TWILLEY, ROMMEL & STEPHENS P.A

News & Blog

Community Investment Tax Credits

6.09.2018
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Habitat for Humanity of Worcester County has $44,000 in Community Investment Tax Credits awarded by the Department of Housing and Community Development. The allocations of state tax credits are used as incentives to attract contributions and leverage up to $100,000 in donations from individuals and businesses which will go directly towards costs associated with our upcoming Jefferson Street Project in Berlin, Md. (The Project will be a compact, mixed-use development offering (2) 2-story, 3 Bedroom affordable housing apartments, and (2) retail/gallery units on the ground floor.)

Businesses and individuals that donate can qualify to earn […]

3rd Quarter 2018 Tax News

17.07.2018
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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 

Click to Read!

See Also: Citation and Resource Guide accompanying […]

Maryland’s New Minimum Wage Increase

5.07.2018
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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.

https://msa.maryland.gov/msa/mdmanual/01glance/economy/html/wages.html […]

Maryland Enacts Small Business Credit

31.05.2018
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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 […]

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