News For Your Week Ahead: March 4, 2022

On this week’s episode of MSATP TV, Jonathan Pocius gave a full rundown of Maryland’s Mandatory Retirement Pilot which stems from a 2016 piece of legislation that requires a mandatory retirement program offering for all Maryland businesses. Jonathan discussed how he can help with this new change, tune in to learn more!

Watch on YouTube.

Coming Up: On Thursday, March 10th at 12 p.m. Rob Smith of Liscio will join us for the 3rd episode of his Lunch & Learn series where he will discuss how to manage tasks in OneNote. 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!

IRS Offers Details on K-2 and K-3 Relief | Notice 2021-39

The IRS has provided further details on additional transition relief for certain domestic partnerships and S corporations preparing the new schedules K-2 and K-3 to further ease the change to these new schedules. Those eligible for the relief will not have to file the new schedules for tax year 2021.

The new schedules K-2 and K-3 improve reporting by standardizing international tax information to partners and flow-through investors, making it easier for them to report these items on their tax returns. In addition, the changes ease flow-through return preparation compliance by clarifying obligations and standardizing the format for reporting.

For more information, click here.

Understanding the Child and Depedent Care Credit | Tax TIp 2022-23

Taxpayers who are paying someone to take care of their children or another member of household while they work, may qualify for child and dependent care credit regardless of their income.

For tax year 2021, the maximum eligible expense for this credit is $8,000 for one child and $16,000 for two or more. Depending on their income, taxpayers could write off up to 50% of these expenses.

For more information, click here.

Changes to the Earned Income Tax Credit for the 2022 Filing Season | COVID Tax Tip 2022-31

The EITC is one of the federal government’s largest refundable tax credits for low-to moderate-income families. The recent expansion of this credit means that more people may qualify to have some much-needed money put back in their pocket.

The IRS urges people to check to see if they qualify for this important credit. While people with income under a certain amount aren’t required to file a tax return because they won’t owe any tax, those who qualify for EITC may get a refund if they file a 2021 tax return.

For more information, click here.