Reading Time: 2 minutes The Maryland RELIEF Act was signed on Tuesday, February 16th, creating new individual and business tax changes. Among those listed in the MD Comptroller’s Tax Alert, were some relevant provisions for our clients: MD Subtractions for 2020 and 2021 • Coronavirus Relief Payments: To the extent included in federal taxable income, taxpayers (businesses and.
Reading Time: 3 minutes The Department of Treasury and the Small Business Administration have released new updated applications for the Paycheck Protection Program (“First Draw”) loan as well as for the new (“Second Draw”) loan. The new applications reflect the changes from the recently enacted Consolidated Appropriations Act, 2021. The SBA has announced that they will begin accepting.
Reading Time: 4 minutes On Monday, December 21st, Congress passed a stimulus package providing $900B of COVID-19 relief provisions. While the massive bill includes a host of provisions and tax extenders, below is a summary of some of the more relevant provisions to closely-held businesses including long awaited clarification on the deductibility of Paycheck Protection Program (PPP).
Reading Time: 11 minutes Now, as year- end approaches, is a good time to think about planning moves that may help lower your tax bill for this year and possibly next. 2020 year-end planning takes place during the COVID-19 pandemic, which in addition to its devastating health and mortality impact has widely affected personal and business finances. New.
Reading Time: 2 minutes On Monday, the IRS and Treasury announced it will allow certain businesses the ability to take a deduction for elective entity-level (partnerships and S corporations) income taxes (IRS notice N 20-75). Several states have implemented entity-level income taxes as a way to circumvent the $10,000 cap on the state and local tax deduction for.