Executive Director's Corner

Dear Members of the Society,

As we move forward in this dynamic and ever-evolving landscape, I would like to share my vision and passion with you as the Executive Director of the Maryland Society of Accounting and Tax Professionals (MSATP)

Our mission statement, which articulates that MSATP is a collective embodiment of solo, small, and mid-sized accounting, tax, and financial service businesses, is more than just words. It is a testament to our shared dedication to creating an environment where our members' businesses survive and thrive.

My passion lies at the heart of this mission – building partnerships and forging relationships that uplift and empower our community. This passion stems from the core belief that when we combine our resources, knowledge, and experiences, we create a formidable force capable of tackling the diverse challenges that our profession faces

Nurturing a Community Spirit

One of the fundamental aspects of building a resilient community is fostering relationships among members Through networking events, seminars, workshops, and social gatherings, we provide platforms for our members to connect and share invaluable insights and experiences These relationships are the building blocks that help nurture a community spirit and collectively work toward the profession’s betterment

Advocacy for Our Profession

As financial professionals, we play a critical role in shaping the economic fabric of our society. It is paramount that we ensure the integrity and sustainability of our profession. Through our collective efforts, MSATP advocates for policies and regulations that are in the best interest of accounting and tax professionals. By building strong relationships with stakeholders, including legislators and regulatory bodies, we become the voice of our community, protecting the profession and promoting its growth

Education and Continuous Learning

In an era where change is the only constant, it is imperative that we, as professionals, continually update our knowledge and skills MSATP is committed to providing a wide range of continuing education programs and resources By partnering with educational institutions, industry experts, and other professional bodies, we ensure that our members have access to the latest tools and information that foster innovation, efficiency, and integrity in their practices

Building Bridges with Strategic Partnerships

Beyond the immediate community, there is a wealth of collaboration opportunities that can significantly enhance our collective capabilities. I aim to aggressively seek strategic partnerships with technology firms, educational institutions, and other relevant organizations. These partnerships will bring innovative solutions to the table and open up new avenues for growth for our members.

The synergy derived from building partnerships and relationships is the catalyst that will propel MSATP to greater heights. I am humbled and excited to work alongside each of you as we weave our shared passions into a tapestry of success and fulfillment for our members and the profession

Thank you for your unwavering support and commitment to MSATP Let us continue to build, grow, and thrive together

Sincerely,

Gigi Hawkins

The Maryland Society of Accounting and Tax Professionals (MSATP) proudly announces the election and appointment of its new board members, whose tenure will commence on July 1, 2023. The recent elections reflect the Society’s commitment to leadership excellence and dedication to serving Maryland’s accounting and tax professionals.

Meet the New Board Officers

Donya Oneto has been elected as the new President of the MSATP. With her vast experience in accounting and strong leadership skills, she is poised to lead the Society in achieving its goals and objectives. Her innovative thinking and dedication to excellence will undoubtedly steer the Society to new heights.

Ellen Silverstein will be serving as the First Vice President. She brings a wealth of knowledge and expertise to the role. Her appointment promises to strengthen the Society’s core values and ensure steady growth.

Hannah Coyle has been chosen as the Second Vice President. Coyle’s expertise and commitment to the profession’s development will be a great asset in her new role

Jonathan Riviln will be taking on the role of Secretary His organizational acumen and meticulous attention to detail will serve to bolster the Society’s operations and documentation processes

Ann F Elliott has been elected to the important position of Treasurer. Her financial prowess and ethical standards make her the perfect fit to oversee the Society’s financial matters.

Barbara Smith will assume the role of Immediate Past President Her continued involvement ensures that the board will benefit from her experience and insights as they chart the future direction of the Society

Introducing the Delegates

In addition to the executive positions, five delegates have been elected: Sean Coggins, Matthew Eddleman, Michael Kohler, Michael McIlhargey, and Nicole Moore

Although new to the board, Nicole Moore has actively volunteered on many committees. Her first term as a board delegate is eagerly anticipated, as her previous involvement has demonstrated her commitment and contribution to the Society’s mission.

Christine Giovetti will be serving as the Board of Trustees Delegate. Her expertise and dedication to the profession make her a valuable addition to the MSATP governance structure.

Looking to the Future

These new board members will play a pivotal role in supporting and advancing the objectives of the Maryland Society of Accounting and Tax Professionals With their combined expertise and dedication, the Society looks forward to an era of innovation, growth, and excellence in service to Maryland’s accounting and tax professionals

MSATP congratulates the new board members and expresses gratitude to the outgoing board for their dedicated service

If you want to make an impact by joining the board of directors, please email Gigi Hawkins at ghawkins@msatp org

Over the years, real estate owners/investors have become more comfortable in learning to apply Cost Segregation to drive cash flow for them to use to either pay down debt, improve current real estate holdings, or purchase additional properties Accelerating the depreciation in a property puts the building owner “in charge” of their money, vs letting the government dictate / manage the flow of the owner’s money.

Real estate typically appreciates in value. To further reduce the tax liability and capital gains implications when the owner sells, there is another strategy called the 1031 Exchange that allows for deferral of gains, thus saving on taxes

Investopedia further elaborates on 1031 Exchanges in this manner:

A 1031 exchange is a tax break. You can sell a property held for business or investment purposes and swap it for a new one that you purchase for the same purpose, allowing you to defer capital gains tax on the sale

Proceeds from the sale must be held in escrow by a third party, then used to buy the new property; you cannot receive them, even temporarily The properties being exchanged must be considered like-kind in the eyes of the IRS for capital gains taxes to be deferred.

If used correctly, there is no limit on how frequently you can do 1031 exchanges.

The rules can apply to a former principal residence under very specific conditions