On March 11, 2021, President Biden signed into law the American Rescue Plan Act (ARPA). The $1.9 trillion law is intended to provide far-reaching relief from the economic and other repercussions of the ongoing COVID-19 pandemic. In addition to funding for testing, contact tracing, vaccinations, education, and state and local governments, the ARPA includes extensive relief that could directly impact your finances. Recovery rebates Under ARPA Under the ARPA, many people will receive a third round of direct payments (which… Read more ›
Councilor, Buchanan & Mitchell, P.C. has been named one of the regional leaders among accounting firms in the Mid-Atlantic region. Accounting Today, a leading trade publication in the accounting industry, annually recognizes the largest tax and accounting practices across the country based on revenue. This is CBM’s second recognition by Accounting Today in recent months. Last August, CBM was recognized as the 220th largest firm in the country (jumping up from 245 the previous year) and as one of the… Read more ›
The State of Maryland has extended the state income tax filing deadline from April 15 to July 15. The extension applies to individual, pass-through, fiduciary and corporate income tax returns, and is the result of economic relief-related legislation expected to impact 2020 state and federal tax filings. Read more in this March 11 press release published by the State of Maryland Comptroller’s Office. https://content.govdelivery.com/accounts/MDCOMP/bulletins/2c630db For more information, contact CBM Tax Practice Director Richard Morris using our online contact form.
Congress has passed and President Biden has signed into law the latest legislation aimed at providing economic and other relief from the COVID-19 pandemic that has haunted the country for the last year. The 628-page American Rescue Plan Act (ARPA) includes $1.9 trillion in funding for individuals, businesses, and state and local governments. The ARPA extends and expands some of the critical provisions in the CARES Act and the Consolidated Appropriations Act (CAA). It also includes some new provisions that… Read more ›
Last month, we wrote that passage of the Consolidated Appropriations Act in December clarified that some businesses seeking pandemic relief assistance would be eligible to apply for benefits under both the Paycheck Protection Program (PPP) and the employee retention credit (ERC). This marked a break from common sentiment since it was widely assumed throughout 2020 that businesses had to choose which program to participate in. As a result, the CAA also allowed businesses that did NOT claim the ERC in… Read more ›