The IRS announced a moratorium on the popular Employee Retention Credit through at least the end of 2023. Here’s what you need to know about the moratorium.
If advertisements about the Employee Retention Credit (ERC) have grabbed your attention, you’re not alone. Scammers have jumped on the opportunity to convince business owners to claim this potentially lucrative tax credit. Here’s what you need to know about the ERC, who qualifies and how to avoid falling victim to a scam.
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The Maryland State Department of Assessments and Taxation (SDAT) made business owners very happy as House Bill 268 (HB268) has officially taken effect. This legislation increases the exemption amount of personal property eligible to be taxed. The exemption has gone from $2,500 to $20,000 for businesses, and from $10,000 to $20,000 for at-home businesses. As an extension of legislation HB90, which exempts from personal property valuation and taxation if the total cost of the personal property was less than $2,500, this new legislation is said to save $44.2 million in taxes for 14,217 Maryland businesses by increasing the exemption limit to $20,000.
It seems like ancient history, but back in 2016, Maryland passed a law requiring any covered employer (i.e., one that didn’t have its own retirement plan and used a payroll system or service) to participate in the Maryland Small Business Retirement Savings Program - MarylandSaves. The program was set to launch in 2020, but like with many things, COVID caused some delays. The implementation is now scheduled for September 2022, and we cover the details you need to know.
The Infrastructure Investment and Jobs Act was signed into law on November 15. While most of the legislation is related to investing in the nation’s infrastructure, there were a couple of tax provisions included in the bill. Here’s what you should know about two of those tax provisions: one affecting businesses and the other affecting brokers of cryptoassets.
The U.S. Department of Health & Human Services (HHS) announced on September 10, 2021, that an additional $25.5 billion in COVID-19 relief funds will be made available to healthcare providers. Here’s what healthcare providers need to know and how they can apply for the relief.