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Category: Society Updates

Social Security Administration Online Access // FB Live Recap

Posted on by Jessie Halvorsen

One update we had to mention is Franchot announced the BPW approval of a $160 million contract to replace the state tax processing system. Some of the areas covered: adjusting fraud prevention, increase ability of taxpayers to match their account via an online self-service application, best practice for security standards, audit collection reporting and estimating functionality, and security. Security tends to be a hot topic at all times due to enhancements in the field, tightening the reins, and increasing protection where possible.

Talking about security…

Let’s switch gears into Social Security. Chuck Liptz agreed to come down and talk to our members and our followers about what’s going on in Social Security and how we can benefit from what services they have to offer. Bonus, these services are online. Yay!

Chuck used to be the director of employer wage reporting and relation staff, so he not only has an understanding of the wage reporting process but also you as their customer base. Everything he had to share with us happens to be FREE. As a service provider, what you choose to charge your client is up to you, but all the services that the Social Security Administration has to offer are free.

A few reminders you’ll need to know for 2018:

  • SS tax rate is 7.65%
  • Self-employment rate is 15.3%
  • And the max for SS Earnings is $128,400
  • There’s no maximum for Medicare Taxes

You must give W2’s to employees by January 31st. Same due date applies, whether paper or electronic, to submit your W2’s to the Social Security Administration. If you fail to comply, you could be penalized by the IRS after that date.

All numbers are the same for 2019 except SS Earnings goes up to $132,900.

Up to 90% of all the W2’s received by the Social Security Administration comes in electronically. Remember, all services are free, so filing your W2s electronically is also free! Take advantage of that assistance if you aren’t already.

Visit https://www.ssa.gov/employer/ and register for a username and password to access handbooks, tutorials, videos, among other resources. Simply register as an individual on behalf of the company rather than registering for each company separately. Theoretically, you could register on the 30th and have your w-2’s sent in on time on the 31st (but we recommend registering with a wider window of time). Most cases provide immediate usage upon signing up so long as you meet all of the requirements. Security is our middle name, so we set up a process to make the verification procedure as secure as possible.

After 90 days, your password goes into a hole. The next time you come in after (be it 90 days or 120 days or longer), we tell you to put in your old password and change it to a new password. This step means you don’t have to check in every 90 days.

Electronic Wage Reporting Online

If your software creates a file, you tell us where on your computer it is, you hit upload, we get it, and then you receive confirmation as well as the “receipt” with a code for the file that you sent. Applying this into your activities will save you a bit of hassle. Being able to upload and send to the Social Security Administration with relative ease and having a way to keep track of the trail in a simpler manner. Information at your fingertips.

W-2 Online

Clients need to give papers to their employees. The online form to fill out looks like the paper version, so you can do up to 50 of these via the website at one time for free. You can also put in the state information, but it doesn’t go TO the state. All the information will be stored there, but you still have to deal with that aspect separately.

When you finish entering information, you need a W3, and the website will generate that for you. All the math is done for you, and the math will be correct if no errors were made. So, you want to match it to the 941s, but it will all be there for you with a confirmation to click “yes” it all correlates.

You can print out all the appropriate copies and just save the PDF’s rather than keeping the paper copies somewhere. This measure allows you to have the PDF readily available. Save the file to a folder, and you can give it to your client right then and there when they need it.

How do I know you did this?

When you inevitably get asked that question, you can print out the confirmation with the number, provide the assurance that they got it on time to prevent late penalties, etc. There’s an earlier version when filing in which you can print out information and ensure everything is correct or check for any changes that need to be applied.

W-2C

The website offers a free service to print out paper copy after entering this information online, as well.

SSNVS (Social Security Number Verification Service)

An important note: this application only ensures that the names and numbers match the Social Security Administration records. When someone gets hired, look them up right then and there. Before you send in W2’s or do payrolls, you want to check the numbers and names. People change their names (married, divorced, etc.) and sometimes forget to report those alterations.

The information will not be shared with anyone else. The correct name or number will also not be given, so you can try various combinations in case they forgot something or mixed up letters or numbers. We all have those moments.

The verification codes will say the name, number, they match or don’t match, date of birth may not match, or there’s another problem that says they need to go into the local Social Security office to handle. If something doesn’t match, check for typos and correct information, ask to see the cards (you can’t demand, but you can ask to see the card), or ask them to check with the local Social Security Office.

You can also perform this process on behalf of your clients. Just put in their EIN to begin checking information for them. Up to 250,000 Social Security Numbers per file can be analyzed, and you get a response by the next business day! How amazing is that?

Employer Correction Request Notices (EDCOR)

This year, starting around the end of March or early April, any W2 file that you send to the Social Security Administration (SSA) that has a name or Social Security Number mismatch will have a letter sent to the employer – not to you as the third party but to the employer – that states the name and number does not match. For that reason of receiving that notification, you want to use the verification service. You can take a look at the examples of what to expect in the notice online. In the memo, the employer is informed about the issue and what to do to try to fix the problem.

MySocial Security (www.ssa.gov/myaccount)

Signing up for a mySocial Security account gives you access to a plethora of information about the benefits whether you currently collect or not. Say you didn’t get or can’t find your 1099 information. With a mySocial Security account, you can look up that data and print it out. The account is very easy, very efficient, and simple to use to get all the information you need.

If you don’t receive Social Security Benefits, you can:

Request a replacement Social Security (SS) card if you meet certain requirements, check the status of your application or appeal, get your SS statement to estimate your future benefits or verify your earnings or view the estimated SS and Medicare taxes you’ve paid, and get a benefit verification letter.

If you receive benefits or have Medicare, you can:

Request a replacement SS card if you meet certain requirements, report your wages if you work and receive SS Disability Insurance (SSDI) and/or Supplemental Security Income (SSI) benefits, get your benefit verification letter, check your benefit and payment information, change your address and phone number, start or change direct deposit of your benefit payment, request a replacement Medicare card

Tip:

If you want to visit a field office, make an appointment ahead of time. You don’t want to sit in the office for hours on end to file for benefits. So, call ahead and prevent that wait. However, pretty much anything you need is on the website which is always available.

Let’s use their services as we’ll be getting into our busy season for W2 preparation. E-filing the W2 and W3 will be a big timesaver.

All of these changes will have no impact on the 2019 tax season. This is a process and will take several years to build the entire thing. Smooth sailing!

SSA Helpful Resources:

www.ssa.gov/employer (wage reporting, employer tax information, etc.)
General Wage Reporting Questions – 1-800-772-6270 or by email at employerinfo@ssa.gov
BSO technical Help 1-888-772-2970 or by email at bso.support@ssa.gov
Employer Services Liaison Officers (ESLO) 8 of them nationwide
Social Security Administration Website – www.ssa.gov
1-800-772-1213

Pre-Tax Season Kick Off

On January 17th, a Thursday, we will be celebrating here in the office. We invite you to come for a little wine and cheese, talking about what’s going to be happening, commiserating all together, and toasting into the next wonderful filing season. Plus, free shredding! Bring some items to shred and we’ll shred those for you for free. We hope to see you there.

Happy New Year!

Federal and Local Legislative Update // Facebook Live Recap

Posted on by Jessie Halvorsen

Covering all the legislative matters coming up in January here in Maryland and items happening on the hill in Washington before the end of the year keeps us on our toes. A lot has been going on in both necks of the woods. Let’s talk about Federal legislation first.

Sales Tax Update

The landscape has changed a lot in sales tax. The Online Sales Simplicity and Small Business Relief Act (S. 3725), introduced December 6 by Sen. Jeanne Shaheen, D-N.H., aims to regulate interstate commerce and prevent states from retroactively enforcing remote seller statutes. They’re trying to streamline the process for everybody when they make sales outside of their state while limiting the timeframe. There seems to be a lot of confusion as to what’s supposed to be happening, what they’d like to see happen, and how we can make the process better for all of our business clients who are actually doing multi-state sales.

Currently, there are about 9,000 separate sales taxing jurisdictions in the country. Ohio alone has almost 300. Due to this and other factors, making sales tax remittance is quite complicated. Even so, they are only requesting a one-year moratorium for implementation on all of the bill’s changes.

The IRS wants to know—How Strong is Your Password?

Every individual or tax practitioner who maintains any type of online accounts should use strong passwords to protect against savvy cybercriminals taking over their identities and accessing sensitive tax and financial data.

A new definition as to what a strong password consists of is emerging, though. The latest guidance suggests using a passphrase such as a favorite line from a movie or a series of associated words rather than using a password. The idea is to create a passphrase that can be remembered easily and protect the account. This means passwords like – “uE*s3P%8V)” – are out. Longer, personal phrases people can remember – for example, SunWalkRainDrive – are now preferred.

The Internal Revenue Service, state tax agencies, and the tax community, partners in the Security Summit, made “National Tax Security Awareness Week,” Dec. 3-7, with a series of reminders to taxpayers and tax professionals. In part three, the topic involved creating a strong password.

This is especially important for taxpayers and tax professionals who use online accounts involving financial data or even their online account with the IRS or a tax software provider. To learn more about passwords, you can read IR-2018-241.

2019 MD Legislative Session

MSATP is working with our fellow stakeholders about an issue that is actually missing from your regulations as a registered tax preparer. CPAs have in their regulations that if they create a document for a client (work papers, etc.), we are able to keep that paperwork as our own. CPAs can maintain that paperwork, it does not belong to the client. Alternately, when registered tax preparers create that same schedule or another document for the client, that is the client’s property.

So, it’s a little bit confusing, and they’re trying (MSATP is working with Maryland) to develop the regulation to prevent that from happening to registered tax preparers, and have the paperwork belong to them as they prepared it. We’re trying to get that regulation revised so registered tax preparers are treated much the same as CPAs regarding their own paperwork and documents that they prepare.

A very important element for registered tax preparers to realize is that your paperwork is not yours to keep right now. It legally belongs to the client. MSATP is working diligently to try to get that changed.

Firm Mobility

During the 2019 session on January 9, we will be seeing a bill for CPA Firms addressing firm mobility. Again, the stakeholders have discussed the issue and we are waiting to see the final draft of the bill. We are hoping that somewhere down the line they will grant us firm mobility in Maryland.

Maryland Community College Promise Grant

During the 2018 Session, the Maryland Legislation passed the Maryland Community College Promise Grant which applies to 2019-2020 academic year. We have been informed that the application will become available on the Maryland Higher Education website either in late January or early February. We will post on our group and send out an announcement as soon as the application for the Promise Grant is ready for submissions. This is a great option for any who need assistance with paying for schooling to actually get that higher education.

A Few Reminders

If you are using Drake’s Tax Software, The Maryland Power of Attorney form in that software is not the most recent. It should be dated November 2017 for the Maryland Power of Attorney form. Don’t forget to look that up and get that fixed in the software.

PTIN reminder! This is due at the end of this month. If you are part of the Annual Filing Season Program, you must complete 15 hours of CPE by the end of this month as well. Simply go to https://www.irs.gov/tax-professionals to make sure you’re complying with the AFS program and PTIN requirements.

Also, the healthcare sign-up deadline is December 15, 2018. The steps take about 30 minutes; it’s not hard, quite an easy process, and very user-friendly. Only a small window of opportunity left to take care of that if you need healthcare. Take advantage of this benefit.

Feel free to call the office if you need any help, and have a great day!

Protect Your Finances and Prepare This Holiday Season // Facebook Live Recap

Posted on by Jessie Halvorsen

As we move into the new year and through the holiday season, we need to keep a couple of items in the forefront of our business minds.

Scamming increases during this time, so take precautions to prevent becoming a victim. If you have an FSA (Flexible Spending Account), figuring out if you have a balance left to use should be done now so you don’t lose those funds. And, we have a couple of reminders for you!

That Scamming Business

This week is the IRS’s 3rd Annual National Tax Security Awareness Campaign that runs the entire week. They are bringing this topic to the forefront because of the huge scams we’re seeing out there. Every day they are putting out a notice in the form of a post on their website about how to protect your data and financial records. They also had a free webinar Monday on “Understanding the Dark Web” covering this topic. Feel free to check that out and look through those posts to reduce your risk.

When bringing your computer to and from the office, consider the importance of not leaving it exposed in your car. If you plan to stop somewhere to shop, take that extra time to either run back to the office to grab the computer or drop it off at home prior to shopping. On that shopping trip, a great idea for a gift would be a wallet with an RFID blocker in it so scammers can’t scan someone’s wallet and get their credit card numbers or anything. Also, be sure your firewall software remains updated, do not leave your hard drive on overnight, and 2-factor authentication when using a cloud service may be a good thought.

Use It or Lose It

Since January is right around the corner, those Flex Spending Accounts need to be looked at. Health Savings Accounts will continue to build, but you forfeit an FSA money back to your employer if not used. Many employees may not even be aware of what ways to use these plans. There’s a pretty wide range of possibilities, such as:

  •      Medical
  •      Dental
  •      Vision
  •      Sunscreen SPF 30 or above
  •      Acupuncture
  •      Prenatal Vitamins
  •      Prescriptions
  •      Hearing aids

You can even use your FSA dollars to sign up for an Aflac plan and get extra benefits on top of your current insurance. Basically, any type of health care that either isn’t fully covered or may not be covered at all by your insurance can be weighed as an option for an FSA expense.

REMINDER: Spaces are still available for the Payroll Class December 13th from 3:30-5:30 with past President of MSATP, William Feehley, CPA. You could even make a whole day of it with ethics, Maryland tax update, and payroll update classes.

Topics that will be covered include:

Diving into workman’s compensation insurance and independent contractor groups among other items. He will be discussing issues that affect you as a tax preparer rather than simply explaining how to fill out a 940 and 941.

Where workman’s comp insurance is concerned, you want to look at whether you are getting and using all of it. If you’re paying for insurance that isn’t being used, you may want to elect into that insurance for the officers and others beyond the main employees. Checking into this will at least get through to your minimums.

When you think about what you use your independent contractors for, you need to examine control. If you have any kind of control over what they do, that is almost a guarantee that they are actually an employee. Telling someone they have to be to work at 8:00 in the morning and you’ll provide the tools and everything they need to do the job for that day, they probably will not fit into the contractor category even though you want to pay them that way.

Then, subcontractors will no longer be considered as part of the wages for increasing your QBI deduction. Also, taking care of any unemployment taxes you need to match up front, so you prevent getting hit with a huge liability that can crush you if you allow it to grow while waiting. Be diligent in knowing whether or not subcontractors are subject to unemployment

If you’re a sole proprietor or LLC, make sure clients issue a 1099 if you receive more than $600 from them. Also, the first year for this requirement, landlords must be issued 1099s for the rent being paid. The filing deadline for paperwork is January 31st. In prior years, you could get an automatic 30-day extension for those forms. But this year, not only do you need to apply for that extension, they can choose to either grant you the extension or not.

To hear more about these topics and more, join William Feehley, CPA December 13th in the Payroll Class.

Another great objective to contemplate is a website. If you’re not on the internet, you better get there! Websites for Tax Pros builds websites for pretty much everyone who’s a Maryland Society Attendee (and hopefully member). A low-cost provider, they offer a $99 setup, then just $49 per month which is a special for anyone who attends a Maryland Society Seminar.

Custom templates, content, and IRS updates come provided to you as a service. We all know January to about April, you won’t be touching your website. To get a website up and running, you can expect about 2-3 weeks. Although they’re hitting their busy season, they always meet a deadline.

Starting with templates, they still ensure that every single website is unique for the individual user. After giving you the starting point, they customize it from there (move menus, color changes for logo, etc.). You can do it yourself or have the power of a web developer if you want one.

If you have tax software that integrates, they can link that in. They also offer a share file if you do not have a portal or it’s cost-prohibitive which starts at $19 per month when you pay annually. This share file includes one user and an unlimited amount of client accounts with many user-friendly and simplifying features. Get in touch with them at https://www.websitefortaxpros.com or call them at 302-401-4717.

Reminder: Get your PTIN renewed! December 31st is the due date. Do not wait until the last minute to get it done, you never know if the IRS system will go down. So, remember to do it now and complete it before the 31st.

MSATP’s Business Builders ThinkTank

Posted on by Navaal Mahdi

Running an accounting and tax business can be difficult. Between managing personnel matters, data security, business operations, and legislative compliance, it’s easy to feel buried or isolated. That’s why MSATP is excited to announce our latest professional and business development initiative: The Business Builders ThinkTank.

The ThinkTank is a group similar to a CEO peer group, designed to create a space where business owners can connect with each other to discuss and work through challenges. The ThinkTank will create an environment that will help enhance the quality of everyone’s business. Group members will share the problems they encounter, and others will share how they have resolved them in the past.

The intention of the ThinkTank is to always move the conversation forward. So instead of leaning into “This isn’t working or why this won’t work,” the way to approach a situation will be by asking, “How do we create this in a way that is workable for your firm?” This way, challenges won’t become roadblocks to growth, but instead, just obstacles that you can push through together. 

Three inaugural groups will be set up: BWI, Baltimore County, and Montgomery County. Each group will have 8-10 participants who are committed to meeting on the third Thursday of every month, from 8 – 9:30 a.m. The meetings will take place in the off-season, between May-November, for a total of 7 meetings.

Participants are required to attend 5 out of 7 meetings. If they miss more than 2, we will ask that they turn their seat over to someone else. This will help maintain integrity in the space and build trust amongst participants.

MSATP Second Vice President Richard Gottfried, Treasurer Donya Oneto, and CPR Committee Chair Tom Bray will initially be leading these groups. They will identify participants who have a desire to become group leaders and facilitators, and then train them to do so.

We’re so excited to start this initiative! If you are interested in participating, you can register on our website here. If you have any questions, you can email info@msatp.org, or call us at 1-800-922-9672.

For more information, tune into our Facebook Live from last week. President Ellen Silverstein was joined by Donya and Tom for a rundown on the ThinkTank initiative. Don’t forget to subscribe to our YouTube channel so you can get notifications every time we upload a new video.

Key Takeaways from MSATP’s Live: Maryland Volunteer Lawyer Service

Posted on by Sandy Steinwedel

The MSATP Facebook Live channel is back with a brand-new feature, and last week’s episode doesn’t disappoint! Before recapping the latest show, we’d like to thank all the members, family and friends who participated in last week’s first of two Battle of Beltway baseball games. The next game will take place at Nationals Park in Washington, D.C. on June 21 at 7:05 PM. MSATP will host a social hour before the game in the Roosevelt Room. If you would like to join in the pregame festivities, give us a call at 1-800-922-9672! Tickets are $53.00 and going quick!

MARYLAND VOLUNTEER LAWYER SERVICE—VOLUNTEERS NEEDED!

Switching gears to the most recent episode, we welcomed newly inducted President, Ellen Silverstein, and Janice Shih of Maryland Volunteer Lawyer Service (MVLS) to the show. Janice is the managing attorney of the Low-Income Taxpayer Clinic (LITC), which deals with tax issues including audits, credits and refund claims between clients and the IRS or Maryland Comptroller. The LITC is funded by the IRS and has 138 offices in 49 states—including 3 in Maryland.

As tax professionals, you know the potential impact tax issues can have on your clients. The IRS can place levies on your wages, liens on property, and can levy benefits such as social security. The Maryland Comptroller is more aggressive – not only can they levy your wages and put liens on property, but they can also place holds on driver’s licenses, vehicle registration, and professional licenses (nursing, hairdressers, truckers). The MVLS LITC seeks to alleviate these issues by working with volunteers who can represent clients before the IRS – this includes tax professionals such as CPAS, EAs and attorneys. MVLS offers comprehensive tax controversy trainings for volunteers twice a year. The trainings are free, but attendees must take a client. The next live training is Tuesday, Sept 25, from 9 AM – 1 PM at the Owings Mills office located at 10461 Mill Run Circle. The instructors are Jerry Kelly and Cheri Wendt-Taczak, two private practice tax attorneys, Jim Leith, the LTA and Jay Maschas, from the MD Comptroller. While the session is available via webinar, CPAs can obtain 4 CPEs for attending live training, which provides information on common tax controversies, forms, templates and more. Volunteering for MVLS is a great way to learn new skills and interact with appreciative clients. In addition, MVLS provides malpractice insurance and mentors from our panel of experienced tax representatives who can assist with any client issues you may encounter. MVLS also offers its volunteers monthly webinars, networking events and access to its downtown office for client meetings!

MSATP is looking for members interested in this opportunity to contact MVLS and Janice Shih. We want to know about your experience and how you benefited from it. Also, for those who are interested, members can make monetary donations as well. For more information, contact Janice via email at jshih@mvlslaw.org or by phone at (443) 451-4061.

UPCOMING SEMINARS

MSATP has some great educational opportunities coming up for our members to network and advance their careers. Here’s a preview of the upcoming seminars—be sure to check out the event calendar on the MSATP website for a complete list as well as registration information and details for all of our classes.

  • June 5th:
    • LOCATION: Frederick
    • SPEAKER: Bill Leonard
    • TOPIC: Preparations of Compilations & Reviews (8 Hours)
  • June 6th:
    • LOCATION: Frederick
    • SPEAKER: Bob JenningsTOPIC: Social Security (8 Hours): We offered this course in 2016 and had over 200 attendees!
  • June 7th:
    • LOCATION: Gaithersburg
    • SPEAKER: Josh Robertson, EA and Matt Ryan, CPA
    • TOPIC: Ethics ( 2 CPE/4 CPE Respectively)
  • June 19th:
    • LOCATION: Towson
    • SPEAKER: David DeJong
    • TOPIC: Effects of 2018 Tax Act on Estate Planning


DONATION REQUESTS

In addition to the great discounts on copiers and printers, a purchase/lease from Doceo Office Solutions can support our non-profit community. This year, Doceo is introducing a new format that gives our customers the opportunity to select a non-profit of your choice who will receive a donation of $50.00 for every Toshiba/Sharp/KIP order received and $25.00 for every Lexmark order. MSATP would like to see the donations given to the two initiatives which the Society and our members are supporting:

  • Maryland Volunteer Lawyer Service, 201 North Charles Street #1400, Baltimore, MD 21201 (ProBono Tax Work)
  • Maryland Council on Economic Education, Towson University, 8000 York Road, Towson, MD 21252 (Financial Literacy)

That’s it for last week’s Facebook Live Recap!

In case you missed it, you can find the full broadcast below and at https://youtu.be/-RgqBkpyDGg.



We will NOT be having a Live this Thursday as Executive Director Sandy Steinwedel will be attending the Annual NASBA Eastern Regional Meeting in Orlando, FL. This conference brings together over 150 Accounting Associations to discuss issues facing the CPA. There will be some great opportunities to hear what is on the horizon for CPA’s like:

  • Changes to regulations monitoring CPE and other specific requirements related to tracking those credits
  • Industry advances and challenges; technology (the ever-fluid landscape!)
  • Other closely watched State Board issues

Sandy will share her observations and what the buzz on the street may be from other conference attendees and post information to the MSATP Members Group throughout the week. If you’re not already a member, NOW is the time to request to join by clicking HERE!

Key Takeaways from MSATP’s Live: Live From The Annual Convention

Posted on by Sandy Steinwedel

The MSATP Facebook Live series came at you LIVE from our Annual Convention in Ocean City, MD! Ellen Silverstein, the MSATP President-Elect, was inducted at the convention and we had the pleasure of having her on the show to discuss some of the exciting upcoming networking and educational opportunities.

In case you missed it, you can find the full broadcast below and at https://youtu.be/rdM2nbkwleU.


As Ellen noted, one of the headlining features of last week’s convention is the Tax Speaker Tax Cuts & Jobs Act Member Appreciation Seminar presented by Bob Jennings, CPA. Bob is a nationally renowned author and speaker, presenting continuing education classes to over 100,000 tax professionals over the last 20 years. Bob’s discussion covers all aspects of the Tax Cuts and Jobs Act (TCJA), which some have called the biggest tax law change in 30 years. Over 95% of the law goes into effect in 2018 and in this course, Bob has two goals: first, discuss and analyze the changes for individuals and small businesses; and second, provide dozens and dozens of planning tips the professional may utilize for their clients. Included for attendees is an Excel calculator of the 20% flow-through deduction and in-depth discussion of the new 20% flow-through deduction as well as discussion of how this new law may affect the choice of operating entity for a business. The TCJA has illustrated many concerns and this course answers practitioner questions on mortgage interest deductions; tax deduction limits for taxes; deducting meals and entertainment; what to do about employees business expenses; and how the new depreciation rules will work.

This seminar is just an example of the many great educational opportunities MSATP offers their members on a consistent basis in order for them to hone their professional skills. With the professional licensure deadlines fast approaching, keep in mind that we will be offering the required Enrolled Agents Ethics and Maryland CPA Ethics courses on June 7 in Gaithersburg, MD. For registration details concerning these events and more great networking and professional opportunities, check out the interactive MSATP calendar to stay up to date: https://www.msatp.org/event-calendar/.

MSATP has the pleasure of working with several amazing corporate sponsors. On this week’s episode, we welcomed Michael Ashley from Registered Agents Legal Services, LLC onto the show. Registered Agents offers a low cost alternative for your common corporate service needs, backed with the high level of experience and availability you should expect in an incorporation service company. Think of them when you need to have a registered agent, to incorporate a business, form a limited liability company, or for any other related incorporation needs. Registered Agents Legal Services, LLC was founded in 1999 to serve the needs of law firms and their clients who require a professional registered agent, without exorbitant registered agent fees! They provide a cost-effective alternative for your corporate filing/information retrieval needs. Since many of their clients, including tax and finance professionals, have unique requests, Registered Agents strives to add flexibility to their personable service. Registered Agents Legal Services delivers reliable and accurate service, while remaining dedicated to the highest business and ethical standards. Headquartered in corporate-friendly Delaware, Registered Agents Legal Services has direct on-line access to the Delaware Division of Corporations. Their expertise and extensive network of agents gives them immediate access to corporate information in all 50 states. For more information, please visit: http://www.inclegal.com/index.shtml.

That’s it for this edition of the MSATP Facebook Live—be sure to tune in this tomorrow! We’ll hear from Sandy and Ellen about the Maryland Volunteer Lawyers Service (MVLS), as well as from our corporate sponsors, DOCEO!

Not a member of our private MSATP Members Facebook Group yet? Click HERE to join!

Key Takeaways from MSATP’s Facebook Live: Most Useful Apps for Accounting and Tax Practices

Posted on by Sandy Steinwedel

MSATP is back with a brand-new Facebook Live Episode! Last week’s episode opened with an in-depth review of the Save4College State Contribution Program and the Maryland Community College Promise Scholarship that we announced were in works back on our April 26th show. We then had the pleasure of hearing from Michael Blair, owner of Blair & Associates, Inc., to discuss the growing trend of digital accounting platforms. Michael discussed how you can implement these new and exciting technologies into your own practice to attract new clients and make your day-to-day life more efficient. To close out the episode, we learned about one of MSATP’s great sponsors: Quest Insurance. Here’s a quick recap of last week’s major segments—be sure to tune in for the real deal!

SAVE4COLLEGE STATE CONTRIBUTION PROGRAM—DEADLINE IS GETTING CLOSE!

The Save4College State Contribution Program, managed by T Rowe Price, offers eligible taxpayers the opportunity to receive a one-time matching amount of $250 that is applicable to tuition at virtually any U.S. or international college, technical or trade school. Keep in mind that you have to complete the application by June 1, 2018. You can learn more about the program and eligibility requirements by visiting https://maryland529.com/MDMatch250.

MARYLAND COMMUNITY COLLEGE PROMISE SCHOLARSHIP—LINGERING QUESTIONS

MSATP has received questions from a few members regarding HBO16. The bill, which was signed by the Governor, establishes the Maryland Community College Promise Scholarship. The initial scholarship awards shall be provided to recipients based on the greatest demonstrated financial need.  All eligible applicants who do not receive an award will be notified and placed on a waiting list. Beginning for the 2019-2020 academic year (September 2019-June 2020) the annual scholarship award is $5,000 per recipient or actual tuition, whichever is less.

In order to be eligible for the program, applicants must meet the following criteria:

  • Be eligible for in-state tuition
  • Enroll in a vocational certificate, certificate, or an associate degree program at an in-state community college within 2 years of graduating high school or successfully completing a GED in the state
  • Earn an overall high school grade point average of at least 2.3 GPA
  • Have annual adjusted gross income of not more than $100,000 if single or residing in a single parent household or not more than $150,000 if the applicant is married or resides in a two-parent household (NOTE: Annual adjusted income = Total combined adjusted gross income of the applicant and the applicant’s parents or spouse)
  • Enroll in at least 12 credits per semester
  • Timely submit a FAFSA form for federal and any other state financial aid

MSATP has reached out to the Maryland Higher Education Commission to clarify how to apply and what tax year applicants should use to determine the adjusted gross income. We are still awaiting their feedback—so if any of your clients inquire about this opportunity, tell them it is currently a wait-and-see situation.

DIGITAL PLATFORMS—THE FUTURE OF THE PROFESSION

The digital workplace is the future—and that’s a great thing! Here’s just a few advantages of going digital:

  • Makes work more efficient and creates a more ideal work/life balance
  • Routine tasks can be automated, leaving more time for client analysis and generating more value to clientele
  • Practice is more valuable to buyers, especially millennials
  • More collaborative and provides real time service delivery for clients

Working digitally is just a different way of doing your job and managing your practice—it’s not just going “paperless” like some would have you believe. The two biggest digital players in the small business services area are QBO and XERO. Each platform has its pros and cons. The discussion is not which system is better, but rather why they are more efficient to use as opposed to the outdated desktop and manual data entry systems. Client accounting services are task-centric, but the vast majority of this work can be completed via technology and AI. Each accounting platform has an “ecosystem” of apps that will work seamlessly with the accounting application. Virtually all of these are cloud (SaaS) services. The benefits of using these apps in each Ecosystem are time saving, extra services available, custom fit for each client, integration of platforms, and costs.

Here’s a quick breakdown of everyday accounting tasks and the various digital platforms you can implement to make life easier:

  • ACCOUNTING SERVICE TECHNOLOGIES:
    • QBO/Other Cloud-Based (Xero) – By far the most advanced is QBO, it is the online standard for SMB. You can link bank checking and savings accounts, credit card accounts, and loan accounts to QBO. This enables the transactions to be downloaded as they clear the bank and makes reconciling a breeze. Where this is really handy is when clients are using multiple debit and credit cards. NO DATA ENTRY.
    • Time Tracking – eBillity & TSheets – TSheets is inside of QBO, while Ebility is a stand-alone product that syncs with QBO.
    • Bill Payment Services – Bill.com & Entryless: Easy ways to add service with virtually no time investment. Bill.com is the standard here. There is some setup time, but it works efficiently with QBO. Bill.com also has multiple levels of transaction approvals.
    • Digital Workpapers – Neat Technologies, Adobe, Hubdoc, Receipt Bank
    • Workflow Technologies – Office Tools, Hubdoc, Ledgersync
    • Expense Capture Apps – Expensify, Talk, Mile IQ, QBO SE 
    • Invoicing Apps – QBO & Invoices2go
    • Online Storage/File Sharing – OneDrive, Gdocs, Amazon, MS Azure, Dropbox, etc.
    • Integration Apps – Apps/Technology that make two different systems work together, with cloud-based software and apps.

 

  • PAYROLL SERVICES TECHNOLOGIES
    • Web Based Services – QBO FSP, ADP, IFSP, Paychex
    • Direct Deposit to Debit Card – No printing/mailing of checks.
    • Employee Links to PR System – Time entry, document collection/delivery
    • Online 1099 – Cloud based system, online delivery to IRS and recipient Track1099
    • Full Services for Tax Compliance – Very low cost, and low hassle

 

  • PRACTICE MANAGEMENT SOFTWARE
    • Contact/Document Management – Office Tools
    • Online Document Storage – MS OneDrive, Azure, Google Docs, AWS
    • Adobe Acrobat – Scanning and document manipulation
    • Microsoft Office 365 – Online versions of Word, Outlook, Excel, etc.
    • Communication/Video Conferencing – Skype for Business, GoToMeeting, Zoom
    • Client Payment Systems – QB Payments, Square, PayPal
    • Password Manager Apps – Roboform, Dashlane

WHAT DOES SOFTWARE AS A SERVICE (SaaS) REPLACE?

  • Desktop Versions – Replaces installing different versions on new computers, and admin time is reduced
  • IT Maintenance Costs – Only on desktops, no need for high-end computers
  • Server Costs – Nonexistent, may need storage space online, MS OneDrive, Google Docs, Amazon, etc.
  • Postage & Supplies Costs – Office supplies and postage have been reduced 50% from 2014 to 2017
  • Labor Costs – More efficient, talent pool not limited by location. Talent can be kept in place even if they move away from CPA office location. Everyone is on the same software; training costs go down and efficiencies increase.

Here are links to the websites for the digital platforms mentioned above where you can learn more and get started to integrate them into your practice:

QUEST INSURANCE—TRUSTED BUSINESS & PERSONAL COVERAGE

Last, but certainly not least, we closed out the show with a message from Chris Corbett of Quest Insurance. Quest Insurance has been serving accounting professionals and their clients for over 25 years providing employee benefits, business insurance and personal coverage in DC, Maryland, and Virginia. They look forward to providing you the best value for your insurance needs! For more information, get in touch with Chris via phone: (571) 367-7971 or email: chris@questinsurance.us or checkout the Quest Insurance website: www.questinsurance.us to learn more about all the great options they have to offer!

In case you missed it, you can find the full broadcast below and at https://youtu.be/oZJxYj37Utk.



Be sure to tune in on Thursday – we’ll be LIVE from the 2018 Annual Conference in Ocean City!

Not a member of our private MSATP Members Facebook Group yet? Click HERE to join!

 

Key Takeaways from MSATP’s Facebook Live: Meet Your President Elect

Posted on by Sandy Steinwedel

It’s our favorite time of the week! Another great episode of MSATP’s Facebook Live series is up and running and you’ll want to check it out ASAP to get caught up on all the latest happenings in the tax and accounting world. Here’s a quick preview of what you can expect to learn more about on last week’s show.

We had the pleasure of welcoming onto the show MSATP’s Vice President and President Elect, Ellen Silverstein to talk a little bit about her past and what she has planned during her upcoming tenure. Ellen joined MSATP in 1990 and credits her membership with helping her streamline her accounting business and giving her the flexibility to balance work with raising her children. During her time with MSATP, Ellen has been an integral component of our educational committee, where she has organized class itineraries and seminars, coordinated guest speakers and provided insight as a practicing professional as to what types of learning opportunities would be most helpful to our members. Ellen will be inducted as MSATP President on May 24th for the 2018-2019 term. Some of her plans include attracting and maintaining relationships with corporate sponsorships to add value to MSATP members, continuing and enhancing the Facebook Live channel and organizing networking events to enable our members in order to expand their practices and take their careers to the next level. Additionally, given the dynamic nature of the upcoming tax year, thanks to the impending legislatively-implemented changes, Ellen recommends attending as many CPE-related events as possible to both assist your clients and reduce your stress levels.

Next, we welcomed on Megan Roth from MileIQ (taxpros@mileiq.com) to discuss an exciting new app you can use to augment your practice and communicate to your clients that you are the consummate professional prepared to address any of their needs or concerns. Reputation is everything when it comes to growing your business, and MileIQ can help you do just that with their easy-to-use and convenient digital interface. Mile IQ is an automatic mileage tracking app for your clients. Mileage is a huge deduction and could trigger an audit if you resort to guesswork. Even small trips can add up to big savings. MileIQ utilizes cutting-edge GPS technology to quickly and accurately tabulate your client’s mileage for each and every business-related trip they take. This translates into big savings when tax season rolls around—trust us, your clients will thank you for hooking them up with MileIQ. MileIQ has been in partnership with MSATP for over two years and we look forward to maintaining our excellent relationship with them. The best part is that MileIQ is FREE for all MSATP members! Just head on over to www.mileIQ.com/taxpros today to get started today.

In case you missed it, you can find the full broadcast below and at https://youtu.be/em5THcLHwuU.


 

Tomorrow, we have Michael Blair coming on to talk about more great apps for tax and accounting professionals. We will be LIVE from our annual trust meeting on-site at Annapolis—so be sure to tune in for this exciting event as we take the show on the road!

Not a member of our private MSATP Members Facebook Group yet? Click HERE to join!

Key Takeaways from MSATP’s Facebook Live: Navigating The MSATP Website

Posted on by Sandy Steinwedel

Last week’s Facebook Live Episode featured MSATP Board Member and Chair, Barbara J. Smith, who joined us to learn the basics of navigating the MSATP website. The site has tons of useful information about you, the value of MSATP membership status and the latest efforts MSATP is making to improve your practice! Here are some common Q&A’s we’ve received about the website—read on to improve your online experience with MSATP and get the most out of your membership!

In case you missed it, you can find the full broadcast below and at https://youtu.be/JiUUC4Os4cA


FAQ #1: HOW DO I LOG ONTO THE WEBSITE?

  • STEP 1: Click the log-in button located in the upper right-hand corner
  • STEP 2: Enter your email address in the “USERNAME” box
  • STEP 3: Enter the password that you selected (NOTE: If you forgot your password, click the “forgot password” button and an email will be sent for you to reset it)


FAQ #2: WHAT MEMBERSHIP INFO CAN I ACCESS ON THE SITE?

As a MSATP member, you can view the following information on the site by clicking on your name in the green bar and selecting “View Profile:”

  • Account Information
  • Dues
  • CPE Credits & Certificates
  • Registered Events
  • Free State Accountant
  • Membership Discounts & Benefits
  • Job Opportunities
  • Buy/Sell a Practice

Non-Members will only see the following areas:

  • Account Information
  • CPE Certificates & Credits
  • Registered Events


FAQ #3: HOW DO I FIND MSATP EXPERTS IN A SPECIFIC AREA?

  • STEP #1: Place your cursor on the “About” tab
  • STEP #2: Click on “Find a Professional”
  • STEP #3: You will then be able to search our directory by subject matter expertise and/or location


FAQ #4: WHERE CAN I LEARN ABOUT THE 2018-2019 BOARD OF DIRECTORS CANDIDATES?

  • STEP #1: Place your cursor on the “About” tab
  • STEP #2: Select “Board Candidates”
  • STEP #3: You will then be able to browse through the candidate profiles for a more in-depth look at all of the current candidates


FAQ #5: HOW DO I ACCESS THE CALENDAR OF EVENTS FOR THE SOCIETY?

  • STEP #1: Place your cursor on the “Community” tab
  • STEP #2: Scroll down to “Society Calendar”
  • STEP #3: Select “Event Calendar”

We have tons of great classes and seminars coming up—be sure to check out the Event Calendar often to make sure you don’t miss out on these great events!


FAQ #6: HOW CAN I LEARN ABOUT LICENSING REQUIREMENTS?

  • STEP #1: Place your cursor on the “Education” tab
  • STEP #2: Scroll down to your specific designation to view the relevant licensing requirements


FAQ #7: HOW DO I REGISTER FOR A SEMINAR AND GET DETAILS?

  • STEP #1: Place your cursor on the “Education” tab
  • STEP #2: Scroll down to “Seminars” section

The upcoming events on this page is organized by date by default. You can change this by searching this list by a specific field of study, alphabetically by seminar title or by a specific speaker. Once you select a course you can view the following information:

  • PRICE: Including both Member and Non-Member Rates
  • SPEAKER: Information on the featured presenter
  • EVENT DESCRIPTION & OBJECTIVES: A brief overview of the presentation outline and learning goals
  • FINAL EVENT DETAILS: This section includes important information including location, accommodation details and CPE approval credits.

That’s it for last week’s Facebook Live Recap! Be sure to tune in this Thursday to Meet Your President Elect, Ellen Silverstein, CPA!

Not a member of our private MSATP Members Facebook Group yet? Click HERE to join!

Key Takeaways from MSATP’s Financial Literacy Facebook Live

Posted on by Sandy Steinwedel

On last week’s edition, we welcomed Rich Gottfried, Second Vice President of the Society and Chair of the Young Professionals Committee, to discuss the all-important topic of Financial Literacy. We then discussed how the Maryland legislature is attempting to offer college financial savings options for Maryland taxpayers. Read on for a closer look at the segments on this week’s recap!

FINANCIAL LITERACY

April is Financial Literacy Month—a very important topic that the MSATP community is actively trying to promote at levels of the education system. We have been collaborating with other agencies, including the Maryland Coalition for Financial Literacy and the Maryland Council on Economic Education, to lay a solid financial foundation for the next generation of competent, confident and financially literate adults. For more information on what financial literacy entails, check out this great resource published by the Maryland Council on Economic Education! (http://www.econed.org/2018/02/1487/)

While financial literacy is a required course offering in some Maryland public schools, it is only a mandatory graduation requirement in Baltimore City Schools and seven other county school systems.

MSATP is working with the Maryland Financial Literacy Coalition to offer our member volunteers as guest speakers that meet with teachers from elementary to high school grade levels and deliver presentations to their classes that focus on financial literacy topics the teacher and member volunteer have selected. Ann Elliot, a long-time member of the Society and a current volunteer with the MSATP Financial Literacy Team, submitted some of her thoughts after a recent visit to Eleanor Roosevelt High School: “In December, I presented at Northwestern High School in Hyattsville…I started with how I’d begun working the accounting field, how I’d begun working for myself, and how long I’d been doing it. I discussed various career opportunities, the pros and cons of accounting and tax work, including hours, sitting at a desk for long hours, multi-tasking, and working within various organizations versus working for yourself.” Ann also offered some suggestions on how the financial literacy initiative might be improved in the future: “One take away would be that I think it might be helpful to have someone available for one on one meetings, questions and discussions with students that are sincerely interested.  If during the career day programs, they allowed for some of us to be available to meet, the interested students may have an opportunity to drill down to their interests. In the classroom environment, it didn’t allow for more directed discussions without most of the class being excluded.”

MARYLAND’S NEW COLLEGE SAVING PROGRAMS

Maryland offers two great Sec 529 plans—the Maryland Prepaid College Trust and the Maryland College Investment Plan—that allow parents to save early for their children’s education while enjoying tax savings on their Maryland income tax return.

The State of Maryland and Maryland 529 are now teaming up to start a new initiative called The Save4College State Contribution Program. The plan, managed by T. Rowe Price, gives eligible taxpayers the opportunity to receive a one-time matching amount of $250. These funds can be applied to tuition at any U.S. college, technical or trade school and even international schools. To be eligible for the program, your tax client must meet the following criteria:

  • Must be a Maryland resident
  • The previous tax year’s taxable income must not exceed $112,500 as an individual or $175,000 jointly
  • Must open a Maryland College Investment Plan or have opened an account after December 31, 2016
  • Submit an application for the Save4College State Contribution Program prior to June 1, 2018 and make a minimum contribution to the investment plan between July 1 and November 1.

Here’s a closer look at the investment chart:

Maryland Taxable Income
 Individual Joint  *Minimum Contribution  State Contribution
$49,999 or less $74,999 or less $25 $250
$50,000 – $87,499 $75,000 – $124,999 $100 $250
$87,500 – $112,500 $125,000 – $175,000 $250 $250

You can apply to the program online here! (https://maryland529.com/MDMatch250)

Additionally, the MSA Scholarship Foundation offers scholarship opportunities for Maryland accounting students who are Maryland Residents. In 2017, the Foundation awarded 17 scholarships totaling $30,500. The Foundation will begin reviewing applications for the 2018-2019 Academic Year on June 15, 2018. If you know a current accounting student who might benefit, make sure you have them complete the on-line application by June 15, 2018! (www.msascholarships.org)

In case you missed it, you can find the full broadcast below and at https://www.youtube.com/watch?v=uXTBeAnhFJE&t=19s



That’s it for last week’s Facebook Live Recap! Be sure to tune in this Thursday for a presentation on Navigating the MSATP Website!

Not a member of our private MSATP Members Facebook Group yet? Click HERE to join!

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