KEV Group Delivering Tax regulation and Reporting workshop with IRS Compliance for MD/DC ASBO in Annapolis, MD
KEV Group, partnered with IRS Compliance will be delivering a workshop for MD/DC ASBO members on May the 12th at 9:30 a.m. at the MD Association of Boards of Education, Annapolis, Maryland. A description of our workshop is provided below, and for more details please contact the Maryland Association of School Business Officials.
IRS and State regulations for school districts – risks, penalties and compliance. How to prepare your district for reporting requirements and the changes coming in 2012.
IRS Compliance Inc., partnered with KEV Group, will be presenting a 3 hour long informational session describing reporting regulations for districts state and nationwide. This session will be open to all school business officials and is sponsored by the Maryland and D.C. State Association of School Business Officials (ASBO).
Many school districts are unaware of state and national tax reporting regulations that impact payables and receivables and are unprepared for audit findings that can lead to monetary loss for school districts. With today’s tight district budgets, increasing fines for non-compliance, and the IRS’s dedication of new resources for increased audits, the risk of loss to a district is high.
IRS Compliance, Inc.(IRSC) is a leading regulatory tax services and consulting company that provides information processing and reporting services, regulatory consulting, regulatory support, publications, education via conferences and webcast series, penalty abatement and representation to the IRS. The staff at IRSC is comprised of former IRS Directors and chiefs, former Big 4 accounting firms and directors of tax within the business community. Our speakers, John Foertschbeck and Lynda Foertschbeck have more than 25 years experience each in providing regulatory tax consulting, tax reporting, withholding services, systems development and regulatory education to the filing community.
KEV Group is the leader in student activity fund accounting solutions and online activity fund payment solutions for school districts. School Cash Accounting is in use by over 5,000 schools across North America including 6 districts in the state of Maryland.
During this session they will cover pertinent subjects for meeting tax regulations and how they impact school districts including:
- A broad overview of standard tax regulations for local government and reporting requirements for school districts
- Properly documenting and identifying U.S. and Foreign payees
- Recent and upcoming changes to reporting requirements for contractors U.S., as well as foreign payees (1042-S), including 1099 reporting requirements for in and out of state contractors, and penalty increases for non-compliant school districts brought about in 2011
- How the Tax Increase Prevention Reconciliation Act of 2005, Section 511 (IRS Section 3402T) will affect tax withholding and mandatory state withholding when enacted in 2012
- How to reduce the mountains of paper work involved with compliance by using purchase cards and government cards for payables, both by the district and at schools themselves
- How an automated solution to track purchase-card expenditures, tax-ids for vendors and tax withholding for student activity funds can simplify life at year end for district finance groups when compiling fund data
