On this week’s episode of MSATP TV, Rob Smith of Liscio joined us again for another Lunch & Learn episode where he taught us about how to use OneNote with Outlook. Rob explains how the common problem with Outlook is you can’t add or consolidate items and you can’t share items with others. Basically Outlook is an information prison. Tune in to learn how to use OneNote to liberate the items in Outlook – emails, contacts, and meetings.
Watch on YouTube.
Coming Up: On Thursday, March 3rd at 12 p.m. Jonathan Pocius of Payroll Services will join us to give a full rundown of the new Mandatory Retirement Pilot Program, how it can affect your business and what he can do to help. 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!
Comptroller Franchot Extends Filing and Payment Deadline for Quarterly Estimated Tax Filers to July 15 – Action Aligns with Earlier Three-Month Extension for State Individual Income Tax Returns | Comptroller of Maryland
Comptroller Peter Franchot announced that Maryland individual taxpayers who pay estimated quarterly taxes may defer those payments for the first and second quarters of tax year 2022 until Friday, July 15, 2022.
The extension only applies to individuals, not pass-through entities (PTE) or corporate estimated tax filers. Individual estimated tax filers are strongly encouraged to file electronically.
For more information, click here.
Important Information Regarding 2021 Virginia Income Tax Returns: Virginia’s Conformity to the Internal Revenue Code Advanced to Dec. 31, 2021 | Virginia Tax Bulletin 22-1
Under legislation enacted by the 2022 General Assembly, Virginia’s date of conformity to the Internal Revenue Code will advance from December 31, 2020 to December 31, 2021. This allows Virginia to generally conform to the American Rescue Plan Act of 2021 (ARPA) and provides additional benefits to recipients of certain COVID-19 business assistance programs during Tax Years 2021 and 2019. No changes have been made to the Virginia income tax treatment for recipients of COVID-19 business assistance for Tax Year 2020.
For more information, click here.
Interest Rates | RR-2022-05
Revenue Ruling 2022-05 containing the interest rates: underpayments and overpayments. The rates for interest determined under Section 6621 of the code for the calendar quarter beginning April 1, 2022, will be 4 percent for overpayments (3 percent in the case of a corporation), 4 percent for underpayments, and 6 percent for large corporate underpayments. The rate of interest paid on the portion of a corporate overpayment exceeding $10,000 will be 1.5 percent.
For more information, click here.
IRS Updates FAQs for the Premium Tax Credit | RR-2022-44
The Internal Revenue Service updated its frequently asked questions (FAQs) on the Premium Tax Credit. FS-2022-13 PDF includes the following FAQ revisions and additions:
- Updated The Basics FAQs: Q1, Q3, Q4
- Updated Eligibility FAQs: Q5, Q7, Q8, Q9, Q11
- Updated Reporting, Claiming and Reconciling FAQs: Q24, Q26, Q27
- Updated Suspension of Repayment of Excess Advance Payments of the Premium Tax Credit (Excess APTC) for Tax Year 2020 FAQs: Q33, Q36
- New Unemployment Compensation 2020 and 2021 FAQs: Q38 through Q45
These FAQs are being issued to provide general information to taxpayers and tax professionals as expeditiously as possible. More information about reliance is available.
For more information, click here.
Filing Season Reminder for Teachers: Some Educator Expenses May be Tax Deductible | COVID Tax Tip 2022-30
The educator expense deduction allows eligible teachers and administrators to deduct part of the cost of technology, supplies and training from their taxes. They can only claim this deduction for expenses that were not reimbursed by their employer, a grant or other source.
For more information, click here.
Tips for Parents Who Share Custody or Alternate Tax Benefits | COVID Tax Tip 2022-29
Some parents who have a legal agreement with their child’s other parent about who claims the child on their taxes may have some questions this tax season about the child tax credit and the 2021 recovery rebate credit. Here’s what people in this situation need to know before filing their 2021 federal tax return.
For more information, click here.