News for Your Week Ahead: February 26, 2020

MSATP TV - National Accounting Sales

Are you considering selling your practice or downsizing? National Accounting Sales is here to help you with the process. Visit their website for more information.

Watch on YouTube.

Frost Law PPP Forgiveness

Have questions about PPP Loan Forgiveness? Join @Frost Law PPP expert Peter Haukebo right here on MSATP TV live on March 11, 2021 at 10 a.m. to get your questions answered! Comment your questions on our Facebook page, or email info@msatp.org. Don’t forget to tune in for the live presentation!

MSATP Membership Milestones

This year, many MSATP members will be reaching a milestone with their membership! To congratulate and thank our wonderful members for their dedication and continued support, we have created a new page on our website to display their names and the milestone they have reached.

Again, thank you all for your continued support and commitment to MSATP!

Licensee Alert! Fake E-mail Regarding Your License Renewal and Personal Information

We recently learned about an e-mail scam potentially targeting our customers and claiming to have been sent from our agency. As one of our licensees or stakeholders, you may have received this fraudulent e-mail containing the subject line, “Maryland Division of Occupational and Professional Licensing Important Notices.” The e-mail warns of “delay and future problems” in renewing a 2021 license if you do not click a link in the message urging you to “validate your profile.”

This e-mail is a scam.

If you received the e-mail, please delete it immediately and do not click on the link it contains. The Maryland Department of Labor’s Division of Occupational and Professional Licensing will never ask you to provide us with personal information through e-mail, such as your:

  • Updated licensee profile data or password
  • Social security number or tax identification number
  • Bank account or credit card information
  • Answers to any ID questions like your mother’s maiden name

Also, we will never direct you to contact a third-party payment processor like Western Union or ask you to download any attachments in order to renew your license or update your record.

For more information, click here.

Things Taxpayers Should Know When Choosing Between Standard and Itemized Deductions

Deductions reduce the amount of taxable income when filing a federal income tax return. In other words, they can reduce the amount of tax someone owes. Most taxpayers have a choice of either taking the standard deduction or itemizing their deductions. The standard deduction may be quicker and easier, but, itemizing deductions may lower taxes more, in some situations. It’s important for all taxpayers to look into which deduction method best fits them.

For more information, click here.

IRS Reminds Farmers and Fishers of March 1 Tax Deadline | IR-2021-42

The IRS is reminding those with income from a farming or fishing business that they can avoid making any estimated tax payments by filing and paying their entire tax due on or before March 1.

This rule generally applies if farming or fishing income was at least two-thirds of the taxpayer’s total gross income in either the current or the preceding tax year. Those who choose not to file by March 1 should have made an estimated tax payment by Jan. 15 to avoid an estimated tax penalty. For more information on estimated tax, refer to Publication 505, Tax Withholding and Estimated Tax.

For more information, click here.

Be On the Lookout For Identity Theft Involving Unemployment Benefits

The IRS urges taxpayers whose identities may have been used by thieves to steal unemployment benefits to file a tax return claiming only the income they actually received.

In 2020, millions of taxpayers were affected by the COVID-19 pandemic through job loss or reduced work hours. Some taxpayers applied for and received unemployment compensation from their state. By law, unemployment benefits are taxable.

For more information, click here.

Additional Sales and Use Tax in Henry County, Virginia | Virginia Tax Bulletin 21-2

Virginia Tax is announcing that effective April 1, 2021, a new 1% additional retail sales and use tax will be levied in Henry County, Virginia. The sales and use tax levied will total 6.3%, comprised of the 4.3% state tax, the 1% percent local option tax and the 1% Henry County additional tax.

To learn more, click here.

All First and Second Economic Impact Payments Issued; Eligible People Can Claim Recovery Rebate Credit| IR-2021-38

WASHINGTON – The IRS announced today that, as required by law, all legally permitted first and second round of Economic Impact Payments have been issued and the IRS now turns its full attention to the 2021 filing season.

For more information, click here.

All Taxpayers Have The Right to Pay No More Than The Correct Amount of Tax| IR-2021-23

When taxpayers complete their tax returns, they may discover they will owe taxes. By law, they have the right to pay no more than the correct amount of tax.

This is one of ten Taxpayer Bill of Rights. These are fundamental rights taxpayers have when dealing with the IRS. One of which is the right to pay no more than the correct amount of tax, including interest and penalties, and to have the IRS apply all tax payments properly.

For more information please click here.