News for Your Week Ahead: January 7, 2022

On this week’s MSATP TV, Sami Satouri and Paul Chadowski of Quest Insurance kick-off 2022 on MSATP TV by telling you how they can help with your insurance needs.

Watch on YouTube.

Coming Up: On Tuesday, January 13th at 10 a.m., Don Hoffman of The Hoffman Group joins us to tell you all about our 2022 Interview Bootcamp. This bootcamp is an excellent opportunity for students who are applying for a job or internship for the first time to practice and hone their skills for an interview. To register for the interview bootcamp, click here.

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The Maryland Legislature Overrides Governor Larry Hogan’s Veto to Amend Job Creation Tax Credit Eligibility Requirements

The Maryland Legislature has overridden a veto by Gov. Larry Hogan to enact legislation amending the Job Creation Tax Credit. The law alters the definitions of “qualified position” and “revitalization area” for purposes of eligibility under the program. The changes apply to job creation tax credits certified after December 31, 2020.

For more information, click here.

IRS Revised Form 1024, Used by Most Types of Organizations to Apply for Exempt Status, to Allow Electronic Filing | IR-2022-2

As part of ongoing efforts to improve service for the tax-exempt community, the IRS has revised Form 1024, Application for Recognition of Exemption Under Section 501(a) or Section 521 of the Internal Revenue Code, to allow electronic filing. Beginning Jan. 3, 2022, applications for recognition of exemption on Form 1024 must be submitted electronically online at Pay.gov. The IRS will provide a 90-day grace period during which it will continue to accept paper versions of Form 1024 (Rev. 01-2018) and letter applications.

For more information, click here.

IRS Sending Information Letters to Recipients of Advance Child Tax Credit Payments and Third Economic Impact Payments | COVID Tax TIp 2022-03

The IRS started issuing information letters to advance child tax credit recipients in December. Recipients of the third round of the Economic Impact Payments will begin receiving information letters at the end of January. Using the information in these letters when preparing a tax return can reduce errors and delays in processing.

People receiving these letters should keep them. Do not throw them away. These letters can help taxpayers, or their tax professional prepare their 2021 federal tax return.

For more information, click here.