(301) 986-0600
Submit RFP Bill Pay

Category: Taxation-Corporate

December 21, 2021

Four Big Charitable Tax Breaks for 2021

Are you feeling generous? Qualified charitable contributions can be rewarded with sizeable tax breaks during the second calendar year of the COVID-19 pandemic. Recent legislation includes the following four temporary tax law changes that are designed to help individuals and businesses that donate to charities through the end of 2021. 1. Deductions for Non-Itemizers In the past, you could claim significant itemized deductions on your federal income tax return for contributing money or property (or both) to qualified charitable organizations… Read more ›

December 3, 2021

2021 Year-End Tax Planning Letter for Small Businesses

  As we wrap up 2021, it’s important to take a closer look at your tax and financial plans. This year likely brought challenges and disruptions that significantly impacted your personal and financial situations –– from a continued global pandemic to new tax laws and political shifts. Now is the time to take a closer look at your current tax strategies to make sure they are still meeting your needs and make any changes that could save you money. We’re… Read more ›

October 20, 2021

Tax Court: Attorney’s Assistant-Spouse is Independent

Disputes concerning employee versus independent contractor have been going on for years. The last attempt by Congress at a fix was in 1978 (yes, that long ago!), and it only produced some penalty relief. Whether a worker is an employee or independent contractor can depend on IRS pronouncements, case law, etc., but it’s highly dependent on the facts and circumstances, as one U.S. Tax Court case illustrates. Facts of the Case Darryl Jones was an attorney and married to Tarri… Read more ›

October 19, 2021

Debate Continues in Congress Over Proposed Tax Changes

Negotiations continue in Washington, D.C., over the future of President Biden’s agenda. Tax law changes may be ahead under two proposed laws, the Build Back Better Act (BBBA) and the Bipartisan Infrastructure Bill (BIB), also known as the Infrastructure Investment and Jobs Act. The final provisions remain to be seen, but the BBBA and, to a lesser extent, the BIB, contain a wide range of tax proposals that could affect individuals and businesses. It’s also unclear when the tax changes… Read more ›

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 ›