News for Your Week Ahead: February 18, 2022

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.