Category: Uncategorized

Born in Nova Scotia, Canada around 1873, Christine Ross relocated to New York in her early twenties to take the CPA exam. In December of 1896, New York became the first state to offer the exam for the first time. Two years later in June of 1898, Ross sat for the exam and placed within the top three of those in her test group.

While the 11 men who also passed that exam were immediately awarded their certificate, Ross’ scores were not released and she was not awarded her certificate until December of 1899—nearly eighteen months after she had taken the exam. The New York Board of Regents had debated for some time about whether a woman should be allowed to hold the CPA title. Once they had agreed to allow Ross the CPA designation, she was issued certificate No. 143—making her the first female CPA in the United States.

Ross practiced in New York City during the early 20th century. Her clients consisted of upper-class women, women’s organizations (such as those supporting women’s suffrage), and individuals in business and fashion. Consequently, Ross’ work facilitated financial independence for many women. Not much is known about her life after she left New York, but her achievements ultimately aided the women’s rights movement during the Progressive Era and paved the way for the future of women in accounting.

Mary T. Washington Wylie was the first black female CPA in the United States and the 13th black CPA overall. There would not be another black female CPA for 25 years, making her milestone all the more significant.

Born in Mississippi in 1906, Wiley moved to Chicago at the age of 6 to live with her grandparents after her mother died. She quickly developed a love for math and, while in high school, worked as a bookkeeper on afternoons and weekends. After graduation, she began working at Binga State Bank of Chicago as assistant to Arthur J. Wilson—the country’s second black CPA. Wilson encouraged Wiley to pursue accounting and became her mentor.

In 1939, Wylie opened her own accounting firm in her basement. Two years later, she earned her bachelor’s degree from Northwestern College of Business and was the only woman in her graduating class. She then completed her apprenticeship under Wilson to meet the experience requirement to sit for the CPA exam, which she passed in 1943. She quickly gained success with black, Jewish, and not-for-profit organizations.

Wiley made it her mission to support young black CPAs, hiring and training the next generation. Since the tax profession was still largely inaccessible to the black community, Wiley’s firm became the best opportunity for accountants to get their foot in the door. As a result, accountants flocked to Chicago, allowing Wiley’s firm to grow. She eventually hired one of her protégés as a partner, becoming Washington & Pittman in 1968. With the addition of a third partner in 1976, the firm became known as Washington, Pittman, & McKeever.

In 2005, Wiley passed away at the age of 99, leaving behind five children and nine grandchildren. In 2018, the City of Chicago declared September 30 as Mary T. Washington Wylie Day. Today, a division of her firm still operates under Mitchell Titus and the Mary T. Washington Wylie Opportunity Fund continues to provide scholarships and internships to young, underrepresented accountants.

Now that tax season is underway, staying organized is as crucial as ever. Doing so can create a less stressful work environment, help you to better serve your clients, and make for a more successful year. Here are a few tips to help get you started:

 

Create a to-do list

This tip may be obvious, but it’s still important to mention. Creating a list of tasks helps keep you organized as well as creates a sense of accomplishment when you complete them. Review your list every morning or jot down what you’d like to tackle for the next day. You can even create time blocks to help you schedule out your day, or put high-priority tasks first. This ensures you aren’t forgetting what needs to be done without feeling overwhelmed.

 

Use an agenda book or notebook

Whether you use physical notebooks or keep everything in your email calendar, you should get into the habit of jotting down important dates and notes. By writing down meetings, deadlines, and ideas, you’re less likely to forget them. Moreover, your time management will improve. It may even be helpful to add in reminders. Just be sure to keep your calendar up-to-date.

 

Optimize your workspace

Whether you’re working in an office building or you’ve set up shop in your house, a cluttered workspace is a recipe for disaster. Keep important items within reach, and put away anything you don’t use frequently. Use organizers to keep things in their place and to maximize your storage. Have some extra time? Go through your files and office supplies and get rid of anything you no longer need. Having a cleaner workspace is conducive to a more efficient workday.

 

Use the right program

Let’s face it: today’s world is digital. Trying to find the right programs and software for you and your clients can be frustrating. Not having simple-to-use programs can actually make you feel more disorganized. You can talk with other tax professionals during regular Business Builder ThinkTank meetings to discuss what has worked for them. Additionally, MSATP now offers Verifyle Pro as a member benefit: a cloud storage and sharing tool that allows you to securely communicate with clients, share documents, and request signatures (among so much more). Simple and straight-forward to use, it’s a great program to keep yourself organized during your busiest time of the year.

On December 15, 2022, MSATP hosted our first annual Holiday Soirée. The primary goal of the event was to raise funds for the MSA Scholarship Foundation, which has awarded over $1,000,000 in scholarships to accounting students in Maryland.

Attendees dressed in their holiday best to enjoy food, drinks, and a fantastic holiday playlist as they caught up with friends and meet new faces throughout the night.

Through ticket and raffle sales, over $2,000 was raised for the Scholarship Foundation! Ellen Silverstein won the 50/50 raffle, which she generously donated back to the Foundation. Additionally, Jonathan Rivlin won the night’s raffle and received a Roomba.

We also took time during the event to recognize valuable volunteers and sponsors for all they have done:

• Frost Law was awarded for being an Outstanding Partner
• Nicole Moore was awarded for her Outstanding Service
• Ann F. Ellicot was awarded for her Enduring Commitment
• Jerry Lotz was awarded for being the Sponsor of the Year

Thank you to all who attended and we hope more of you can join us next year for this new tradition!

Click the thumbnails below to see collages from the event!

 

MSATP Comments on AICPA Letter to IRS 

MSATP supports the AICPA’s letter asking the IRS to push back the Sept 30 filing deadline for taxpayers to receive penalty relief under of IRS Notice 2022-36. The notice was issued August 24 and provides automatic relief from failure to file penalties for certain 2019 and 2020 returns filed by September 30, 2022.

In the letter, the AICPA states:

“We are pleased that IRS has provided some measure of COVID-19 related penalty relief for taxpayers. We applaud the unprecedented waiver of the failure to file penalty under section 6651(a)(1).1 And we praise the IRS for waiving the various international information reporting penalties under sections 6038, 6038A, 6038C, 6039F and 6677 in certain cases. Under the Notice, these penalties will be waived if the returns are filed on or before September 30, 2022. As the AICPA has requested and pointed out in various letters to IRS and Congress and through our multiyear dialogue with IRS on Form 3520 penalties, the penalty relief provided will save the Treasury and the IRS resources by prompting voluntary compliance. Additionally, significant taxpayer burden will be reduced by automatically waiving the penalties covered by Notice 2022-36 and automatically providing refunds where penalties have already been paid.

“We request that the deadline of September 30, 2022 be extended to December 31, 2022. The business cycle of the tax profession is filled with upcoming deadlines (September 15 deadline for pass-throughs, September 30 for trusts, and October 15 for individuals and corporations), and inserting a September 30 deadline into this mix creates an insurmountable burden for most practitioners and taxpayers. Additionally, given the complex facts often associated with international information reporting and that many affected taxpayers live abroad, the September 30 deadline is unrealistic and will fail to prompt a critical mass of impacted taxpayers to avail themselves of the benefits of the Notice. Extending the deadline will assist the practitioner community in maximizing the relief provided and will bring more taxpayers into voluntary compliance. In turn, such voluntary compliance will save the IRS resources.

“We also note that the Notice provides relief for ‘specified tax returns for taxable years 2019 and 2020 that are filed on or before September 30, 2022.’ We urge clarification to make explicit that the rules under section 7502 apply to determine whether returns are filed timely under this Notice.”

 

Outsourcing Payroll Duties Can Be a Sound Business Practice, but… Know Your Tax Responsibilities as an Employer | IRS Small Business

Many employers outsource some or all their payroll and related tax duties to third-party payroll service providers. Third-party payroll service providers can greatly streamline business operations as well as help assure filing deadlines and deposit requirements are met. Some of the services they provide are:

• Administering payroll and employment taxes on behalf of the employer where the employer provides the funds initially to the third-party.
• Reporting, collecting and depositing employment taxes with state and federal authorities.

Employers who outsource some or all their payroll responsibilities should consider the following:

• The employer is ultimately responsible for the deposit and payment of federal tax liabilities. Even though the employer may forward the tax amounts to the third-party to make the tax deposits, the employer is the responsible party. If the third-party fails to make the federal tax payments, then IRS may assess penalties and interest on the employer’s account. The employer is liable for all taxes, penalties and interest due. The employer may also be held personally liable for certain unpaid federal taxes.
• If there are any issues with an account, then the IRS will send correspondence to the employer at the address of record. The IRS strongly suggests that the employer does not change their address of record to that of the payroll service provider as it may significantly limit the employer’s ability to be informed of tax matters involving their business.
• Electronic Funds Transfer (EFT) must be used to deposit all federal tax deposits. Generally, an EFT is made using Electronic Federal Tax Payment System (EFTPS). Employers should ensure their payroll providers are using EFTPS, so the employers can confirm that payments are being made on their behalf. Employers should register on the EFTPS system to get their own PIN and use this PIN to periodically verify payments. A red flag should go up the first time a service provider misses a payment or makes a late payment. When an employer registers on EFTPS they will have on-line access to their payment history for 16 months. In addition, EFTPS allows employers to make any additional tax payments that their third-party provider is not making on their behalf such as estimated tax payments.

EFTPS is secure, accurate, easy to use and provides an immediate confirmation for each transaction. The service is offered free of charge from the U.S. Department of Treasury and enables employers to make and verify federal tax payments electronically 24 hours a day, 7 days a week through the internet or by phone. For more information, employers can enroll online at EFTPS.gov or call EFTPS Customer Service at 800-555-4477 for an enrollment form or speak with a customer service agent.

There have been prosecutions of individuals and companies, who acting under the guise of a payroll service provider, have stolen funds intended for payment of employment taxes.

Remember, employers are ultimately the parties responsible for the payment of income tax withheld and both the employer and employee portions of social security and Medicare taxes.

Employers who believe that a bill or notice received is a result of a problem with their payroll service provider should contact the IRS as soon as possible by calling the number on the bill, writing to the IRS office that sent the bill, calling 800-829-4933 or visiting a local IRS office. For more information about IRS notices, bills and payment options, refer to Publication 594, The IRS Collection Process.

COVID Tax Relief: IRS Provides Broad-Based Penalty Relief For Certain 2019 and 2020 Returns Due to the Pandemic | IR-2022-155

To help struggling taxpayers affected by the COVID-19 pandemic, the IRS issued Notice 2022-36, which provides penalty relief to most people and businesses who file certain 2019 or 2020 returns late.

The IRS is also taking an additional step to help those who paid these penalties already. Nearly 1.6 million taxpayers will automatically receive more than $1.2 billion in refunds or credits. Many of these payments will be completed by the end of September.

Besides providing relief to both individuals and businesses impacted by the pandemic, this step is designed to allow the IRS to focus its resources on processing backlogged tax returns and taxpayer correspondence to help return to normal operations for the 2023 filing season.

More information here.

 

SDAT Conducts Tax Credit Awareness Campaign, Encourages Marylanders to Apply Online | Nearly 124,000 Postcards To Be Mailed Encouraging Low-income Homeowners and Renters to Apply for Property Tax Credits

The Maryland State Department of Assessments and Taxation (SDAT) today announced the implementation of its 2022 Tax Credit Awareness Campaign, urging Marylanders to consider whether they may be eligible to receive a homeowners’ or renters’ property tax credit. The quickest and easiest way to find out more information and submit an application is by accessing the innovative online tax credit application system, which strengthens SDAT’s ability to continue processing all tax credit applications in an accurate and timely manner. The deadline to file for both tax credits is October 1, 2022.

Read the full press release here.

 

IRS Issues Final Rule Under No Surprises Act (T.D. 9965) | via Wolters Kluwer IntelliConnect*

The IRS has released final rules under the No Surprises Act which includes certain disclosure requirements relating to information that group health plans, and health insurance issuers offering group or individual health insurance coverage, must share about the qualifying payment amount (QPA) under the interim final rules issued in July 2021, titled Requirements Related to Surprise Billing; Part I (July 2021 interim final rules). Additionally, the Service has finalized select provisions under the October 2021 interim final rules, titled Requirements Related to Surprise Billing; Part II (October 2021 interim final rules), to address certain requirements related to consideration of information when a certified independent dispute resolution (IDR) entity makes a payment determination under the Federal IDR process. These final rules are effective on November 17, 2022, for plan years or policy years beginning on or after January 1, 2022.

Information to be Shared About Qualifying Paying Amount

The IRS has added a definition for the term “downcode” to 26 CFR 54.9816-6, 29 CFR 2590.716-6, and 45 CFR 149.140; and final rules under 26 CFR 54.9816-6(d), 29 CFR 2590.716-6(d), and 45 CFR 149.140(d) to require additional information about the QPA that must be provided with an initial payment or notice of denial of payment, without a provider, facility, or provider of air ambulance services having to make a request for this information, in cases in which the plan or issuer has downcoded the billed claim. These final rules also specify that, if a QPA is based on a downcoded service code or modifier, in addition to the information already required to be provided with an initial payment or notice of denial of payment, a plan or issuer must provide a statement that the service code or modifier billed by the provider, facility, or provider of air ambulance services was downcoded; an explanation of why the claim was downcoded, including a description of which service codes were altered, if any, and which modifiers were altered, added, or removed, if any; and the amount that would have been the QPA had the service code or modifier not been downcoded.

Payment Determinations Under Federal IDR Process

Although the QPA is a quantitative figure, the amount that best represents the value of the qualified IDR items and services may be more or less than the QPA due to additional circumstances that are not easily quantifiable such as the care setting or the teaching status of the facility. It, therefore, is reasonable to ensure that certified IDR entities consider the QPA, a quantitative figure, and then consider the additional, likely-qualitative factors, when determining the out-of-network rate.

In determining which offer to select during the Federal IDR process under these final rules, the certified IDR entity must consider the QPA for the applicable year for the same or similar item or service and then must consider all additional information submitted by a party to determine which offer best reflects the appropriate out-of-network rate, provided that the information relates to the party’s offer for the payment amount for the qualified IDR item or service that is the subject of the payment determination (and does not include information that the certified IDR entity is prohibited from considering in making the payment determination under Code Sec. 9816(c)(5)(D).

 

Phase-In Period for Dividend Equivalent Payment Regulations Extended Further (Notice 2022-37) | via KPMG

The IRS today released an advance version of Notice 2022-37 announcing an additional two-year extension for taxpayers to comply with the final regulations with respect to dividend equivalents under sections 871(m), 1441, 1461, and 1473.

Notice 2022-37 [PDF 111 KB] states that Treasury and the IRS intend to revise the regulations and in the meantime provides the following extensions of time:

• An extension to the phased-in application of the section 871(m) regulations to delta-one and non-delta-one transactions (Treasury and the IRS intend to revise the effective/applicability date for Reg. section 1.871-15(d)(2) and (e) to provide that these rules will not apply to any payment made with respect to any non-delta-one transaction issued before January 1, 2025.)
• An extension of the simplified standard for determining whether transactions are combined transactions (Withholding agents are not required to combine any transactions that are listed securities entered into in 2017. Notice 2017-42, Notice 2018-72, and Notice 2020-2 extended the period during which this simplified standard for combined transactions applies to include 2018 through 2022. Notice 2022-37 further extends the period during which this simplified standard for combined transactions applies to include 2023 and 2024.)
• An extension of phase-in relief for qualified derivatives dealers (QDDs) (Notice 2017-42, Notice 2018-72, and Notice 2020-2 announced that Treasury and the IRS intended to amend Reg. sections 1.871-15(q)(1) and (r)(3), and 1.1441-1(b)(4)(xxii)(C) to provide that a QDD will not be subject to tax on dividends and dividend equivalents received in 2017 through 2022 in its equity derivatives dealer capacity or withholding on those dividends (including deemed dividends). Notice 2022-37 announces that Treasury and the IRS intend to amend those provisions to provide that a QDD will not be subject to tax on dividends and dividend equivalents received in 2023 and 2024 in its equity derivatives dealer capacity or withholding on those dividends (including deemed dividends) as well.)
• An extension of transition rules from Notice 2010-46 (Notice 2018-5, Notice 2018-72, and Notice 2020-2 provided that notwithstanding the preamble to the 2017 regulations, withholding agents may apply the transition rules described in Notice 2010-46, Part III, for payments made in 2018 through 2022. Notice 2022-37 provides that withholding agents may also apply the transition rules described in Notice 2010-46, Part III, for payments made in 2023 and 2024.)

Notice 2022-37 further provides the anti-abuse rule provided in Reg. section 1.871-15(o) will continue to apply during the phase-in years (described above). As a result, a transaction that would not otherwise be treated as a section 871(m) transaction may nevertheless be a section 871(m) transaction under Reg. section 1.871-15(o).

View the KPMG article here.

 

District of Columbia—Tobacco Tax: Upcoming Tax Rate Changes for Cigarettes and Other Tobacco Products | via Wolters Kluwer IntelliConnect*

There are upcoming tax rate changes in the District of Columbia for cigarettes and other tobacco products.

Rate Changes

Effective October 1, 2022 the total tax on a package of 20 cigarettes is $5.02. The total tax is a combination of the tax of $4.50 and the surtax of $0.52.

The calculated tax applicable to other tax products for tax year 2023 is 79%.

 

Virginia—Personal Income Tax: Deduction Enacted for Educators | via Wolters Kluwer IntelliConnect*

Virginia enacted an income tax deduction of up to $500 for certain expenses incurred by an eligible educator, applicable to taxable years 2022, 2023, and 2024. An eligible educator is an individual who, for at least 900 hours during the taxable year, served as a Virginia licensed teacher, instructor, student counselor, principal, special needs personnel, or student aide for public or private primary or secondary school students in Virginia. Qualifying expenses are those incurred for participation in professional development courses and the purchase of books, supplies, computer equipment (including related software and services), other educational equipment, and supplementary materials used directly in service to Virginia students as an eligible educator.

 

Virginia—Personal Income Tax: Military Retirement Subtraction Enacted | via Wolters Kluwer IntelliConnect*

Virginia enacted a subtraction modification for certain military benefits, starting at $10,000 in 2022 and increasing to $40,000 when fully phased in beginning in 2025. Military benefits include military retirement income and benefits paid to the surviving spouse of a veteran. The subtraction is allowed only for military benefits received by an individual age 55 or older. Similar provisions were previously enacted in the biennial budget (TAXDAY, 2022/06/23, S.18).

 

Nexus Webinar:

• Date: Thursday, September 22, 2022
• Time: 1:00 p.m. – 5:00 p.m.
• CPE: 4 (Recommended)
• Speakers: James Dawson, JD; Sonia Shaikh, Joseph Flack, & Brigid Fitzpatrick

Cost: $160 (Members); $180 (Non-Members)

Register here: Seminar – Maryland Society of Accounting & Tax Professionals (msatp.org)

 

Inflation Reduction Act of 2022 Webinar:

• Date: Friday, September 23, 2022
• Time: 10:00 a.m. – 12:00 p.m.
• CPE: 2 (Recommended)
• Speaker: Bradley Burnett, JD

Cost: $100 (Members); $110 (Non-Members)

Register here: Seminar – Maryland Society of Accounting & Tax Professionals (msatp.org)

View more seminars/webinars here!

 

Check out our first-ever volunteer spotlight with Ron Grafman, EA — the outgoing Board of Trustees Delegate on MSATP’s Board of Directors.

Ron believes that MSATP truly serves its members — therefore, members should want to give back by volunteering. He would love to see more members get involved because that’s what makes the Society successful, and what makes it so great.

Read more here: Volunteer Spotlight: Ron Grafman – Maryland Society of Accounting & Tax Professionals (msatp.org)

Get involved and volunteer today — more details here.

 

3 all-inclusive days down by the shore, 13 hours of CPE, and access to Maryland’s top talent in the accounting and tax field.

Register here: Home (msatp.org)

 

Looking for more CPE opportunities? The following Wolters Kluwer webinars are available to you at a special rate:

• Compilation and Review in the Red Zone | August 30, 2022 | 3 – 5 p.m. | 2 CPE (Recommended) | $106
• 2022 LLCs: Reducing Self-employment Tax and Maximizing the 20% Passthrough Deduction | September 1, 2022 | 3 – 5 p.m. | 2 CPE (Recommended) | $106
• Transactional Tax Basis Capital Reporting | September 6, 2022 | 12 – 2 p.m. | 2 CPE (Recommended) | $106

Register here: Seminars – Maryland Society of Accounting & Tax Professionals (msatp.org)

In case you missed our email yesterday, check out this week’s MSATP TV: Jonathan Pocius of Payroll Services LLC discussed the new MarylandSaves program. Click the image or link below to watch the lunch and learn!

Watch here: MSATP TV: Maryland Saves – YouTube

 

Saving For College: The 529 | By Bob Jennings, TaxSpeaker

How do you save for college for your kids or grandkids? One of the most useful tools used by parents and more often by grandparents is something called a 529 plan.

Congress created 529 plans in 1996. A qualified tuition program (QTP) (also known as a 529 plan or program) is a program set up to allow you to either prepay or contribute to an account established for paying, a student’s qualified education expenses at an eligible educational institution. Whoever purchases the Section 529 plan is the custodian and controls the funds until they are withdrawn. One of our favorite sources for information on 529 plans is www.savingforcollege.com.

QTPs may be established and maintained by states (or agencies or instrumentalities of a state) and eligible educational institutions. Because multiple accounts may be established the taxpayer is not restricted to one specific state operated 529, even if already funded.

There is no deduction at the federal level for contributions to 529 plans, although many states offer a state credit or deduction. Earnings are not subject to federal tax and generally not subject to state tax when used for the qualified education expenses of the designated beneficiary, such as tuition, fees, books, as well as room and board. You can set one up and name anyone as a beneficiary — a relative, a friend, even yourself. There are no income restrictions on either you, as the contributor, or the beneficiary. There is also no limit to the number of plans you set up. And, 529 plans are exempt from estate tax.

Read about qualified educational expenses, and check out more details in TaxSpeaker’s newsletter here.

 

IRS Webinar: Foreign Tax Credit – Individuals | Tuesday, August 23, 2022 @ 2 PM EST

Webinar Objectives:

• Overview of foreign tax credit (FTC) concepts
• Treaty vs. statutory withholding rates
• Foreign tax redeterminations (FTRs)
• Foreign fiscal year considerations
• Plus, a live Q & A

1 CE credit will be offered for this webinar. Category: Federal Tax

Questions? Email cl.sl.web.conference.team@irs.gov.

Register Here: Foreign Tax Credit – Individuals (webcaster4.com)

 

What Business Owners Need to Do When Closing Their Doors For Good | IRS Tax Tip 2022-122

There are a few things business owners need to do before they close their business. Of course, they need to fulfill their federal tax responsibilities. It’s also important to notify the IRS of their plans.

Business owners must take these steps when closing a business:

• File a final tax return and related forms. The type of return to file and related forms depends on the type of business.
• Take care of employees. Business owners with one or more employees must pay any final wages or compensation, make final federal tax deposits and report employment taxes.
• Pay taxes owed. Even if the business closes now, tax payments may be due next filing season.
• Report payments to contract workers. Businesses that pay contractors at least $600 for services including parts and materials during the calendar year in which they go out of business, must report those payments.
• Cancel EIN and close IRS business account. Business owners should notify the IRS so they can close the IRS business account.
• Keep business records. How long a business needs to keep records depends on what’s recorded in each document

IRS.gov has information to help guide business owners through the process of shutting down.  Small businesses and self-employed taxpayers can find information including:

• What forms to file
• How to report revenue received in the final year of business
• How to report expenses incurred before closure

Business owners can also get helpful information on declaring bankruptcy, selling their business and terminating retirement plans.

 

Tax Pros: Create a Written Data Security Plan | IR-2022-147

The Security Summit partners unveiled a special new sample security plan designed to help tax professionals, especially those with smaller practices, protect their data and information. The special plan, called a Written Information Security Plan (WISP), is outlined in a 29-page document that’s been worked on by members of the Security Summit, including tax professionals, software and industry partners, representatives from state tax groups, and the IRS.

 

Truckers Need to File by Aug. 31 Deadline, E-file Encouraged | IR-2022-146

If you have clients who have registered, or are required to register, large trucks and buses, it’s time for them to file Form 2290, Heavy Highway Vehicle Use Tax Return. The IRS strongly encourages using e-file and filing before the payment deadline of Aug. 31, 2022, for vehicles first used in July 2022.

 

Maximum Educator Expense Deduction Rises to $300 in 2022 | IR-2022-148

As the new school year begins, teachers and other educators will be able to deduct up to $300 of out-of-pocket classroom expenses for 2022 when they file their federal income tax returns next year. Visit IRS.gov for more information about who qualifies, what’s deductible, and more.

 

Are you hiring? MSATP members can post job opportunities on our website for free. Email info@msatp.org and we’ll help you get started.
 
Looking for a job? We have some exciting new opportunities on our website, including several job opportunities at American University! You can view the classifieds section of our website clicking the button below.

View Here: Job Opportunities – Maryland Society of Accounting & Tax Professionals (msatp.org)

 

3 all-inclusive days down by the shore, 13 hours of CPE, and access to Maryland’s top talent in the accounting and tax field.

Register Here: https://bbcc.msatp.org

 

Looking for more CPE opportunities? The following Wolters Kluwer webinars are available to you at a special rate:

• How to Avoid Common Peer Review Pitfalls | August 22, 2022 | 3 – 5 p.m. | 2 CPE (Recommended) | $106
• Accounting Standards for CPAs: Summer Update | August 24, 2022 | 3 – 5 p.m. | 2 CPE (Recommended) | $106
• Compilation and Review in the Red Zone | August 30, 2022 | 3 – 5 p.m. | 2 CPE (Recommended) | $106
• 2022 LLCs: Reducing Self-employment Tax and Maximizing the 20% Passthrough Deduction | September 1, 2022 | 3 – 5 p.m. | 2 CPE (Recommended) | $106
• Transactional Tax Basis Capital Reporting | September 6, 2022 | 12 – 2 p.m. | 2 CPE (Recommended) | $106

Register Here: Seminars – Maryland Society of Accounting & Tax Professionals (msatp.org)

 

RSVP Here: You’re invited to “Summer Wine Tasting.” Tap here to RSVP – Paperless Post Flyer

Tune in for a special episode of MSATP TV, exclusively on our YouTube Channel! Rob Smith of Liscio introduced the Accountants and Bookkeepers Co-Operative Library — a content-driven community. Click the button below to watch the episode!

Watch Here: MSATP TV: Circle, The Cooperative Library for Accountants & Bookkeepers – YouTube

 

Imagine a library where you can enter and view best practice workflows and step-by-step training materials for the software you use every day.

“Wings” of the library include core technologies, tax department, bookkeeping, firm management, personal productivity, and Liscio training.

Content is designed to be consumed as quickly as possible and geared towards solving problems that accountants see every day.  Videos are time stamped and outlined. Notes are included and articles have executive summaries. This content doesn’t just tell what/why you should do something. It shows you step-by-step how to get it done.

Here are two examples.

• https://liscio.circle.so/c/teams/sync-sharepoint-to-file-explorer-5ff4acaf-ea0a-4ffb-ba6e-8cd18ae95149
• https://liscio.circle.so/c/excel/index-match-f7db2ef2-5f0c-4fa6-9ae3-4df1c3b7f8e1

To become part of our MSATP library community, click the link below:

Sign up | Accountant Co-op (circle.so)

 

MarylandSaves | On-Demand Webinar by Payroll Services LLC

MarylandSaves is a new retirement savings program, sponsored by the state of Maryland Small Business Retirement Savings Program. It’s a simple and seamless way to help Maryland employees save and plan for the future.

Nearly one million private-sector employees in Maryland have no access to an employer-sponsored retirement savings plan. MarylandSaves was created by Governor Hogan and the Maryland State Legislature to meet this urgent need. With MarylandSaves, employers can now offer their employees an easy way to save for their retirement in a convenient Roth IRA that employees can take wherever their career leads.

MarylandSaves makes it as easy as possible to help all Marylanders plan for their futures and set themselves up for secure retirement.

Starting September 15, 2022, Maryland businesses will be required to participate in MarylandSaves. 

MSATP’s corporate sponsor Payroll Services LLC created a 15-minute on-demand webinar to explain the new State program and what you will need to be aware of. Check out the webinar by clicking the link below.

Maryland Saves Goes Live September 15th 2022 – YouTube

Plus, Jonathan Pocius of Payroll Services LLC will be joining us on MSATP TV next week to discuss MarylandSaves further. Email your questions to info@msatp.org by Monday, August 15, 2022, to have them answered!

 

IRS Expands Crypto Question on Draft Version of 1040 | By Michael Cohn, Accounting Today

The Internal Revenue Service has released a draft version of Form 1040 for next tax season, with an expanded question about virtual currencies, now referred to as digital assets, along with other changes on drafts of that form and related forms and schedules.

Last tax season, the question was: “At any time during 2021, did you receive, sell, exchange, or otherwise dispose of any financial interest in any virtual currency?” The draft form for tax year 2022 says, “At any time during 2022, did you: (a) receive (as a reward, award, or compensation); or (b) sell, exchange, gift, or otherwise dispose of a digital asset (or a financial interest in a digital asset)? (See instructions.)” Presumably, this is to encompass other forms of digital assets besides cryptocurrency, such as nonfungible assets, or NFTs, many of which rose rapidly in value last year before seeing sharp declines. Presumably, there will be more detailed instructions forthcoming from the IRS.

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Our very first Volunteer Spotlight is with Ron Grafman! Take a look at why Ron believes you should get involved with MSATP as a volunteer.

 

When did you join MSATP? 

Ron joined MSATP in 1984. Donald Hull was president and the one who signed his certificate.

 

What positions have you held on the Board?

The only position Ron has not held is Secretary! He has been Treasurer, Delegate, and was President from 2009-2010 during MSATP’s 50^th anniversary. Most recently, he was the Board of Trustees Delegate.

 

What’s your favorite memory with MSATP?

Ron’s favorite memory with MSATP is when Sidney Weinberg, the founder of MSATP, told him that he had the potential to be a great president one day. Ron was not even considering running for president at that point in time, but years later he did! Ron was a fantastic president and did many great things for the society, just like Sidney predicted. 

 

Why should members become active within the organization?

Ron believes that we have a wonderful organization that really serves its members, therefore members should want to give back by volunteering. He would love to see more members get involved, because that’s what makes MSATP successful, and what makes it so great. When looking back on all his years of volunteering, Ron’s answer has never changed on this. 

Get involved and volunteer today! https://www.msatp.org/volunteer-program/