News For Your Week Ahead: May 6, 2022

Are you an MSATP member? Don’t forget to renew your membership. We look forward to continuing to serve you as a member! Please log in to your profile and click dues to renew your membership or call (800) 922-9672.

Coming Up: On Thursday, May 12 at 12 p.m. Rob Smith of Liscio will join us again for another episode in his Lunch & Learn series on Office 365. 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.

Many Tax-Exempt Organizations Must File Information Returns by May 16 | Tax Tip 2022-69

Even though organizations like charities and foundations may be tax-exempt, the IRS still requires them to file certain information every year. For many of these exempt organizations, the deadline to file their 2021 information return is Monday, May 16, 2022.

Tax-exempt organizations must file their forms electronically. E-filing reduces processing time, making compliance with reporting requirements easier.

For more information, click here.

For National Small Business Week, Plan Now to take Advantage of Tax Benefits for 2022; Enhanced Deduction for Business Meals, Home Office Deduction, and More | IR-2022-100

The IRS urges business taxpayers to begin planning now to take advantage of the enhanced 100% deduction for business meals and other tax benefits available to them when they file their 2022 federal income tax return.

During National Small Business Week, May 1 to 7, the IRS is highlighting tax benefits and resources tied to the theme for this year’s celebration: “Building a Better America through Entrepreneurship.” With next year’s filing deadline nearly a year away, any entrepreneur still has time to identify possible tax benefits, take action to qualify for them and then claim them when they file in 2023.

For more information, click here.

Qualified Intermediary Withholding Agreements | N-2022-23

Notice 2022-23 sets forth proposed changes to the qualified intermediary (QI) withholding agreement (QI agreement) described in §1.1441-1(e)(5) and (6) that will permit a QI to assume withholding and reporting responsibilities for purposes of sections 1446(a) and (f). Generally, the notice sets forth proposed changes to the QI agreement that apply to a QI effecting a transfer of an interest in a publicly-traded partnership (PTP) or receiving a distribution made by a PTP on behalf of an account holder of the QI.

For more information, click here.