3rd Quarter 2018 Tax News

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This special edition Q3 2018 Tax Letter is full of investing and planning strategies that can help you with ongoing financial management and tax planning.  It contains information on:

Tax Planning under the Tax Cut and Jobs Act of 2017

Solving the annuity puzzle
The new tax law will change divorce tactics
No tax deductions for business entertaining
 Two five-year tests for Roth IRAs
 Insuring key people at small companies


CPA Client Tax Letter Q3 2018 from TR&S CPA 

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See Also: Citation and Resource Guide accompanying […]

Maryland’s New Minimum Wage Increase

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As of July 1, 2017, the minimum wage in Maryland for most workers is $9.25 an hour, while the federally-mandated minimum wage remains at $7.25 an hour. For tipped employees, the Maryland minimum cash-wage is $3.63 an hour. On July 1, 2018, Maryland’s minimum wage will increase to $10.10 an hour. […]

Maryland Enacts Small Business Credit

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A new, refundable income tax credit is available for Maryland small businesses that have 14 or fewer employees. The business must employ at least one “qualified employee” to claim the credit.
The credit is available for the 2018 tax year and beyond.

Qualified Employees

To be considered a “qualified employee,” an individual must:

be employed by the small business;
earn wages that are no more than 250% of the federal poverty guidelines for a single-person household; and
earn paid sick and safe leave under Maryland law.


Amount of Credit

The […]

DLLR Updates on MD Sick and Safe Leave

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MD Healthy Working Families Act

We are happy to share important updates and information provided by the State of Maryland Department of Labor, Licensing, and Regulation (DLLR) about the new Maryland Sick and Safe Leave.

Maryland Sick and Safe Leave Initial Guidance

This article is for MD employers and employees and lays out some initial guidance regarding the new HB1. This outlines what you need to know about this new legislation. It also provides a dedicated email address to which any questions or comments should be directed.

Download and/or Print the full PDF below  

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