March 30

Individual Tax Provisions of ARPA (The American Rescue Plan Act of 2021)

Reading Time: 3 minutes   The American Rescue Plan Act of 2021 (ARPA), signed by President Biden on March 11, 2021, is the latest major legislation that provides economic relief and stimulus, both tax and non-tax, during the Covid-19 pandemic. Below are brief summaries of the key aspects of the individual tax provisions in ARPA. Recovery rebate credits (stimulus.

March 30

Business Tax Provisions of ARPA (The American Rescue Plan Act of 2021)

Reading Time: 5 minutes   The American Rescue Plan Act of 2021 (ARPA), signed by President Biden on March 11, 2021, is the latest major legislation that provides economic relief and stimulus, both tax and non-tax, during the Covid-19 pandemic. Below are brief summaries of the key aspects of the business tax provisions in ARPA. Payroll tax credits The.

March 19

New MD Sales and Use Tax on Digital Products

Reading Time: 2 minutes   Maryland recently enacted a new law that makes the sale or use of a digital product subject to a 6% sales and use tax. The new law (HB 932) is effective as of March 14, 2021. HB 932 had been previously vetoed by Governor Larry Hogan but on February 12, 2021, the Maryland General.

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.

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 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 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.

NEWER OLDER 1 2 9 10