News for Your Week Ahead: June 11, 2021

On this weeks’ episode of MSATP TV, Ellen Silverstein and Brian Chrest join Executive Director Bill Feehley to tell us about one of our Signature Programs the Business Builder’s Think Tank (BBTT). If you interested in joining one of our Business Builder’s Think Tank groups please click here to register for one of the upcoming meetings!

Watch on YouTube.

Coming Up: On Thursday, June 17th at 10 a.m., we will have Jerry Lotz with CostSeg joining us to tell us how CostSeg can help you and your clients. Please follow us on Facebook to see this episode and more!

Princess Royale

Thank You to All Who Joined Us Both In Person and Virtually at Our Annual Convention & Banquet

While the past year was rather difficult, MSATP was very excited and happy for all those who joined us both in-person and virtually for the MSATP Annual Convention and Banquet. This years’ event offered 15 hours of CPE from John Kennedy, Bob Jennings, Ryan Jennings, Bill Leonard and Rob Smith! We were excited to see old faces and new that joined us and enjoyed their time with us in Ocean City, MD.

At the convention we handed out many awards and would like to congratulate all for their excellence and achievement.

To see a full recap of our award winners, please click here.

IRS Sending More Than 2.8 Million Refunds to Those Who Already Paid Taxes on 2020 Unemployment Compensation | IR-2021-123

The Internal Revenue Service is sending more than 2.8 million refunds this week to taxpayers who paid taxes on unemployment compensation that new legislation now excludes as income.

IRS efforts to correct unemployment compensation overpayments will help most affected taxpayers avoid filing an amended tax return. So far, the IRS has identified 13 million taxpayers that may be eligible for the adjustment. Some will receive refunds, which will be issued periodically, and some will have the overpayment applied to taxes due or other debts. For some there will be no change.

The American Rescue Plan Act of 2021 (ARPA) excluded up to $10,200 in unemployment compensation per taxpayer paid in 2020. The $10,200 is the maximum amount that can be excluded when calculating taxable income; it is not the amount of refunds.

For more information, click here.

IRS Sending Letters to More Than 36 Million Families Who May Qualify for Monthly Child Tax Credits; Payments Start July 15 | IR-2021-124

The Internal Revenue Service has started sending letters to more than 36 million American families who, based on tax returns filed with the agency, may be eligible to receive monthly Child Tax Credit payments starting in July.

The expanded and newly-advanceable Child Tax Credit was authorized by the American Rescue Plan Act, enacted in March. The letters are going to families who may be eligible based on information they included in either their 2019 or 2020 federal income tax return or who used the Non-Filers tool on IRS.gov last year to register for an Economic Impact Payment.
Families who are eligible for advance Child Tax Credit payments will receive a second, personalized letter listing an estimate of their monthly payment, which begins July 15.

Most families do not need to take any action to get their payment. Normally, the IRS will calculate the payment amount based on the 2020 tax return.  If that return is not available, either because it has not yet been filed or it has not yet been processed, the IRS will instead determine the payment amount using the 2019 return.

For more information, click here.

IRS Procurement Office to Hire 80 New Employees Nationwide, Including Contract Specialists | IR-2021-126

The Internal Revenue Service is looking to hire motivated acquisition professionals interested in providing America’s taxpayers top quality service. The agency’s Procurement office plans to fill 80 vacancies nationwide, many of which are contract specialists.

The IRS Procurement office provides acquisition services for IRS business units, Treasury departmental offices and Information Technology for the Bureau of Engraving and Printing. The office administers all aspects of the acquisition process from planning, contract award, management and closeout. IRS Procurement’s goal is to create agile and innovative best value contract solutions to ensure the IRS meets its mission.

For more information, click here.

Live IRS Webinars in June; Register Now for the 2020 IRS Tax Forum; Join HR Zoom Sessions for IRS Job Openings 

The IRS Tax Exempt & Government Entities would like to invite you to watch two live webinars we have scheduled this month.

1) Applying for Exemption

When: June 23, 2021, at 1:00 pm ET

Learn about:

  • Steps to take before applying to the IRS for tax-exempt status
  • Types of tax-exempt status available and forms used to request them
  • How to apply for tax-exempt status and tips to shorten the application process

Register: Register now for this free webinar

2) Reporting Election Workers Earnings

When: June 24, 2021, at 1:00 pm ET

Learn about:

  • Workers who should be treated as election workers
  • Taxes that should be withheld from election worker wages
  • Amounts to include in earnings

Register: Register now for this free webinar

Questions: Email questions to TEGE.outreach@IRS.gov with “Pre-submitted questions for Election Worker webinar (June 24)” in the subject line. We’ll include the answer in the presentation or separately as time permits.

IRS Virtual Nationwide Tax Forum

The 2021 Virtual Nationwide Tax Forum will consist of 30 live-streamed webinars between July 20 and August 19, 2021. Register by June 15 at 5:00 pm ET to get the $240 Early Bird rate before the price increases to $289.

It’s a great way to earn up to 28 hours of CE credits while getting the latest information on tax law, cybersecurity and more. And you can visit the IRS booths in the Virtual Exhibit Hall, including the TE/GE booth, where you can find other information and chat with the IRS.

TE/GE is presenting two topics at this year’s virtual Tax Forum:

  • Charities & Tax-Exempt Organizations Update: Learn about recent law and guidance changes and how those changes may affect your charity. Also, learn about the current electronic filing requirements for returns filed by charities and more.
  • Retirement Plans – IRS Compliance Initiatives: Learn about the latest IRS compliance initiatives for retirement plans and what to do if your client receives a letter from the IRS about their plan. Use our audit experience to identify and avoid common mistakes in plans.

Information Sessions on IRS Hiring

Did you know the IRS is hiring? We’re hosting virtual information sessions where you can learn more about working for the IRS.

Hear from employees currently working in these positions and learn about the day-to-day work we do at the IRS. A representative from HR will also discuss the application process and some of the requirements for the positions.

Participate in the following IRS virtual information sessions for current and future announcements for Tax Law Specialist positions:

June 10, 3-4:30 ET

Join ZoomGov Meeting

  • Meeting ID: 161 480 2207
  • Passcode: YmB9=pX#

For audio only:

  • 669 254 5252 US (West Coast)
  • 646 828 7666 US (East Coast)

June 17, 4-5:30 ET

Join ZoomGov Meeting

  • Meeting ID: 161 871 6566
  • Passcode: sfZw2f@W

For audio only:

  • 669 254 5252 US (West Coast)
  • 646 828 7666 US (East Coast)