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Category: Society Updates

News for Your Week Ahead: December 30, 2021

Posted on by Walter Moore

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

Watch on YouTube.

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

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

Frequently Asked Questions on the Maryland Pass-Through Entity Tax 

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

For more information, click here.

MSATP’s 2022 Tax Season Kickoff Event Has Been Cancelled

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

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

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

News For Your Week Ahead: December 17, 2021

Posted on by Walter Moore

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

Watch on YouTube.

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

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

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

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

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

For more information, click here.

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

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

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

For more information, click here.

Applicable Federal Rates | RR-2022-01

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

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

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

For more information, click here.

IRS Revising Form 1024 to Allow For Electronic Submission

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

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

For more information, click here.

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

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

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

For more information, click here.

 

 

 

News For Your Week Ahead: December 10, 2021

Posted on by Walter Moore

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

Watch on YouTube.

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

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

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

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

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

For more information, click here.

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

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

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

For more information, click here.

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

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

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

For more information, click here.

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

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

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

For more information, click here.

News For Your Week Ahead: December 3, 2021

Posted on by Walter Moore

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

Watch on YouTube.

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

To register for the webinar, please click here.

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

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

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

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

For more information, click here.

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

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

For more information, click here.

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

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

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

For more information, click here.

News For Your Week Ahead: November 19, 2021

Posted on by Walter Moore

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

Watch on YouTube.

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

Watch on YouTube.

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

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

To register for the webinar, please click here.

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

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

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

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

For more information, click here.

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

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

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

For more information, click here.

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

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

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

For more information, click here.

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

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

For more information, click here.

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

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

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

For more information, click here.

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

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

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

For more information, click here.

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

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

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

For more information, click here.

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

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

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

For more information, click here.

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

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

For more information, click here.

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

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

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

For more information, click here.

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

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

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

For more information, click here.

News For Your Week Ahead: November 5, 2021

Posted on by Walter Moore

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

Watch on YouTube.

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

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

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

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

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

For more information, click here.

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

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

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

For more information, click here.

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

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

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

For more information, click here.

News for Your Week Ahead: October 22, 2021

Posted on by Walter Moore

This week, Janice Shih discussed the MSATP and MVLS partnership, as well as our upcoming events!

Watch on YouTube.

Coming Up: On Thursday, October 28, at 9 a.m., Roy Frick will give an update on the MSA Scholarship Foundation, including how you can help the future of the profession.

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

MSATP Receives Maryland Volunteer Lawyers Services Partnership Award

MSATP is the proud recipient of the 2021 MVLS Partnership Award! Thanks to the continued generosity of our members who give back by taking on various pro bono tax cases!

To see pictures from the event, click here.

Here’s What Taxpayers Should Know About Backup Withholding | Tax Tip 2021-156

Backup withholding ensures that the government is paid the correct amount of taxes on specific types of payments reported on certain Forms 1099 and W-2G. Here are some facts about backup withholding. Backup withholding is required on certain non-payroll amounts when certain conditions apply. The payer making such payments to the payees does not generally withhold taxes, and the payees report and pay taxes on this income when they file their federal tax returns. There are, however, situations when the payer is required to withhold a certain percentage of tax to make sure the IRS receives the tax due on this income.

For more information, click here.

The Tax Responsibilities That Come With Shutting Down a Business | Tax Tip 2021-153

There are many reasons a business owner may choose to close their doors, and there are many things that must be done to go out of business. Two important steps all business owners must take are fulfilling their federal tax responsibilities and informing the IRS of their plans. The closing a business page of IRS.gov is designed to help owners navigate the process of shutting down.

For more information, click here.

IRS Joins International Organizations in Fighting Charity Fraud During Special Awareness Week | IR-2021-205

The Internal Revenue Service is joining international organizations and other regulators in highlighting Charity Fraud Awareness Week, Oct. 18-22.

The campaign is run by a partnership of charities, regulators, law enforcers and other not-for-profit stakeholders from across the world. The purpose of the week is to raise awareness of fraud and cybercrime affecting organizations and to create a safe space for charities and their supporters to talk about fraud and share good practice.

For more information, click here.

IRS Sets Forth Information For a Valid Research Credit Claim for Refund | IR-2021-203

The IRS has set forth the information that taxpayers will be required to include for a research credit claim for refund to be considered valid. Existing Treasury Regulations require that for a refund claim to be valid, it must set forth sufficient facts to apprise IRS of the basis of the claim. The Chief Counsel memorandum will be used to improve tax administration with clearer instructions for eligible taxpayers to claim the credit while reducing the number of disputes over such claims.

For more information, click here.

News of Your Week Ahead: September 17, 2021

Posted on by Walter Moore

MSATP President Barbara Smith, CPA and Vice President Ana Barnabe, CPA joined us to discuss MSATP’s strategic leadership initiative and the steps the Society takes to best serves our members.

Watch on YouTube.

Coming Up: On Thursday, September 23, at 10 a.m., Past President Ellen Silverstein join us to tell us about the Mt. Vernon Tour on October 20. We look forward to seeing you there!

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

Tax Relief Now Available to Ida Victims in Pennsylvania; October 15th Deadline, Other Dates Extended to January 3rd | IR-2021-183

Victims of Hurricane Ida in parts of Pennsylvania now have until Jan. 3, 2022, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today. The IRS has also provided relief to Ida victims in Louisiana, Mississippi, New Jersey and New York.

For more information, click here.

Renewed Tax Credit Can Help Employers Hire Workers; Key Certification Requirement Applies | IR-2021-184

With many businesses facing a tight job market, the Internal Revenue Service reminds employers to check out a valuable tax credit available to them for hiring long-term unemployment recipients and other groups of workers facing significant barriers to employment.

During National Small Business Week, the IRS is highlighting tax benefits and resources designed to help new and existing small businesses. For any business now hiring, the Work Opportunity Tax Credit (WOTC) may help.

For more information, click here.

Small Business Owners Should See if They Qualify For The Home Office Deduction | Tax Tip 2021-136

Many Americans have been working from home due to the pandemic, but only certain people will qualify to claim the home office deduction. This deduction allows qualifying taxpayers to deduct certain home expenses on their tax return when they file their 2021 tax return next year.

For more information, click here.

IRS Reminds Business Owners to Correctly Identify Workers as Employees or Independent Contractors | IR-2021-186

During National Small Business Week, the Internal Revenue Service reminds business owners that it’s critical to correctly determine whether the individuals providing services are employees or independent contractors.

An employee is generally considered to be anyone who performs services, if the business can control what will be done and how it will be done. What matters is that the business has the right to control the details of how the worker’s services are performed. Independent contractors are normally people in an independent trade, business or profession in which they offer their services to the public. Doctors, dentists, veterinarians, lawyers, accountants, contractors, subcontractors, public stenographers or auctioneers are generally independent contractors.

For more information, click here.

Understanding The Tax Responsibilities That Come With Starting a Business | Tax Tip 2021-134

Small business owners have a variety of tax responsibilities. The IRS knows that understanding and meeting tax obligations is vital to the success of all businesses, especially a new one. IRS.gov has the resources and information to help people through the process of starting a new business.

For more information, click here.

News for Your Week Ahead: August 19, 2021

Posted on by Walter Moore

Bob Jennings, CPA, EA provides a glimpse into TaxSpeaker’s offerings with MSATP this fall. Be sure to check out the upcoming Business Tax In-Depth seminar/webinar in Frederick, MD!

Watch on YouTube.

Coming Up: On Wednesday, August 25 at 10 a.m., Education Committee Chair Bob Medbery\will join us to give insight into our fall seminar season and upcoming events.

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

Accounting for Cryptocurrency: A Challenge and Opportunity for CPA Firms and Protocols

Since its introduction in 2008, cryptocurrency has been gaining acceptance and use. That trend will continue as more people seek decentralized, private, and portable currency in a global economy.

This is good news for CPA professionals. The sheer number of cryptocurrency options is overwhelming, and there are aspects of fraud to consider, so people are likely to need advice from tax and accounting professionals.

CPAs who become cryptocurrency experts can take advantage of this opportunity. By offering cryptocurrency advice and auditing services to clients, firms can realize a new revenue source to offset the loss of other income from services such as traditional compliance work.

For more information, click here.

What People Should and Should Not Do If They Get Mails from the IRS | COVID Tax Tip 2021-119

Every year the IRS mails letters or notices to taxpayers for many different reasons. Typically, it’s about a specific issue with a taxpayer’s federal tax return or tax account. A notice may tell them about changes to their account or ask for more information. It could also tell them they need to make a payment. This year, people might have also received correspondence about Economic Impact Payments or an advance child tax credit outreach letter.

For more information, click here.

MSATP Members: Are you using the community forum on our website? You can introduce yourself, post your tax questions (and respond to questions other professionals have), and network with other members! To visit the community forum, click here.

Not a member? Join today by clicking here.

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