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Category: Taxation-Corporate

July 5, 2021

State of Maryland Deadline for 2020 Income Tax Returns from Pass-Through Entities Extended to September 15

The State of Maryland has extended the filing deadline for 2020 income tax returns from pass-through entities until September 15, 2021. The waiver, which goes automatically into effect and requires no action on the part of filers, acknowledges a new complexity introduced to the filing process through passage of recent legislation, SB 496 – Recovery for the Economy, Livelihoods, Industries, Entrepreneurs and Families (RELIEF) Act, and SB787 – Digital Advertising Gross Revenues, Income, Sales and Use, and Tobacco Taxes –… Read more ›

June 12, 2021

July 1 Reporting Requirement for Corporations Doing Business in the Commonwealth of Virginia

Corporate entities that do business in the Commonwealth of Virginia have likely received a notice about a report they are required to file by July 1, 2021. The report, which should be based on 2019 corporate income tax calculations, intends to identify each business’ required tax payment should they file as part of a unitary combined group. Submitting the report will not result in taxes or fees though a failure to file, a late filing, a material omission or a… Read more ›

May 27, 2021

Solar Panels Offer More than Tax Savings for Auto Dealers

Solar panel technology is nothing new. However, advancing technology and a concern for the environment created a wide push to adapt to more renewable energy sources. Many electric utility companies are developing or relying more heavily on wind farms, water-powered energy, and farms of solar panels. Some of them are offering credits to consumers for installing solar panels on their property and allowing them to buy any excess energy generated. As a car dealership, there are several benefits to converting… Read more ›

May 7, 2021

The Biden Administration Proposes Far-reaching Tax Overhaul

President Biden recently announced his $1.8 trillion American Families Plan (AFP), the third step in his Build Back Better policy initiative. The announcement followed the previous releases of the proposed $2.3 trillion American Jobs Plan and the Made in America Tax Plan. These plans propose major investments in various domestic initiatives, such as expanded tax credits for families, offset with tax increases on high-income individual taxpayers and corporations. American Families Plan: Proposed tax changes for the wealthy The American Families… Read more ›

April 13, 2021

Some Business Meals 100% Deductible in 2021 and 2022

Restaurants have struggled mightily during the COVID-19 pandemic. Thankfully, they’re specifically targeted for a new tax relief measure found in the massive Consolidated Appropriations Act (CAA), which became law on December 27, 2020. The new provision creates a temporary but meaningful tax incentive to spend more on business-related food and beverage costs. Preexisting tax breaks for certain food and beverage and entertainment costs are available in other limited circumstances. Here are the details. Unfavorable Treatment under Tax Cuts and Jobs… Read more ›

March 25, 2021

Make the Most of the Employee Retention Credit

The Employee Retention Credit (ERC), which was created to encourage employers to keep their workforces intact during the COVID-19 pandemic, has been with us for a year. But questions about it remain for many employers. With the new American Rescue Plan Act (ARPA) extending the credit and expanding eligibility — and the credit worth as much as $28,000 per employee for 2021 — employers should brush up on the details. Credit history The CARES Act, which was enacted in March… Read more ›

March 20, 2021

Not-for-Profits Take Note: Maryland Announces Sales and Use Tax for Digital Products

Not-for-profits including trade and membership associations that charge for digital product sales should take note of the new sales and use tax on digital products passed by the Maryland General Assembly on March 14, 2021. The new law extends the existing 6% sales and use tax to digital goods. A tax tip published by the State of Maryland addresses the impact on not-for-profit organizations in this manner: There is no general exemption for all sales made by exempt organizations under… Read more ›

March 18, 2021

IRS Extends Federal Tax Deadline to May 17

The IRS has announced that the federal tax filing deadline will be extended this year from Thursday, April 15 to Monday, May 17, 2021. New legislation that passed recently, which provides economic, tax and other relief from the pandemic, has created a complex tax filing season for individuals, businesses and tax preparers, leading to the extended deadline. The extension does not impact all tax deadlines, however. First-quarter estimated tax payments are still due April 15. Deadlines for state tax returns… Read more ›

March 17, 2021

The American Rescue Plan Act (ARPA) Provides Sweeping Relief Measures for Eligible Families and Businesses

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 ›

March 11, 2021

Maryland State Income Tax Filing Deadline Extended to July 15

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.