State, federal pandemic relief programs require extensive changes to tax forms; all updates anticipated by April 15 Peter Franchot – Comptroller of Maryland ANNAPOLIS, Md. (March 11, 2021) – Using statutory authority granted to him, Comptroller Peter Franchot today announced that he is extending the state income tax filing deadline by three months until July 15,…

Read More

The U.S. Senate and House of Representatives overwhelmingly passed a $900 billion COVID-19 relief bill. Monday night that provides $600 stimulus payments to individuals, adds $300 to extended weekly unemployment benefits, and provides more than $300 billion in aid for small businesses. The legislation, the Consolidated Appropriations Act, 2021, also ensures tax deductibility for business…

Read More

  Under 2020 legislation, Maryland pass through entities (“PTEs”) such as partnerships and S-Corporations will now have an option for the entity to elect to pay Maryland state income tax instead of the tax being paid by the entity owner(s). This could allow for a substantial entity level federal tax deduction for those owners whose…

Read More

President Trump Signs Coronavirus Relief Bill that Contains Employer Tax Credits Today, President Trump signed the “Families First Coronavirus Response Act” (the “Act”) to provide emergency supplemental appropriations and support Americans during the COVID-19 pandemic. Parts of the Act provide for emergency family and medical leave benefits, emergency paid sick leave benefits, and employer and…

Read More