News For Your Week Ahead: February 8, 2021

The Maryland Association of CPA’s Announces Appointments of Tom Hood and Jackie Brown

The Maryland Association of CPAs’ Board of Directors is proud to announce that Tom Hood, CPA, CITP, CGMA, is joining the Association of International Certified Professional Accountants (the Association) as executive vice president of business engagement and growth. Hood, who has served as MACPA president and CEO for the past 24 years and is widely recognized as one of accounting and finance’s most influential figures, will report to the Association’s CEO, Barry Melancon.

The MACPA’s board has appointed Jackie Brown to succeed Hood as the association’s president and CEO. Brown, who has spent the past 40 years as part of the MACPA team and has served as its chief operating officer for the past 23 years, will provide continuity of leadership during the transition.

To learn more about this exciting development please see here.

U.S. Department of Labor lssues Rule to Simplify lndependent Contractor Classification | NFIB Small Business Legal Center

One question long presenting difficulty for small businesses is whether someone qualifies as an employee or an independent contractor under the Fair Labor Standards Act (FLSA). Today, the U.S. Department of Labor (DOL) clarified this distinction with the issuance of a final rule setting forth the appropriate standard to determine who qualifies as an employee or independent contractor.

For more information, read the full release here.

Correction of Forms 1099-MISC for Certain CARES Act Subsidized Loan Payments |  Announcement 2021-2

This announcement notifies lenders who have filed with the Internal Revenue Service (IRS), or furnished to a borrower, a Form 1099-MISC, Miscellaneous Information, reporting certain payments on loans subsidized by the Administrator of the U.S. Small Business Administration (Administrator) as income of the borrower that the lenders must file and furnish corrected Forms 1099-MISC that exclude these subsidized loan payments.

Section 1112(c) of the Coronavirus Aid, Relief, and Economic Security Act, Pub. L. No. 116-136, 134 Stat. 281, 309-310 (March 27, 2020) (CARES Act), 15 U.S.C. 9011(c), authorizes the Administrator to subsidize certain payments of principal, interest, and any associated fees owed by a borrower on certain loans. Section 278(c)(1) of the COVID-related Tax Relief Act of 2020 (COVID Relief Act), enacted as Subtitle B of Title II of Division N of the Consolidated Appropriations Act, 2021, Pub. L. 116-260, 134 Stat.1182 (December 27, 2020), retroactively provides that such a payment is not included in the gross income of the person on whose behalf the payment is made. This provision is effective for taxable years ending after March 27, 2020, the date of the enactment of the CARES Act. Section 278(e)(1) of the COVID Relief Act. Section 278(c)(2) provides that no deduction shall be denied by reason of the exclusion of the loan payments from gross income.

For more information, continue reading Announcement 2021-2 here.

#TechTips: SurePrep & TaxCaddy, Pt II

In this installment of #TechTips, we discuss SurePrep & its client facing app, TaxCaddy. SurePrep Binder, as you may recall, is a work paper organizer that allows all levels of staff to review and organize a set of tax documents. TaxCaddy is the client facing side which allows clients to scan or take pictures and OCR the documents into your SurePrep software for review. This exciting tech will save you time and money!

Read more over on our blog.

Maintaining a Healthy Work-Life Balance During COVID-19

Unfortunately, due to the COVID-19 pandemic many professionals have found themselves at home for an extended amount of time. Achieving a good work-life balance takes careful thought and planning to avoid increased amounts of stress and burnout in your work.

Before the pandemic we found it much easier to switch off work as we would leave the office and head home. Now home is the office and vice versa. To help break up this new norm we have 3 helpful hints which can help the home professional.

Read our tips on our blog.

2021: The Year of Alignment with John Kennedy – Tuesday February 16, 2021

The previous year has left an impact on all of us, and to not have been affected, changed or transformed would be both unrealistic as well as unfortunate. As we accelerate into 2021, and the next tax season, there is wisdom in making sure you and your team are in the best shape possible to hit the ground running.

On February 16th, we will address the health of you, your business, your team and your year. We will look at both the head and the heart of your business and direct insight and intention towards the “people” and “process” side of your firm, spotlighting mission, vision, values, accountability, communication, recognition and culture.

When companies and firms align their people and processes towards a common mission, vision, and outcome, the effort becomes less chaotic and more intentional, less reactive and more thought-out…more strategic, healthier!

Webinar Details:

  • Date: Tuesday, February 16, 2021
  • Time: 5:30 p.m. – 6:30 p.m.
  • Price: Free! (Members Only)
  • Speaker: John Kennedy
  • *This is a non-CPE event.