Interns misclassified as independent contractors can face unexpected tax burdens and loss of protections. Samuel Handwerger advises students to clarify work terms, consider negotiating pay, and understand the financial responsibilities tied to independent contractor status.

University of Maryland students in the Justice for Fraud Victims Project aided police in a high-profile murder case, analyzing financial records to help establish motive. Their work contributed to a first-degree murder conviction and life sentence.

Get ready for summer with the 22nd Annual Summer Reading List for Business Leaders—featuring Smith School faculty picks on investing, neuroscience, human connection, and more, including a novel inspired by a radio show turned TV series.

Samuel Handwerger, CPA and TerpTax faculty advisor, explains how victims of investment scams may qualify for theft loss tax deductions under IRS rules. He outlines key eligibility criteria, recent IRS guidance, and the importance of intent, documentation, and expert advice.

By Samuel Handwerger, CPA, Faculty Advisor for TerpTax

The University of Maryland’s new Financial Wellness Center empowers students with financial literacy through peer mentoring, classes, and events. Led by the Smith School, it centralizes resources on budgeting, investing, and financial planning, preparing students for real-world financial decisions with confidence.

Samuel Handwerger, faculty advisor for TerpTax, explains Form 1099-K—an IRS record for online sales and payments through apps. Understanding taxable income, tracking expenses, and correcting errors can save headaches. Keep good records and report income accurately to avoid issues.

CPA Samuel Handwerger explains the key differences between Traditional and Roth IRAs. Traditional IRAs offer tax-deferred savings, while Roth IRAs provide tax-free withdrawals. Future tax rates and career trajectory matter, making the choice complex. Consistent saving is the most crucial factor.

Education tax credits can significantly lower tax bills, says Smith professor Samuel Handwerger. The American Opportunity and Lifetime Learning credits offer key savings, but eligibility rules matter. Students may claim credits if parents opt out. TerpTax offers free tax prep through April 14.

Some F-1 visa students at UMD are receiving $1,400 IRS payments due to errors in stimulus eligibility. TerpTax, led by accounting lecturer Samuel Handwerger, advises returning these payments to avoid future tax and immigration complications. Assistance is available through TerpTax.