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…

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BALTIMORE, MD (December 10, 2020) Governor Larry Hogan today issued an Executive Order that waives the charging of COVID-19 unemployment insurance benefits to employers. This Executive Order prevents Maryland’s contributory employers from having their experience rating negatively impacted because they had to lay off or furlough employees due to the economic consequences of the pandemic.…

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The following is a summary of the legislation’s main points that was passed yesterday: PPP borrowers can choose to extend the eight-week period to 24 weeks, or they can keep the original eight-week period. This flexibility is designed to make it easier for more borrowers to reach full, or almost full, forgiveness. The payroll expenditure…

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Although 2019 is behind us, here are some actions you may take before tax season to improve YOUR tax situation for 2019 and beyond. Increase 2019 itemized deductions via a “bunching strategy.”  Many taxpayers who claimed itemized deductions in prior years will no longer be able to do so. That’s because the standard deduction has…

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