There’s a new wrinkle related to the Paycheck Protection Program (PPP). The IRS just announced that expenses related to forgivable loans through the PPP will not be tax deductible.
There’s excellent news for Maryland businesses and it comes in the form of a tax credit. If your business has purchased cyber security goods or services from a Maryland cyber security company, congratulations. You’ve taken a smart step toward protecting your business from hackers. The promising news doesn’t stop there. There’s also a strong chance you’ll be eligible for a tax credit.
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Sales and use tax compliance has changed significantly with the recent U.S. Supreme Court decision in South Dakota v. Wayfair, Inc. The changes especially impact online sellers. It’s imperative that you understand where your business has nexus and how the recent ruling might impact your taxes and reporting requirements.
On June 21, 2018, the United States Supreme Court passed a landmark ruling that will permit individual states to collect sales tax from online retailers.
This post was updated on March 7, 2018 to reflect new guidance issued by the IRS.
With the passing of the Tax Cuts and Jobs Act (TCJA) in December 2017, the IRS has been working diligently to keep up with the changes of the law. On March 1, 2018, the IRS released a new withholding calculator for individual taxpayers and an updated Form W-4.