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News For Your Week Ahead: August 12, 2022

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.

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.

Continue reading the article 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!

 

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

Register Here!

 

RSVP Here!

 

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