July 14

The 2021 Child Tax Credit

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.

June 3

Tap into the Tax Advantages of Your Property With Cost Segregation

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.

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).

NEWER OLDER 1 2 9 10