Samuel Handwerger

<p>Sam Handwerger, CPA, is a full-time Lecturer in the department, and is a University of Maryland undergraduate accounting alumnus. He also holds a Master of Science in Taxation degree from the University of Baltimore. Handwerger was a Senior Tax Researcher with EY in New York City and later led the Tax Planning and Preparation Departments of the CPA firm Handwerger, Cardegna, Funkhouser &amp; Lurman. In 1996, he was awarded the Governor's Volunteer of the year award in the State of Maryland for financial and management advisement to non-profit organizations. Before joining the Smith School on a full-time basis, Handwerger held adjunct positions at the Johns Hopkins University School of Business and the University of Baltimore Law School.</p>

Seven Ways to Trigger an IRS Audit

Could the tax deduction you take on mortgage interest actually result in a tax audit from the IRS? How about the early withdrawal you made from your retirement account last year, or the charitable donation you made? Smith School lecturer Samuel Handwerger warns that the deductions you plan to take this year could put your income-tax return squarely in the crosshairs of an IRS auditor. Handwerger says there are at least seven audit priorities for the Internal Revenue Service this tax year. Read more...

Tricky Wordplay Sets Trap for Tax Filers

A client of Smith School accounting professor Samuel Handwerger recently asked him how to take advantage of something a financial website describes as a “$42 billion consumer rebate program” that Congress passed in December 2015. Under the program, the website boasts, “119 million taxpaying Americans can now get a rebate on virtually every single 2016 purchase.” He and a student looked into the claim and found it to be both a rumor and a potential pyramid scheme. Read more...

IRS Puts ‘Jaundiced Eye’ on MBAs

A recent tax court overruling of the Internal Revenue Service marks "a big win for all MBA students" — according to a Wall Street Journal source. But Smith School accounting professor Samuel Handwerger says not so fast. "MBA students should not automatically expect the IRS to back off on its scrutiny over tuition deductions," he says. "The case represents the latest in a history of cases where the IRS looks at the MBA with a jaundiced eye." Read more...

How the IRS Smokes Pot Clinics

Maryland will award its first batch of medical marijuana licenses by the end of July. While winners won’t have to worry about federal raids when sales begin in 2017, dealing with the IRS will be another matter. “Interestingly, while the Drug Enforcement Administration has stepped aside on the enforcement of this still illegal substance in states where allowed, the IRS has not,” Smith School accounting lecturer Samuel Handwerger says. Read more...

TerpTax Students Serve Community, Build Expertise

For a second year in a row, TerpTax “made a big impact” on the campus and local community, say its organizers. The program’s 70-plus student volunteers from the University of Maryland’s Robert H. Smith School of Business prepared tax returns yielding about $200,000 in federal refunds collectively for more than 300 UMD students, staff members and off-campus community members.

You Say 'Employee,' They Say 'Contractor'

In some places, they're called 1099'ers, after the tax form on which their income is reported: People who do work for a corporation but are classified as independent contractors. Companies don't have to pay the employer share of Social Security taxes to contractors, who are also denied the right to unionize. Recently, the National Labor Relations Board and the IRS have been cracking down on companies that wrongly categorize employees as contractors. Read more ...

Samuel Handwerger

Sam Handwerger, CPA, is a full-time Lecturer in the department, and is a University of Maryland undergraduate accounting alumnus. He also holds a Master of Science in Taxation degree from the University of Baltimore. Handwerger was a Senior Tax Researcher with EY in New York City and later led the Tax Planning and Preparation Departments of the CPA firm Handwerger, Cardegna, Funkhouser & Lurman. In 1996, he was awarded the Governor’s Volunteer of the year award in the State of Maryland for financial and management advisement to non-profit organizations.

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