When Tax Scams Hit Home: What to Know About Theft Loss Deductions
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.
When the IRS Comes Knocking: Understanding 501c3 Status Revocation
By Samuel Handwerger, CPA, Faculty Advisor for TerpTax
Building Financial Literacy, One Terp at a Time
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.
TerpTax: Understanding Form 1099-K
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.
TerpTax: Roth vs. Traditional IRAs
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.
TerpTax: Understanding Education Tax Credits
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.
TerpTax Alert: Unexpected $1,400 IRS Payments, Some in Error, to F-1 Students
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.
Scammers Meet Their Match: Student Fraud Investigators Spot Rising Threat
When University of Maryland students in the Justice for Fraud Victims project received suspicious job offers via text, their fraud investigation skills—sharpened under faculty advisor Samuel Handwerger at the Smith School—helped uncover "task scams," a scheme costing victims $220M since 2020.
Smith’s Justice for Fraud Victims Making Early Impact
In fall 2023, the University of Maryland’s Smith School launched the Justice for Fraud Victims (JFV) initiative, led by Accounting Lecturer Samuel Handwerger. Smith and UMD students investigate fraud cases, producing reports that have already proven effective in court.