Tax
The 2021 Consolidated Appropriations Act (CAA 2021) included several updates regarding the forgiveness of PPP loans. Most of these changes seek to simplify the process and allow greater flexibility to businesses. Key points to remember when thinking about PPP loan forgiveness include: Changes to forgiveness forms and procedures – New or updated forms for applying…
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The 3.8% net investment income tax (NIIT) can negatively affect your estate plan. This is especially true if your assets include an investment portfolio, because the NIIT can increase the tax on your capital gains, taxable interest and other investment income, thus reducing the amount of wealth available to your family. In addition, the NIIT…
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With the dawn of the new year, taxpayers need to be thinking about the tax forms that are required to be filed within the next few months. Some, such as your Individual Income Tax Return, are well-known and not easily forgotten. Self-employed individuals, however, may be required to file other less understood tax forms as…
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With the start of the new year, most people are reflecting on the past and making resolutions – while not necessarily thinking about filing taxes, April 15th is coming soon! Tax season does not need to be overwhelming or confusing – if you take the time to get organized and make some plans, it can…
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Attending college is one of the biggest investments that parents and students ever make. If you or your child (or grandchild) attends (or plans to attend) an institution of higher learning, you may be eligible for tax breaks to help foot the bill. The Consolidated Appropriations Act, which was enacted recently, made some changes to…
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During the COVID-19 pandemic, day care centers have closed, summer camps have been canceled and many schools have switched to a remote learning model. As a result, working parents have had to scramble to make alternative child care arrangements, which may include hiring nannies or babysitters. If you employ household workers — which may also…
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Maryland announces filing and payment deadline extensions for certain Maryland business taxes and quarterly estimated income tax returns and payments that would be due in January, February and March 2021 until April 15, 2021. Businesses and self-employed individuals or independent contractors with estimated income tax returns and payments due on January 15, 2021 also will…
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The COVID-19 pandemic has led to a surge in unemployment. And while people who have been furloughed or lost their jobs are among the hardest hit by the pandemic, those who remain employed have also experienced financial hardships. Fortunately, the tax code provides some incentives for employers who wish to provide their employees with assistance,…
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The year 2020 is now over and many people are saying, “Thank goodness!” The COVID-19 pandemic has caused us all to dramatically change our normal routines, alienated us from friends and family, and resulted in the shutdown of many businesses. But for those businesses that have survived and remain income steady, there is still year…
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The new COVID-19 relief law that was signed on December 27, 2020, contains a multitude of provisions that may affect you. Here are some of the highlights of the Consolidated Appropriations Act, which also contains two other laws: the COVID-related Tax Relief Act (COVIDTRA) and the Taxpayer Certainty and Disaster Tax Relief Act (TCDTR). Direct…
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