President’s budget contains many tax proposals

By Alistair M. Nevious, J.D. May 28, 2021 President Joe Biden’s administration unveild its proposed budget for fiscal year 2022 on Friday. Treasury says the $6 trillion proposed budget focuses on infrastructure, clean energy, and research and development, and among its many provisions are a host of proposed tax changes affecting individuals and corporations. One…

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Tax provisions in the American Rescue Plan Act of 2021

The American Rescue Plan Act of 2021 (ARPA), signed by President Biden on March 11, 2021, is the latest major legislation that provides economic relief and stimulus, both tax and non-tax, during the Covid-19 pandemic. Below are brief summaries of the key aspects of the tax provisions in ARPA. Provisions Affecting Individuals Recovery rebate credits…

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Franchot Extends State Income Tax Filing Deadline to July 15

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,…

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Consolidated Appropriations Act, 2021

At the end of 2020, Congress passed, and President Trump signed, a new law that provides for additional relief related to the coronavirus (COVID-19) pandemic. This law, the Consolidated Appropriations Act, 2021 (CAA, 2021), includes a second draw of Paycheck Protection Program (PPP) loans (PPP Second Draw Loans). It also allows businesses to deduct ordinary…

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