Historically, Maryland has allowed a state tax credit on a Maryland resident income tax return for taxes paid to other states; however, this credit has not been available to offset the local county tax calculation. In a decision issued last month, the United States Supreme Court declared that Maryland’s refusal to grant a credit for taxes paid to nonresident states against the local county tax violates the dormant commerce clause of the Constitution of the United States.
What does this mean for Maryland taxpayers? If you are a Maryland resident that earned income […]
Late last month Congress passed the Trade Preferences Extension Act of 2015 to continue the fast track of trade negotiations (TPA, etc.). However, to pay for part of the Act’s provisions, the Act increased the penalties for not filing information returns (Form 1099) and the increase can be substantial in the case of multiple non-filed forms. These new penalties applies for filings after 2015.
The old law required a $100 penalty per form that was not filed (payable each for the IRS and the Taxpayer form). The new law increased this penalty to $250 per non-filed form […]
This newsletter is full of ideas and suggestions that can help you with ongoing financial management and tax planning. It contains information on:
The Math of Buy and Hold
Passive Activity Losses from Rental Property
Succession Planning for a Family Business
CPA Client Newsletter July 2015 TR&S CPA
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This CPA Client Tax Letter is provided by Twilley, Rommel & Stephens P.A. to its clients through an arrangement with the AICPA, which holds the copyright to the CPA Client Tax Letter and reserves all rights. Permission is […]
This June Issue Spotlight focuses on the ACA and end of temporary relief for small business. Effective July 1, small businesses may be subject to penalties. It contains information on:
How to avoid ACA Penalties
Background info on ACA and Reimbursement Plans
Special notice for 2% S Corp Shareholder Situations
AICPA Issue Spotlight June 26, 2015 shared by TR&S CPA
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This CPA article is provided by Twilley, Rommel & Stephens P.A. to its clients through an arrangement with the AICPA, which holds the copyright to the article and […]