Lanigan, Ryan, Malcolm & Doyle, P.C.
Reading Time: 2 minutes Thanks to recent changes to the 2021 Child Tax Credit, many households will be getting a letter from the IRS this summer informing them that they may be receiving monthly advance Child Tax Credit payments starting in July. What is the Child Tax Credit (CTC)? The Child Tax Credit is simply a benefit that.
Reading Time: < 1 minute How Cost Segregation Can Increase Cash Flow and Reduce Taxes Cost segregation studies separate real property into depreciable categories, allowing taxpayers to depreciate property over much shorter periods of time. By taking deductions sooner, owners lower their current-year tax liability and free up more capital. Are You Eligible For a Cost Segregation Study? If your.
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.
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.
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.
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: 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).
