News for Your Week Ahead: September 10, 2021

Donald Hoffman, CPA joined us to discuss his Construction Accounting seminar/webinar on November 3rd! Tune in to learn more about this NEW class.

Watch on YouTube.

Coming Up: On Thursday, September 16, at 10 a.m., MSATP President Barbara Smith, CPA and Immediate Past President Ellen Silverstein, CPA join us to give you a deeper insight into MSATP and how we best serve you our members.

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

Comptroller Franchot Extends Tax Relief to Businesses Statewide in Wake of Tornadoes, Flash Floods | Comptroller of Maryland

Comptroller Franchot extended the tax relief being offered to businesses impacted by severe storms on Wednesday that caused extensive damage in parts of Anne Arundel, Charles, and Montgomery counties, as well as other parts of Maryland. The extended due dates for a variety of tax and motor fuel payments for businesses and emergency responders now applies statewide.

“Although the tornado that hit Edgewater and Annapolis received most of the attention, it’s clear the remnants of Hurricane Ida left its mark in communities throughout Maryland, so we decided to give all businesses and emergency responders across the state more time to pay their monthly taxes,” Comptroller Franchot said.

For more information, click here.

Special Per Diem Rates| N-2021-52

Notice 2021-52 announces the special per diem rates effective October 1, 2021, which taxpayers may use to substantiate the amount of expenses for lodging, meals, and incidental expenses when traveling away from home.  This notice provides the special transportation industry rate, the rate for the incidental expenses only deduction, and the rates and list of high-cost localities for purposes of the high-low substantiation method.  Notice 2021-52 also modifies Notice 2020-71, 2020-40 I.R.B. 786, to correct the portion of the year Sedona, Arizona is a high-cost locality under section 5 of Notice 2020-71.

For more information, click here.

IRS: Deadline for Third Quarter Estimated Tax Payments is September 15 | IR-2021-177

The Internal Revenue Service reminds people that Sept. 15, 2021, is the deadline for the third-quarter estimated tax payments. This generally applies to people who are self-employed and some investors, retirees, and those who may not normally have taxes withheld from their paycheck by their employers.

The U.S. tax system operates on a pay-as-you-go basis. This means taxpayers are to pay most of their tax during the year, as they earn or receive income. Therefore, individuals not subject to withholding may need to make quarterly estimated tax payments.

For more information, click here.

Guidance on Reporting Qualified Sick Leave and Family Leave Wages Paid For Leave Provided in 2021 | N-2021-53

Notice 2021-53 provides guidance to employers on the requirement to report qualified sick leave wages and qualified family leave wages paid to employees under the Families First Coronavirus Response Act, as amended by the COVID-related Tax Relief Act of 2020 and under sections 3131, 3132, and 3133 of the Internal Revenue Code for leave provided in 2021.

For more information, click here.