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Category: Young Professionals

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: 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.

McDaniel College: Accounting Interviewing Day 2021 saw 84 Interviews Over 3 Hours

Posted on by Walter Moore

Credit: McDaniel College

Nine accounting firms conducted over 84 virtual interviews with 26 Accounting majors during McDaniel College’s annual Interviewing Day on Sept. 30. Three hours. 26 Accounting majors. 84 virtual interviews.

Although not the traditional in-person Interviewing Day at McDaniel College, 26 Accounting majors had the opportunity to meet virtually with nine accounting firms for internships or jobs. Over 84 interviews were conducted in a three-hour time period.

Most of the students involved during the Sept. 30 event were juniors, although a few seniors and sophomores also participated.

Even if the students were not looking to gain immediate employment, this experience allows them to practice interview skills and make connections. Many of the companies that take part each year are represented by McDaniel alumni — and many of these alumni were hired after participating as a student in Interviewing Day.

Charess Thompson, an Accounting and Business Administration major from Randallstown, Md., who interviewed with CliftonLarsonAllen, Gross, Mendelsohn & Associates, and Withum, said, “I enjoyed speaking with the recruiters and some McDaniel alumni who work there now. I loved learning more about the company and I am excited to learn more and gain more experience.”

Other accounting firms represented were Bounds Accounting & Tax Services, E. Cohen & Company, Gorfine, Schiller & Gardyn P.A., KatzAbosch, RSM, and Sturgill.

McDaniel College: Accounting Interviewing Day 2020 is a Virtual Success

Posted on by Navaal Mahdi

Credit: McDaniel College

It may not have been the traditional in-person Interviewing Day that Accounting, Economics and Business Administration students have known in the past, but the first half of Interviewing Day 2020 was no less successful with nine accounting firms holding 84 virtual interviews with 31 McDaniel Accounting majors.

The second half of Interviewing Day continues in the spring when other majors in the Economics and Business Administration department will have the opportunity to meet — whether virtually or not — with employers for internships and jobs.

This fall, despite the pandemic, Accounting professor Kerry Duvall knew she had to find a way to give employers and Accounting students the opportunity to meet.

“Firms are still hiring and doing internships. Accounting is something you need in good and bad times, even pandemics, so they are still actively hiring,” Duvall says of internships and jobs at accounting firms. “I did not want the students to miss out on opportunities with these incredible companies.”

The companies — many represented by McDaniel alumni — were also eager to find a way for the event to go on, says Duvall. On board for the Accounting segment of the event, which is like speed dating with a career twist, were CliftonLarsonAllen; E. Cohen & Company with alumni Brad Thaxton ’19 and Antonio Rosanova ‘18; Gorfine, Schiller & Gardyn, P.A.; Gross, Mendelsohn & Associates with Jocelyn Diaz ’17 and Grace Hounsou ‘17; KatzAbosh; MKS&H; RSM with Mike Bucci ‘15; Salter & Co with Brian Norwitz ’17 and Jacob Shoenick ‘19; and Withum with Aaron Slaughter ’10 and Billy Thomas ‘06.

Employers received the students’ resumes a week before the event after Duvall found a way to surmount the obstacle of not being able to meet with the students and go over their resumes in person. Still she reviewed and offered feedback on each resume before sending them off to the potential employers.

“The employers that we bring to campus are so supportive of our program and know that when they hire a McDaniel Accounting student, they are getting a great employee,” Duvall says. “They were very receptive to the idea of doing things virtually.”

Sophomore Jyoti Duwady was nervous before her interviews with RSM and Gorfine, Schiller & Gardyn, despite her research into the companies, their student programs and their values. She also went over her own resume and did some practice questions for what was only her second and third professional interview.

The Accounting and Business Administration double major from Germantown, Md., learned what to expect from a professional interviewing experience.

“Before I always thought of interviews as a nerve-wracking experience where you’ll be grilled about your qualitfications and why they should hire you,” she says. “Now I know that that is not the case. My interviews were very conversational. The interviewers helped me relax and be myself. Going forward, I think I won’t be as nervous or intimidated as I was before.

“I’ll still do my research and prepare for the interview, but I now know that it’s a two-way conversation.”

Although it was junior Shea Dougherty’s second Interviewing Day, he was diligent in researching Gross Mendelsohn, RSM, and Withum, the firms interviewing him.

“I learned that networking is a crucial part of any job interview or opportunity,” says the Accounting and Business Administration double major from Downingtown, Pa., who knew some of the interviewers through the McDaniel alumni network. “Some questions are centered around getting to know who you are as a person rather than just as a worker.”

Dougherty plans to ask more questions in future interviews. “It shows how intrigued you are in the company and the position being offered. You can never know too much about the company you are aiming to work for.”

Collegiate Financial Management Association Started by Young Professionals, for Young Professionals

Posted on by Navaal Mahdi

By: Marie Greenbank

The Collegiate Financial Management Association (CFMA) is the brainchild of Wynston Reed and Max Burke, two students from the University of Maryland in the spring of 2018. Wynston reached out to Max wanting to start a club on campus that focused on financial literacy for young professionals. They  realized that many of their peers were going to be starting careers with substantially higher compensation then many of them had ever received before but their peers did not have to basic knowledge to manage their new incomes. Even though Wynston and Max knew the basics of academic finance, they did not know how to apply it to the personal finances of students. Their hope was to assist students and young professionals in the early stages of their career to increase their financial literacy through events, articles, and video content, and to help them meet young professionals wherever they may be.

CFMA officially started in the Fall of 2018, hosting events on Budgets and Stock Investments. In May 2019, CFMA launched its website, New Money News. New Money News focuses on the latest financial news, stocks to watch, and teaches essential financial concepts. Max hopes that as their club takes off, there is an opportunity to host events at other colleges and community venues to help better inform new young professionals in basic financial literacy tools that meet their specific needs. During 2020, Max hopes to host more events focused on loan management, creating budgets, and saving for retirement.

Max is excited about the idea of starting other chapters of CFMA at other college campuses, but for now is focused on the growth of CFMA at University of Maryland. When asked what he liked most about CFMA, Max said, “I enjoy finance… It has been a joy to get a chance to teach other people what I have learned at UMD. It feels great to contribute to the broadening of financial knowledge in the US and assisting [young professionals] in leading a more financially stable life.”

To learn more about the Collegiate Financial Management Association (CFMA) and their upcoming events, you can reach out to the CFMA staff at collegiatefma@gmail.com. Don’t forget to subscribe and share CFMA’s New Money News newsletter to help improve financial literacy among young professionals.

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