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Category: Webinars

News For Your Week Ahead: March 25, 2022

Posted on by Walter Moore

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

Watch on YouTube.

Coming Up: On Thursday, April 7th at 12 p.m. Rob Smith of Liscio will join us for another episode of his Lunch & Learn series where he will discuss Microsoft Teams and how you can manage files within the program. In this Lunch & Learn series, you can now view our episodes live on LinkedIn, Facebook, YouTube, and Twitter! If you have questions for the speaker, you can ask them directly in the comments section of the stream on all platforms. Be sure to follow us on all of our social media to enjoy our upcoming events and stay up to date on the latest news!

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

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

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

For more information, click here.

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

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

For more information, click here.

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

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

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

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

For more information, click here.

News for Your Week Ahead: February 18, 2022

Posted on by Walter Moore

On this week’s episode of MSATP TV, Jim Arnie joined us to give us a full rundown on the legislative session taking place in Annapolis including the pieces of legislation the Society has taken a position on. Remember as an MSATP member we advocate as your voice in Annapolis to make sure you are heard!

Watch on YouTube.

Coming Up: On Thursday, February 24 at 12 p.m. Rob Smith joins us for another episode on OneNote and how you can integrate the software with Outlook 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!

Latest Spearphishing Scams Target Tax Professionals | IR-2022-36

With tax season in full swing, the IRS, state tax agencies, and the tax industry today warned tax professionals of new email scams that attempt to steal their tax software preparation credentials.

The Security Summit partners warned these scams to serve as a reminder that tax professionals remain prime targets for thieves. These thieves try to steal client data and tax preparers’ identities in an attempt to file fraudulent tax returns for refunds.

For more information, click here.

IRS Provides Further Details on Additional Relief for Certain Partnerships Preparing Schedules K-2 and K-3 for 2021 | IR-2022-38

The IRS provided further details on additional transition relief for certain domestic partnerships and S corporations preparing the new schedules K-2 and K-3 to further ease the change to these new schedules. Those eligible for the relief will not have to file the new schedules for tax year 2021.

The new schedules K-2 and K-3 improve reporting by standardizing international tax information to partners and flow-through investors, making it easier for them to report these items on their tax returns. In addition, the changes ease flow-through return preparation compliance by clarifying obligations and standardizing the format for reporting.

For more information, click here.

IRS Announced an Update to the Form 14457 – Voluntary Disclosure Practice Preclearance Request and Application | IR-2022-33

The IRS announced that Form 14457, Voluntary Disclosure Practice Preclearance Request and Application, has been revised, including expanding a section on reporting virtual currency. Form 14457 permits taxpayers who may face criminal prosecution for willful violation of tax law to voluntarily disclose information to the IRS that they failed to previously disclose.

For more information, click here.

IRS Reminds Those with Farming, Fishing Businesses of March 1 Tax Deadline | IR-2022-39

The IRS reminded those with income from a farming or fishing business they should file and pay their entire tax due on or before Tuesday, March 1, if they did not make estimated tax payments.

Taxpayers can pay from their bank account using their Online Account or they can schedule payments in advance using IRS Direct Pay.

For more information, click here.

Comptroller Franchot Renews Call for $500M in Small Business Relief – Business Advocates and Owners Throughout Maryland Share Stories of Struggle, Endorse Franchot’s Proposed Use of Surplus Money | Comptroller of Maryland

Comptroller Peter Franchot today redoubled his call for Governor Larry Hogan and the General Assembly to earmark $500 million from the state’s historic surplus for direct financial relief payments to Maryland small businesses in hard-hit industries.

The Comptroller said his agency estimated 40,000 businesses in Maryland have closed since the pandemic began, a number that is almost certain to grow.

For more information, click here.

Shop Maryland Energy Weekend Runs Saturday Through Monday – Comptroller Franchot Encourages Customers to Shop Local, Get Tax-Free Deals and Protect the Environment with ENERGY STAR Appliances | Comptroller of Maryland

Comptroller Peter Franchot reminds Marylanders they can save the environment and their hard-earned dollars during Shop Maryland Energy Weekend, which runs this weekend, February 19-21.

The following appliances bearing the ENERGY STAR label, purchased in-store or online, will be exempt from the state’s six percent sales tax: air conditioners, washers and dryers, standard-size refrigerators, furnaces, heat pumps, boilers, compact fluorescent light bulbs (not LED), dehumidifiers and programmable thermostats. Solar water heaters are tax-exempt year-round.

For more information, click here.

IRS Updates FAQs for Higher Education Emergency Grants | IR-2022-34

The IRS updated its frequently asked questions (FAQs) on Higher Education Emergency Grants.

This updated FAQ adds questions 8 and 9 in (FS-2022-11) PDF.

In IR-2021-70, Emergency aid granted to students due to COVID is not taxable, the IRS issued FAQs on how students and higher education institutions should report pandemic-related emergency financial aid grants. These FAQs were subsequently updated on May 18, 2021.

For more information, click here.

Are You Getting You The Most Out of Your Monitor?

Posted on by Walter Moore

by Walter Moore

With many of the new monitors out on the market, one thing they advertise is HD and 4K resolution capability. While the monitor is capable many people do not utilize the full capability of their monitor and in some cases, they are unable to due to graphics card limitations.

Full HD is defined as 1920 x 1080 resolution while 4K resolution is 3840 x 2160. In short, 4K is 4-1080 resolution displays condensed into one. The differences are stunning, the display you receive from the monitor is sharper, the colors more vivid, and the overall experience you get while using the display whether it is a computer monitor or TV is noticeable from 1080 and 4K. Your older monitors maybe a 720 resolution and your over “vase” TV which was 480. Now when it comes to 1080 or 4K resolution, not all 4K is the same as there are other factors which are bitrate, sensor size, codec then of course transmission settings but that’s more on the production side and I will not bore you with it.

So now that we have the boring technical things out the way, getting the best out of your monitor. Well, that is truly simple, BEFORE you go out and buy a monitor check your resolution settings by right-clicking your desktop screen and checking your display settings. See what is recommended by windows based on your hardware. See if the options available to you are 1920 x 1080 or possibly higher. Please note, not all graphics cards are capable of higher resolutions especially in older computers. Now if your graphics card can handle the higher resolutions and you have a monitor that’s capable of those settings make sure it’s set to that resolution and you will be getting your money’s worth. Now if you don’t know what your monitor is capable of, look on the back for the model number and simply put that in google. If it is not capable of the resolutions put out by your computer, well time for an upgrade.

I hope these tips help you to get the most out of your machine!

 

News for Your Week Ahead: December 30, 2021

Posted on by Walter Moore

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

Watch on YouTube.

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

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

Frequently Asked Questions on the Maryland Pass-Through Entity Tax 

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

For more information, click here.

MSATP’s 2022 Tax Season Kickoff Event Has Been Cancelled

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

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

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

News For Your Week Ahead: December 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.

News For Your Week Ahead: November 5, 2021

Posted on by Walter Moore

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

Watch on YouTube.

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

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

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

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

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

For more information, click here.

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

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

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

For more information, click here.

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

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

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

For more information, click here.

News For Your Week Ahead: October 8, 2021

Posted on by Walter Moore

This week, Jonathan Rivlin, CPA gave us a full rundown of his upcoming seminar/webinar on October 21, including some new and exciting updates to the course. If you have not thought about what your firm should look like given the new electronic payment thresholds like Venmo and PayPal, don’t miss this course! Check out the details below.

Watch on YouTube.

Coming Up: On Thursday, October 14, at 10 a.m., Allen Ayers, CPA, CFP will be joining us to discuss his upcoming seminar and webinar, Mergers & Contingency Planning on October 21, 2021.

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

Farmers and Ranchers Affected by Drought Have Additional Time to Replace Livestock | Tax Tip 2021-146

Farmers and ranchers who were forced to sell livestock due to drought may get extra time to replace the livestock and defer tax on any gains from the forced sales. Here are some facts about this to help farmers understand how the deferral works and if they are eligible.

  • The one-year extension gives eligible farmers and ranchers until the end of the tax year after the first drought-free year to replace the sold livestock.
  • The farmer or rancher must be in an applicable region. An applicable region is a county designated as eligible for federal assistance, as well as counties contiguous to that county.

For more information, click here.

N-2021-58: Extension Timeframes for Elections and Payments of COBRA Premiums | N-2021-58

Notice 2021-58 clarifies the application of the extension of timeframes by the Joint Notice (85 FR 26351, May 4, 2020) and EBSA Disaster Notice 2021-01 (Feb. 26, 2021) (Emergency Relief Notices) to elections and payments of COBRA premiums during the COVID-19 National Emergency. This notice clarifies that the disregarded period for an individual to elect COBRA continuation coverage and the disregarded period for the individual to make initial and subsequent COBRA premium payments generally run concurrently. This notice also addresses the interaction of these rules with the ARP COBRA premium assistance and Notice 2021-31, 2021-23 IRB 1173 (June 7, 2021).

For more information, click here.

ABLE Accounts: A Valuable Financial Solution For People with Disabilities | Tax Tip 2021-148

Achieving a Better Life Experience or ABLE accounts are tax-advantaged savings accounts for individuals with disabilities and their families. These accounts help disabled people pay qualified disability-related expenses without affecting their eligibility for government assistance programs.

For more information, click here.

Here’s How A Taxpayer’s Custody Situation May Affect Their Advance Child Tax Credit Payments | COVID Tax Tip 2021-147

Parents who share custody of their children should be aware of how the advance child tax credit payments are distributed. It is important to remember that these are advance payments of a tax credit that taxpayers expect to claim on their 2021 tax return. Understanding how the payments work will parents to unenroll, if they choose, and possibly avoid a possible tax bill when they file next year.

For more information, click here.

News For Your Week Ahead: September 2, 2021

Posted on by Walter Moore

On this week’s MSATP TV, James George, CPA gave us a full rundown on the 2021 Business Builders Connection Conference event in Bethany Beach Delaware! Click the button below to learn more about the event.

Watch on YouTube.

Coming Up: On Thursday, September 9, at 10 a.m., Donald Hoffman, CPA joins us to tell us about his Construction Accounting seminar/webinar taking place on November 3rd! Tune in to learn more about this exciting class.

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

Tax Relief Now Available to Victims of Hurricane Ida; Oct. 15 Deadline, Other Dates Extended to Jan. 3 | IR-2021-175

Victims of Hurricane Ida that began on Aug. 26 now have until Jan. 3, 2022, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.

The IRS is offering this relief to any area designated by the Federal Emergency Management Agency (FEMA) as qualifying for individual or public assistance. Currently this includes the entire state of Louisiana, but taxpayers in Ida-impacted localities designated by FEMA in neighboring states will automatically receive the same filing and payment relief. The current list of eligible localities is always available on the disaster relief page on IRS.gov.

For more information, click here.

Guidelines for The Virginia Disposable Plastic Bag Tax

Legislation enacted during the Regular Session of the 2020 General Assembly (House Bill 534 (2020 Acts of Assembly, Chapter 1022) and Senate Bill 11 (2020 Acts of Assembly, Chapter 1023) authorizes any county or city to adopt by ordinance the Virginia Disposable Plastic Bag Tax on disposable plastic bags provided to customers in grocery stores, convenience stores, and drugstores in the locality. The tax will be administered by Virginia Tax. A locality must provide a certified copy of the ordinance to the Tax Commissioner at least 3 months prior to the date the tax is to become effective.

For more information, click here.

All Taxpayers Have the Right to Challenge the IRS’s Position and Be Heard | Tax Tip 2021-129

Taxpayers have the right to challenge the IRS’s position and be heard. This is part of the Taxpayer Bill of Rights, which clearly outlines the fundamental rights every taxpayer has when working with the IRS.

Taxpayers have the right to:

  • Raise objections.
  • Provide additional documentation in response to formal or proposed IRS actions.
  • Expect the IRS to consider their timely objections.
  • Have the IRS consider any supporting documentation promptly and fairly.
  • Receive a response if the IRS does not agree with their position.

For more information, click here.

News for Your Week Ahead: August 19, 2021

Posted on by Walter Moore

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

Watch on YouTube.

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

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

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

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

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

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

For more information, click here.

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

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

For more information, click here.

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

Not a member? Join today by clicking here.

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