News For Your Week Ahead: January 28, 2022

On this week’s special 2 episode MSATP TV, Joann Platt joined us to give you insight on The Business Builders ThinkTank, how it works and how to join.

Watch on YouTube.

On part 2 of this week’s MSATP TV, Jonathan Pocius of Payroll Services joined us to give a full rundown on how he can help you and your clients with your payroll needs as well as the effects of the infrastructure bill on payroll law.

Watch on YouTube.

Bob Jennings will be joining us next week on Thursday, February 3 at 10 a.m., episode of MSATP TV to tell you about the added benefits of this service.

Be sure to Like/Follow us on Facebook so you can catch MSATP TV live every week!

An Overview of the Credit for Other Dependents | Tax Tip 2022-12

Taxpayers with dependents who don’t qualify for the child tax credit may be able to claim the credit for other dependents. This is a non-refundable credit. It can reduce or, in some cases, eliminate a tax bill but, the IRS cannot refund the taxpayer any portion of the credit that may be left over.

For more information, click here.

All Third Economic Impact Payments Issued; Parents of Children Born in 2021, Guardians and Other Eligible People Who Did Not Receive All of Their Third-Round EIPs Can Claims Up to $1,400 Per Person Through the 2021 Recovery Rebate Credit  | IR-2022-19

The IRS announced that all third-round Economic Impact Payments have been issued and reminds people how to claim any remaining stimulus payment they’re entitled to on their 2021 income tax return as part of the 2021 Recovery Rebate Credit.

Parents of a child born in 2021 – or parents and guardians who added a new child to their family in 2021 – did not receive a third-round Economic Impact Payment for that child and may be eligible to receive up to $1,400 for the child by claiming the Recovery Rebate Credit.

For more information, click here.

IRS Chief Counsel Looking for 200 Experienced Attorneys to Focus on Abusive Tax Deals | IR-2022-17

The IRS Office of Chief Counsel announced plans to hire up to 200 additional attorneys to help the agency combat syndicated conservation easements, abusive micro-captive insurance arrangements and other tax schemes.

“Combating abusive tax transactions that threaten to undermine our tax system remains a top priority for our enforcement efforts,” said IRS Commissioner Chuck Rettig. “It’s critical we work to ensure a fair tax system and adding these new attorneys will help us in on our ongoing efforts in this arena.”

For more information, click here.

Maryland Estimated Tax Payments

We received a call from a member about Maryland Estimated Tax Payments. He had sent his payment in several weeks ago for the 4th quarter and it still has not cleared. He said he just got off the phone with the State of Maryland and was told they are way behind in processing these payments; the estimated time for processing is approximately 4-6 weeks.