News for Your Week Ahead: July 8, 2021

Ellen Silverstein and Bob Medbery join Bill Feehley to discuss the Mid-Summer Wine Tasting and Mt. Vernon Tour taking place on July 17th and Mt. Vernon Tour which will be on October 20th. We look forward to seeing you there!

Watch on YouTube.

Coming Up: On Wednesday, July 14th at 10 a.m., Jim Dawson of Miles & Stockbridge will join us to discuss SDAT’s elimination of fees related to filing the articles of dissolution of a business, how it affects reinstating businesses and what effect it will have on forfeitures.

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

How Self-Employed Individuals and Household Emplloyers Repay Deferred Social Security Tax | COVID Tax Tip 2021-96

The Coronavirus Aid, Relief, and Economic Security Act allowed self-employed individuals and household employers to defer the payment of certain Social Security taxes on their Form 1040 for tax year 2020 over the next two years. Half of the deferred Social Security tax is due by December 31, 2021, and the remainder is due by December 31, 2022.

For more information, click here.

IRS Provides Answers for Certain Transportation Companies Eligible for Treasury Grants | IR-2021-145

The Internal Revenue Service posted answers to questions that certain transportation companies may have regarding Treasury grants and related taxes.

The Coronavirus Economic Relief for Transportation Services (CERTS) Act of the Consolidated Appropriations Act of 2021 authorizes the Department of the Treasury to provide grants to  transportation service providers–including eligible motorcoach companies, school bus companies, and passenger vessel companies– that experienced annual revenue losses of 25 percent or more as a result of COVID-19.

For more information, click here.

What Organizations Should Understand About Applying for Tax-Exempt Status | Tax Tip 2021-97

Organizations that want to apply for recognition of tax-exempt status under Section 501(c)(3) of the tax code use a Form 1023-series application. Here are some tips to help them understand the process.

• The application process on IRS.gov includes a step-by-step guide explaining how to apply for tax exempt status.
• Form 1023-series applications for recognition of exemption must be submitted electronically online at www.pay.gov. The application must be complete and include the user fee.
• Some types of organizations don’t need to apply for Section 501(c)(3) status to be tax-exempt. These include churches and their integrated auxiliaries, and public charities with annual gross receipts normally no more than $5,000.

For more information, please click here.

Franchot Continues Countdown to July 15 State Tax Filing Deadline| Comptroller of Maryland

Comptroller Peter Franchot encourages taxpayers with last-minute questions about their state income tax returns before the July 15 filing deadline to seek assistance from agency staff, either in person or virtually.

The Comptroller extended the deadline by three months due to the economic impacts of the COVID-19 pandemic, as well as state and federal legislation that required extensive changes to 2020 tax forms in the middle of the tax filing season.

No interest or penalties will be assessed if returns are filed and taxes owed are paid by July 15. The extended deadline applies to 2020 individual, fiduciary and corporate income tax returns, as well as 2021 first and second quarter estimated payments.

For more information, please click here.

IRS Holds Special Weekend Events to Help People Who Don’t Normally File Taxes Get Child Tax Credit Payments and Economic Impact Payments | IR-2021-146

The Internal Revenue Service and partners in non-profit organizations, churches, community groups and others will host events in 12 cities this weekend to help people who don’t normally file a federal tax return to register for the monthly Advance Child Tax Credit (AdvCTC) payments.

The special events by IRS and partner groups to help people quickly file income tax returns and register for the advance payments will take place July 9-10, 2021. Events will be held in Atlanta, New York, Detroit, Houston, Los Angeles, Las Vegas, Miami, Milwaukee, Philadelphia, Phoenix, St. Louis and Washington, DC/Maryland.

For more information, please click here.