubtedly provide a backdrop of holiday cheer intertwined with professional camaraderie.

Beyond the Celebration
The upcoming Holiday Soiree will stand as a symbol of MSATP’s unwavering commitment to nurturing and championing the future of accounting. It’s not just about immersing in the holiday spirit but about creating a platform for meaningful networking, recognizing milestones, and giving back.
With each ticket slated to include a $30 donation to the scholarship foundation, attendees will have a direct hand in supporting the education and aspirations of budding accountants. The Maryland Society of Accountants Scholarship Foundation, with its rich legacy of awarding over 1,200 scholarships amounting to more than $1,000,000 since 1987, is poised to further its impact.

What to Expect at the Soiree
* Purposeful Networking: Attendees will have a unique opportunity to connect, collaborate, and contribute to a noble cause.
* Celebrating a Legacy: The evening will spotlight the commendable legacy of MSATP’s Scholarship Foundation and its pivotal role in the accounting profession.
* Acknowledging Achievements: This year, 16 promising students benefit from scholarships from the MSA Scholarship Foundation. The event will offer a chance to meet these budding professionals, hear their inspiring stories, and celebrate their accomplishments.
* Entertainment & Culinary Delights: Guests can look forward to a two-hour open bar, a delectable spread of hors d’oeuvres, and a curated entertainment lineup to elevate the evening’s experience.

A Tradition with Vision
As preparations for the soiree are in full swing, the overarching sentiment is clear: The Annual Holiday Soiree isn’t just an event for MSATP; it’s a commitment. It’s about envisioning a bright future, empowering the next generation, and celebrating the boundless potential of the accounting field.

If you’re considering attending or are curious about MSATP’s initiatives, know this: The Maryland Society of Accounting and Tax Professionals isn’t merely focused on the present. It’s fervently building a promising future. And with events like the Second Annual Holiday Soiree, that future will shine brilliantly.

PURCHASE TICKETS

RESERVE A ROOM

Are you keen on joining the MSATP community or learning more about our upcoming initiatives? Contact us today and be a part of a society that’s crafting the future of accounting.

Why Am I Not Getting Emails From MSATP?

Posted on by Navaal Mahdi

MSATP sends out emails regularly: marketing emails, seminar confirmations, and webinar links to name a few. Haven’t been getting our emails? Below are a few reasons this may be happening.

You’ve Unsubscribed

If you haven’t been receiving any emails from us, you may have unsubscribed at some point. This means you may have also removed yourself from receiving registration confirmations or webinar links.

If you believe this may be the case, please contact the office so we can resubscribe you. If you want to make sure you’re only getting important emails such as reminders, we can resubscribe you but remove you from marketing emails. Just give us a call!

Check Your Spam

Sometimes our emails go into the spam folder. Make sure you’re checking yours to see if you’ve missed any emails from us. Add info@msatp.org and webinars@msatp.org to your Safe Senders List to ensure this doesn’t happen. This can also be helpful if you have an email address that typically won’t accept external communications.

Update Your Email

The email we have on file for you may be outdated or may no longer be your primary email address. Reach out to us if you would like us to update your contact information.

MSATP is always here to help! Don’t hesitate to give us a call if you continue to have any issues receiving our emails.

Tips for a Smoother CPE Season

Posted on by Katie Cardinal

Ah, the holidays! While this can be a joyous time, it is equally and undeniably stressful. There are presents to buy and wrap, parties and dinners to attend, and last-minute CPE to obtain!

 

Okay, maybe that last part doesn’t apply to everyone, but it certainly applies to us. Trying to get your credit hours in right before the year ends adds unnecessary stress to your December. Not only is your time limited during the holidays, but the availability of seminars is limited as well. What’s left is often sold out, or the one seminar you need has already come and gone. So, how do you keep this from happening next year?

 

Know What You Need

Do you know how many hours of CPE you need every year? Do any of those hours need to be state-related? Wait, what about an ethics class?

These are not questions you want to be asking at the very end of the year only to find out you’ve missed the seminars you need to take. Find your CPE requirements here to figure out what courses are right for you. Don’t forget that members can call the office to register for their free ethics course!

Plan Ahead

Look out for our annual Education Guide. You’ll find everything from the seminar schedule to hotel information to fun events (Holiday Soirée, anyone?). Take a look at what’s being offered. Remember to check dates, locations, and speakers in case these details affect your decisions on which seminars to take. Webinars are also available for our live seminars and are a great alternative if you can’t make it in-person.

Register online or call the office as soon as you know what you want to sign up for. Some seminars, particularly tax updates and 1040s, sell out quickly. The sooner you register, the better.

Stay Informed

Remember that Education Guide I mentioned? While it does lay out our entire schedule for the seminar season, sometimes we are able to add more seminars and webinar rebroadcasts after the Education Guide has been published. Check our website regularly to see if anything new has been added (and to see how many spots are left in a seminar). Likewise, make sure you are subscribed to our email list to receive updates on new seminars as well as reminders and other important information.

Complete CPE Early

Sometimes, we miss the seminars we signed up for. We get sick, cars break down—anything can happen. If possible, try to take your CPE early in the seminar season. If you’re unable to attend, this allows you to reschedule to other seminars throughout the rest of the year.

MSATP hopes you enjoy your holiday season and that, with these tips, you enjoy next year’s even more!

News For Your Week Ahead: May 20, 2022

Posted on by Walter Moore

Information Chaos – the reason we are “Drowning in Information, yet starved for Knowledge.” Rob Smith of Liscio joins us to give us his theory on information chaos and what he can do to help get you more organized using Office 365.

Watch on YouTube.

On Wednesday, May 25 at 9 a.m. We will be going live from our Annual Convention in Ocean City, MD with the annual meeting. Be sure to follow us on LinkedIn, Facebook, YouTube, and Twitter to view the meeting and other updates throughout the convention!

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, lily@msatp.org, navaal@msatp.org, walter@msatp.org, heather@msatp.org, or kebaugh@msatp.org. Our offices will reopen on May 31st.

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!

Small Firms Expecting Better Business Conditions in the Next Six Months Hits Record Low | NFIB

In NFIB’s April Small Business Economic Trends report, the number of owners expecting business conditions to improve in the near future has fallen to the lowest level recorded in the 48-year history of the survey.

For more information, click here.

Maryland – Property Tax: Credit Available for Newly Constructed Office/Retail Property | via CCH TaxAware

Effective for tax years after June 30, 2022, Maryland will offer an enterprise zone property tax credit for newly constructed property with office and retail space that became eligible for the property tax credit between January 1, 2019 and December 31, 2021. The credit is available for 13 years and is available for 80% of the tax for the first eight years and decreases by 10% each year after until the credit expires.

Maryland – Multiple Taxes: Historic Revitalization Credit Extended, Commercial Caps Increased | via CCH TaxAware

Maryland is extending the sunset date for the historic structure revitalization credit that eligible taxpayers can claim against:

  • corporate income tax liability;
  • personal income tax liability; and
  • insurance premium tax liability.

It is also increasing the caps on credits for commercial historic revitalization projects.

Sunset Date

The sunset date for the credit is now July 1, 2031, instead of July 1, 2024. Taxpayers can continue to claim a credit for:

  • commercial rehabilitation projects that received an initial credit certificate; and
  • other projects that received approval for a rehabilitation plan on or before June 30, 2031.

Commercial Credit Caps

The cap for commercial rehabilitation credits increases from:

  • $3 million to $5 million for projects other than those in Level 1 or Level 2 enterprise zones;
  • $3.15 million to $5.25 million for Level 1 enterprise zone projects; and
  • $3.3 million to $5.5 million for Level 2 enterprise zone projects.

Maryland can also specify a lower cap in the initial credit certificate.

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.

News For Your Week Ahead: May 6, 2022

Posted on by Walter Moore

Are you an MSATP member? Don’t forget to renew your membership. We look forward to continuing to serve you as a member! Please log in to your profile and click dues to renew your membership or call (800) 922-9672.

Coming Up: On Thursday, May 12 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.

Many Tax-Exempt Organizations Must File Information Returns by May 16 | Tax Tip 2022-69

Even though organizations like charities and foundations may be tax-exempt, the IRS still requires them to file certain information every year. For many of these exempt organizations, the deadline to file their 2021 information return is Monday, May 16, 2022.

Tax-exempt organizations must file their forms electronically. E-filing reduces processing time, making compliance with reporting requirements easier.

For more information, click here.

For National Small Business Week, Plan Now to take Advantage of Tax Benefits for 2022; Enhanced Deduction for Business Meals, Home Office Deduction, and More | IR-2022-100

The IRS urges business taxpayers to begin planning now to take advantage of the enhanced 100% deduction for business meals and other tax benefits available to them when they file their 2022 federal income tax return.

During National Small Business Week, May 1 to 7, the IRS is highlighting tax benefits and resources tied to the theme for this year’s celebration: “Building a Better America through Entrepreneurship.” With next year’s filing deadline nearly a year away, any entrepreneur still has time to identify possible tax benefits, take action to qualify for them and then claim them when they file in 2023.

For more information, click here.

Qualified Intermediary Withholding Agreements | N-2022-23

Notice 2022-23 sets forth proposed changes to the qualified intermediary (QI) withholding agreement (QI agreement) described in §1.1441-1(e)(5) and (6) that will permit a QI to assume withholding and reporting responsibilities for purposes of sections 1446(a) and (f). Generally, the notice sets forth proposed changes to the QI agreement that apply to a QI effecting a transfer of an interest in a publicly-traded partnership (PTP) or receiving a distribution made by a PTP on behalf of an account holder of the QI.

For more information, click here.

News For You Week Ahead: April 1, 2022

Posted on by Walter Moore

Coming Up: On Thursday, March 24th at 12 p.m. Rob Smith of Liscio will join us again and will discuss how to manage files within Microsoft Teams. 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!

IRS Reminds Holders of Foreign Bank and Financial Accounts of April FBAR Deadline | IR-2022-73

The IRS reminded U.S. citizens, resident aliens and any domestic legal entity that the deadline to file their annual Report of Foreign Bank and Financial Accounts (FBAR) is April 15. For additional information about filing deadlines, filers should look to Financial Crimes Enforcement Network’s (FinCEN) website for further information.

Filers missing the April deadlines will receive an automatic extension until Oct. 15, 2022, to file the FBAR. They don’t need to request an extension. See FinCEN’s website for further information.

For more information, click here.

Letters About Third-Round of Economic Impact Payments Issued; Important Steps to Take for Missing Payments and Corrections | IR-2022-72

With the completion of special mailings of i all Letters 6475 to recipients of the third-round of Economic Impact Payments, the Internal Revenue Service reminds people to accurately claim any remaining third-round stimulus payment on their 2021 income tax return as the 2021 Recovery Rebate Credit.

Through Dec. 31, 2021, the IRS issued more than 175 million third-round payments totaling over $400 billion to individuals and families across the country. Most of the third-round payments were issued in the spring and early summer of 2021. The IRS continued to send plus-up payments through December if, after their 2020 tax return was processed last year, the taxpayer was eligible for additional amounts.

For more information, click here.

For the First Time, Maximum Educator Expense Deduction Rises to $300 in 2022; Limit $250 for Thoe Filing 2021 Tax Returns | IR-2022-70

The IRS reminded teachers and other educators planning ahead for 2022 that they’ll be able to deduct up to $300 of out-of-pocket classroom expenses when they file their federal income tax return next year.

This is the first time the annual limit has increased since the special educator expense deduction was enacted in 2002. For tax-years 2002 through 2021, the limit was $250 per year. This means for people currently filing their 2021 tax returns due in April, the deduction is limited to $250. The limit will rise in $50 increments in future years based on inflation adjustments.

For more information, click here.

Debunking Myths About Federal Tax Refunds | Tax Tip 2022-49

Once taxpayers file their federal tax returns, they’re eager for details about their refund. When it comes to refunds, there are several common myths that can mislead taxpayers.

Myth: Calling the IRS, tax software provider, or a tax professional will provide a more accurate refund date Many people think talking to the IRS, tax software provider or their tax professional is the best way to find out when they will get their refund. The best way to check the status of a refund is online through the Where’s My Refund? tool or the IRS2Go app.

For more information, click here.

News For Your Week Ahead: March 25, 2022

Posted on by Walter Moore

On this week’s episode of MSATP TV, Rob Smith of Liscio joined us for another episode of his Lunch & Learn series where he explained the finer details of Microsoft Teams. Most believe Teams is simply a chat and video service similar to Zoom, however when set up properly, Teams can be a valuable resource for your small to medium accounting practice.

Watch on YouTube.

Coming Up: On Thursday, April 7th at 12 p.m. Rob Smith of Liscio will join us for another episode of his Lunch & Learn series where he will discuss Microsoft Teams and how you can manage files within the program. 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!

Money Received Through “Crowdfunding” May Be Taxable; Taxpayers Should Understand Their Obligations and the Benefits of Good Recordkeeping | FS-2022-20

Under federal tax law, gross income includes all income from whatever source derived unless it is specifically excluded from gross income by law. In most cases, the property received as a gift is not included in the gross income of the person receiving the gift.

If a crowdfunding organizer solicits contributions on behalf of others, distributions of the money raised to the organizer may not be includible in the organizer’s gross income if the organizer further distributes the money raised to those for whom the crowdfunding campaign was organized

For more information, click here.

Valuable Tax Benefits for Members of the Military | Tax Tip 2022-44

Members of the military may qualify for tax benefits not available to civilians. For example, they don’t have to pay taxes on some types of income. Special rules may lower the tax they owe or allow them more time to file and pay their federal taxes

For more information, click here.

Reasons Why Some Tax Refunds Filed Electronically Take Longer than 21 Days | IR-2022-65

Even though the IRS issues most refunds in less than 21 days for taxpayers who filed electronically and chose direct deposit, some refunds may take longer.

Many different factors can affect the timing of a refund after the IRS receives a return. A  manual review may be necessary when a return has errors, is incomplete, or is affected by identity theft or fraud.

Other returns can also take longer to process, including when a return needs a correction to the Child Tax Credit or Recovery Rebate Credit amount, includes a claim filed for an Earned Income Tax Credit or an Additional Child Tax Credit, or includes a Form 8379, Injured Spouse Allocation, which could take up to 14 weeks to process.

For more information, click here.

News For Your Week Ahead: February 11, 2022

Posted on by Walter Moore

On this week’s episode of MSATP TV, we began a new Lunch & Learn series with Rob Smith who gave an in-depth tax season refresh on how to use OneNote. Rob gave examples showing how a small to mid-sized accounting firm would set up its firm notebooks and employee individual notebooks. The next episode in this series will be on Thursday, February 24 at 12 p.m.

Watch on YouTube.

Coming Up: On Thursday, February 17 at 12 p.m. Jim Arnie will be joining us for a special Legislative Update 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!

American Rescue Plan Changes Can Boost Refunds for Many Families; People Should File Even if They Haven’t For Years | IR-2022-29

The IRS urged Americans to file a 2021 federal income tax return so they can take advantage of key tax benefits included in the American Rescue Plan and other recent legislation.

Often, individuals and families can get these expanded tax benefits, even if they have little or no income from a job, business, or other source. This means that many people who don’t normally need to file a return should consider doing so this year. Because claiming these benefits could result in tax refunds for many people, individuals should file an accurate return electronically and choose direct deposit to avoid processing delays and speed delivery of their refund.

For more information, click here.

IRS Updates Frequently Asked Questions and Answers for 2021 Recovery Rebate Credit | IR-2022-28

The IRS updated frequently asked questions (FAQs) for the 2021 Recovery Rebate Credit.

These FAQs (FS-2022-09) updated:

  • 2021 Recovery Rebate Credit — Topic A: General Information: Q3
  • 2021 Recovery Rebate Credit — Topic D: Claiming the 2021 Recovery Rebate Credit: Q1, Q2,Q6
  • 2021 Recovery Rebate Credit — Topic F: Receiving the Credit on a 2021 Tax Return, Q8, Q9
  • 2021 Recovery Rebate Credit — Topic G: Finding the Third Economic Impact Payment Amount to Calculate the 2021 Recovery Rebate Credit: Q2

For more information, click here.

IRS Provides Revised Answer for 2020 Recovery Rebate Credit on Tracing Payments | IR-2022-24

The Internal Revenue Service updated its frequently asked questions (FAQs) on 2020 Recovery Rebate Credit (FS-2022-08) PDF.

This updated FAQ includes a revision to the information on tracing payments under Topic F: Finding the First and Second Economic Impact Payment Amounts to Calculate the 2020 Recovery Rebate Credit

For more information, click here.

News For Your Week Ahead: January 14, 2022

Posted on by Walter Moore

On this week’s MSATP TV, Don Hoffman of the Hoffman Group joined us to give us a rundown of what to expect at MSATP’s 2022 Interview Bootcamp partnership with The Hoffman Group. If you have not already heard about the bootcamp this is an excellent opportunity for students who are applying for an accounting job or internship for the first time to practice and hone their skills for an interview. To register for Interview Bootcamp, click here.

Watch on YouTube.

Coming Up: On Thursday, January 20 at 10 a.m., Cliff Reiter will join us to tell you how he can help you in listing, selling, and even transitioning in the sale of your practice.

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

Governor Hogan Announces Legislation to Eliminate SDAT’s $300 Annual Business Fee

Governor Larry Hogan announced legislation that eliminates the filing fee for businesses that submit their annual report online.

Maryland would be the first state in the country to provide a zero-fee option for all businesses for this type of filing, which is required to be submitted every year with the Maryland State Department of Assessments and Taxation (SDAT). Annual reports, and most business filings, can be submitted online using the Hogan administration’s award-winning Maryland Business Express website.

For more information, click here.

2022 Tax Filing Season Begins Jan. 24; IRS Outlines Refund Timing and What to Expect in Advance of April 18 Tax Deadline | IR-2022-8

The IRS announced that the nation’s tax season will start on Monday, Jan. 24, 2022, when the tax agency will begin accepting and processing 2021 tax year returns.

The January 24 start date for individual tax return filers allows the IRS time to perform programming and testing that is critical to ensuring IRS systems run smoothly. Updated programming helps ensure that eligible people can claim the proper amount of the Child Tax Credit after comparing their 2021 advance credits and claim any remaining stimulus money as a Recovery Rebate Credit when they file their 2021 tax return.

For more information, click here.

Recipients of Advance Child Tax Credit Payments Should Watch Out for IRS Letter | Comptroller of Maryland

As Marylanders begin to gather documents for the 2021 tax year, Comptroller Peter Franchot reminds those who received monthly advance Child Tax Credit (CTC) payments last year to be on the lookout for IRS letter 6419.

The IRS is sending out this important notice to help taxpayers report their advance payments correctly and so they can claim the remaining half of the CTC on their federal return. Using the amounts in the IRS letter can help taxpayers quickly file tax returns and avoid processing delays that impact refund payments.

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.

 

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