Category: Taxation-Corporate

When it comes to filing taxes, timing is everything. For decades, taxpayers have relied on a simple rule: if your return is postmarked by the filing deadline, it is considered filed on time. But recent updates from the United States Postal Service (USPS) are changing how postmarks work which could have real implications for taxpayers. The “Mailbox” Rule Under Internal Revenue Service (IRS) rules, a tax return or payment is considered filed on time if it is mailed by the… Read more ›

A recent court interpretation has raised unexpected questions about how federal tax deadlines were applied during the COVID emergency period, and what could mean for taxpayers today. Over the course of the pandemic, the federal government tolled a variety of tax filing and payment deadlines under disaster relief provisions. Because the COVID emergency declarations remained in effect for more than three years, some legal experts argue that certain IRS filing and payment deadlines may have been paused from early 2020… Read more ›

The One Big Beautiful Bill Act, known as OBBBA or H.R. 1, introduced a new above-the-line tax deduction for overtime (OT) pay premiums. For employers, this means it’s time to update payroll processes and ensure filings are compliant with the additional reporting requirements. Overtime Pay Deduction Guidelines Reporting Requirements Since the new ruling applies for any overtime qualified employee under the Fair Labor Standards Act (FLSA), the new requirements impact employers across the board. The IRS requires employers and other payors… Read more ›

The One Big Beautiful Bill Act (OBBBA) brings broad changes that will affect businesses of all types—family-owned companies, professional services firms, and large corporations alike.The law touches everything from pass-through income and depreciation to employee benefits and international tax rules.  In addition to new opportunities for tax planning, the OBBBA also prevented significant tax increases that were set to take effect on 1/1/2026.  Additionally, the rates from the Tax Cuts and Jobs Act were made permanent.Every business should review the… Read more ›

Tax-free shopping returns to Maryland and Virginia in August for those looking for a good deal on back-to-school shopping and emergency preparedness items. Below are details on qualified items. Virginia’s Sales Tax Holiday | August 1 – 3, 2025 What items are eligible? See the detailed guidelines published by the Department of Taxation for all qualifying items. Maryland Tax-Free Week | August 10 – 16, 2025 What items are eligible? Click here for frequently asked questions provided by the Comptroller… Read more ›

The Inflation Reduction Act provided the IRS with billions of dollars of additional funding to reduce the so-called “tax gap” between what taxpayers owe and what they actually pay. The tax agency has already launched numerous initiatives aimed at this goal, including several business-related compliance campaigns. Let’s take a closer look at three of the most significant recent targets.  Abusive Pass-through Practices The IRS has accelerated its enforcement efforts against partnerships and other pass-through entities, which it claims have been… Read more ›

It’s never too early to start gathering the necessary information required to prepare and file 1099s for your business. Reminders: Best Practices About Form 1099 from CBM’s Accounting Advisory Team For a smooth and timely 1099 filing season, consider the following best practices: Need assistance? CBM’s Accounting Advisory team supports businesses with accounting and tax preparation expertise. Use our online contact form to contact now to contact Dominick Bellia for guidance or for assistance. Councilor, Buchanan & Mitchell (CBM) is… Read more ›

There is always a cost to doing business and nowhere is this as true as in state and local taxation. Understanding tax requirements plays a crucial role in starting and running a successful business; bringing sufficient know-how to business decision-making should include well-informed tax planning, which affects areas as wide-ranging as the location of your entity and ensuring compliance with all applicable tax agencies to avoid running afoul of legal problems.   Each state and local jurisdiction has its own set… Read more ›

President Biden has released his proposed budget for the 2025 fiscal year, including numerous tax provisions affecting both businesses and individual taxpayers. While most of these provisions have little chance of coming to fruition while the U.S. House of Representatives remains controlled by the Republican Party, they might gain new life depending on the outcome of the November elections. Here’s an overview of the major tax proposals included in the budget. Business Tax Provisions The budget proposal includes many changes… Read more ›

An S corporation is a business structure that allows the passage of taxable income, losses, credits and deductions to shareholders, thereby preventing income from being exposed to the consequences of double taxation at the corporate and individual levels. Although an S corporation benefits from certain tax advantages, it also faces restrictions such as a limit on the number of shareholders – no more than 100. As part of estate planning, some individuals choose to take advantage of the availability of… Read more ›