Recognizing that the current tax season continues to be a tough time for many people due to the unusual circumstances related to the COVID pandemic, the IRS announced last week that the tax deadline for individual taxpayers was automatically extended from April 15, 2021 to May 17, 2021. This...
Maryland announced yesterday an extension of the tax income filing deadline for individuals, pass-through entities, fiduciary, and corporate income tax returns that would have been due March 15 or April 15, 2021. This extension also includes the deadline for the first and second quarter estimated payments that are now...
Particularly if you are a sole proprietor or just starting out, it’s tempting to keep your personal and business accounts together. After all, when you’re regularly moving cash from one to the other, it’s most convenient to do that within the same bank account instead of across two accounts....
On December 27, 2020, President Trump signed into law the Consolidated Appropriations Act, 2021 (the CA Act). The CA Act enhances and expands certain provisions of the Coronavirus Aid, Relief, and Economic Security Act, also known as the “CARES Act”. Below is a summary of some of the major tax provisions...
Failure to pay business taxes punctually or accurately is usually due to inadequate preparation. The following daily, weekly, and monthly tasks will help you keep your finances in order and avoid paying tax penalties: Daily Accounting Responsibilities 1. Check Account Balances Check your business bank account and credit card...
Development projects are large, complex undertakings that often require the input of dozens, if not hundreds of people in a variety of roles from construction managers and architects to attorneys and compliance staff to ensure that your project runs smoothly and profitably. One of the most important and, crucially,...
So many businesses take taxes into account when planning their short- and long-term strategy on everything from employment opportunities and hiring to procurement to growth management. There are truly few businesses that do not consider tax benefits and potential tax hiccups when they sit down and plan their strategy...
Dear Clients and Prospects: First and foremost, we are here to support you and your businesses during this challenging time. As the Covid-19 situations unfolds we continue to monitor the latest tax law changes and incentives for businesses and employers. Below is a summary of the more recent changes...
As Benjamin Franklin’s famously noted, nothing in life is guaranteed except for death and taxes. While this is largely true, there is an IRS classification that allows certain cemetery businesses exemption from taxes. 501(c)(13) status is available to nonprofit mutual cemetery companies and nonprofit incorporated cemetery companies. The Internal...
The Large Business and International (LB&I) division of the IRS recently announced a new compliance campaign targeting self-employed individuals in U.S. territories who underpay or fail to pay their self-employment taxes. The self-employment tax is equal to the Social Security and Medicare taxes on net earnings from self-employment. For...
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