News For Your Week Ahead: March 25, 2022

On this week’s episode of MSATP TV, Rob Smith of Liscio joined us for another episode of his Lunch & Learn series where he explained the finer details of Microsoft Teams. Most believe Teams is simply a chat and video service similar to Zoom, however when set up properly, Teams can be a valuable resource for your small to medium accounting practice.

Watch on YouTube.

Coming Up: On Thursday, April 7th at 12 p.m. Rob Smith of Liscio will join us for another episode of his Lunch & Learn series where he will discuss Microsoft Teams and how you can manage files within the program. In this Lunch & Learn series, you can now view our episodes live on LinkedIn, Facebook, YouTube, and Twitter! If you have questions for the speaker, you can ask them directly in the comments section of the stream on all platforms. Be sure to follow us on all of our social media to enjoy our upcoming events and stay up to date on the latest news!

Money Received Through “Crowdfunding” May Be Taxable; Taxpayers Should Understand Their Obligations and the Benefits of Good Recordkeeping | FS-2022-20

Under federal tax law, gross income includes all income from whatever source derived unless it is specifically excluded from gross income by law. In most cases, the property received as a gift is not included in the gross income of the person receiving the gift.

If a crowdfunding organizer solicits contributions on behalf of others, distributions of the money raised to the organizer may not be includible in the organizer’s gross income if the organizer further distributes the money raised to those for whom the crowdfunding campaign was organized

For more information, click here.

Valuable Tax Benefits for Members of the Military | Tax Tip 2022-44

Members of the military may qualify for tax benefits not available to civilians. For example, they don’t have to pay taxes on some types of income. Special rules may lower the tax they owe or allow them more time to file and pay their federal taxes

For more information, click here.

Reasons Why Some Tax Refunds Filed Electronically Take Longer than 21 Days | IR-2022-65

Even though the IRS issues most refunds in less than 21 days for taxpayers who filed electronically and chose direct deposit, some refunds may take longer.

Many different factors can affect the timing of a refund after the IRS receives a return. A  manual review may be necessary when a return has errors, is incomplete, or is affected by identity theft or fraud.

Other returns can also take longer to process, including when a return needs a correction to the Child Tax Credit or Recovery Rebate Credit amount, includes a claim filed for an Earned Income Tax Credit or an Additional Child Tax Credit, or includes a Form 8379, Injured Spouse Allocation, which could take up to 14 weeks to process.

For more information, click here.