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Category: Professional Development

The Seven Stages of Change

Posted on by Katie Cardinal

Change is an inevitable part of life. It challenges us to grow and adapt to new situations — but, it can be difficult, and many people struggle to make meaningful changes in their lives. Here, we’ll explore the seven stages of change:

Stage 1: Being unaware of the need to change a problem or habit.

Stage 2: Being aware of the need for change but believing that one is powerless to make the change.

Stage 3: Being aware and believing one can make the change, but only after the problem or habit has occurred.

Stage 4: Being aware of the need for change in the moment, but unable to change it because the moment happens too quickly.

Stage 5: Being aware of and changing the problem or habit in the moment as it is happening.

Stage 6: Foreseeing the problem or habit and preventing it from occurring.

Stage 7: Making the permanent change.

While change can be a challenging process, it is essential for personal growth and development. By understanding these stages, we can develop the resilience and persistence necessary to create meaningful change in our lives. Remember, change is a journey, and it is okay to stumble along the way. The most important thing is to keep moving forward, one step at a time.

 

Reference: Business Strategy For CPAs

News For Your Week Ahead: May 13, 2022

Posted on by Walter Moore

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

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

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

Learn More!

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

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

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

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

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

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

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

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

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

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

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

For more information, click here.

News For Your Week Ahead: April 29, 2022

Posted on by Walter Moore

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

Watch on YouTube.

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

Watch on YouTube.

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

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

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

For more information, click here.

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

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

For more information, click here.

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

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

News For Your Week Ahead: April 8, 2022

Posted on by Walter Moore

Rob Smith of Liscio joined us again and gave an in-depth demonstration on how to manage files and documents within the Microsoft Teams environment. Using Teams you can create and edit documents within the program simultaneously with all members of your organization. Tune in to learn how!

Watch on YouTube.

Coming Up: On Thursday, April 21st at 12 p.m. Rob Smith of Liscio will join us again and will discuss how to manage clients within Microsoft Lists. 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!

Time is Running Out to File for Tax Year and Still Get Unclaimed Refunds | Tax Tip 2022-51

In 2018, over a million taxpayers didn’t file their federal return, leaving $1.5 billion in unclaimed refund money. It’s not too late for people to file and get their refund, but the deadline is soon.

Taxpayers have until April 18, 2022, to file their 2018 return and get their refund.

If a taxpayer doesn’t file their return, they usually have three years to file and claim their tax refund. If they don’t file within three years, the money becomes the property of the U.S. Treasury.

For more information, click here.

Special Saturday Help from IRS Available Without an Appointment on April 9 | IR-2022-76

As the federal tax filing deadline approaches later this month, the Internal Revenue Service today announced that many Taxpayer Assistance Centers will be open around the country this Saturday, April 9 for face-to-face help.

This special Saturday help is available from 9 a.m. to 4 p.m., and no appointment is needed. Normally, TACs are only open by appointment on weekdays.

For more information, click here.

Coming Soon: 2023 Low Income Taxpayer Clinic Grant Application Period | IR-2022-75

The IRS announced that the application period for Low Income Taxpayer Clinic (LITC) matching grants for calendar year 2023 will open on or around May 2, 2022.

The LITC Program is a federal grants program administered by the Taxpayer Advocate Service, led by National Taxpayer Advocate Erin M. Collins. The Taxpayer Advocate Service operates as an independent organization within the IRS.

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: 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.

Tips For Starting The Semester Strong

Posted on by Lily

by Lily Bazis

With spring semesters just getting started, you may begin feeling that unmistakable excitement/dread that comes with the territory of being a college student. The prospect of the next few months of your lives being bombarded with quizzes, exams, projects, and homework is certainly daunting, but they don’t have to be with a little preparation. Here are a few tips to get your semester started off on a high note!

 

Get Organized Sooner Rather Than Later

The key to starting off the semester strong is having a firm foundation in organization. This includes getting everything you need for the semester before it even begins, or within the first week or so. This also means familiarizing yourself with the courses you’re taking by thoroughly reading your course syllabi, paying most attention to assignment due dates. Prepare the necessary supplies for each course and take note of what your professors are requiring of you. Getting organized now will save you so much time and energy in the long run, so starting with organization is essential.

Create Tentative Semester Calendar

Another crucial step to being successful this semester is to create a tentative calendar of your semester. This calendar can include all of your classes, extracurricular activities, exam dates, project due dates, and any other important dates that occur over the next four months. This will give you a broad idea of your timeline and will keep crucial events in the forefront of your mind. You can use a physical calendar or an online calendar to help you stay on top of things.

Schedule in Breaks and Time to Relax

Nothing can lead to burnout more quickly than forgetting to leave time for relaxation during the semester. Just like you schedule time in your week for studying and homework, you also need to schedule in time to take breaks! Go for walks, hang out with friends, or watch a few episodes of your favorite show to forget about your studies for a little while. It’s all about balance, so don’t overwork yourself but make sure to also stay on task!

Get to Know Your Professors

Getting to know the professors that you’re taking classes with is crucial. Are they extremely strict with deadlines? Notorious for giving pop quizzes? Sticklers for class participation? Knowing how your professors tick is the key to succeeding in their class. Figuring this out as early as possible can help you get a better idea of what is expected of you in the course, which will lead to an overall better grade.

Use a Planner that is Functional for You

Having and using a planner is an absolute must for any college student. There’s simply no other way to stay on top of everything you must do each week, between classes, assignments, and extracurriculars. But the tricky part is finding one that is actually functional in your life. There’s simply no point in buying a planner that doesn’t fit your style of organization. There are tons of different styles of planners out there, from calendar-focused, to to-do lists oriented, to ones that are simpler and to the point. You just have to find what works best for you!

Utilize Campus Resources

Making use of the resources that your school provides is one of the best tools for a successful semester than also seems to be the most forgotten. Tutoring centers, study rooms, counseling centers, and professors’ office hours are just a few of the resources that can help you all throughout the semester. Becoming aware of all the resources available to you at the beginning of the semester can save you down the road when you really need some extra help.

 

Following just a few of these tips can set you up for a great semester ahead, and an overall successful college experience!

News for Your Week Ahead: January 7, 2022

Posted on by Walter Moore

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

Watch on YouTube.

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

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

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

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

For more information, click here.

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

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

For more information, click here.

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

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

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

For more information, click here.

 

News For Your Week Ahead: 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: 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.

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