February 18

Maryland RELIEF Act Creates Changes for Tax Filers

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.

January 11

New and Updated PPP Loan Applications

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.

December 23

Congress Passed New Stimulus Package, $900B of COVID-19 Relief Provisions

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).

December 23

Lanigan, Ryan, Malcolm & Doyle Has Passed 2020 AICPA Peer Review

Reading Time: < 1 minute   Lanigan, Ryan, Malcolm & Doyle is excited to announce that the firm has received an official AICPA peer review rating of “pass” for the system of quality control for the accounting and auditing practice of the firm in effect for the year ended June 30, 2020. Our most recent review rating continues our tradition.

December 16

2020 Year-End Tax Planning for Individuals, Businesses, and Business Owners

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.

November 24

[Update] Nondeductibility of PPP Related Expenses

Reading Time: 2 minutes   As we reported back in May in a previous blog post (IRS Will Disallow Deductions Related to Forgiven Loans Under the Paycheck Protection Program), the IRS stated in Notice 2020-32 that no deduction would be allowed for expenses that result in the forgiveness of a PPP loan. While this appears to be contrary to.

November 12

A New Tax Election Could Mean Significant Tax Savings for Owners of Maryland Partnerships and S Corporations

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.

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