It’s been several months since the early days of the pandemic when many businesses closed their doors and sent their employees home to work remotely or await reopening. To survive, businesses had to find new and creative ways to adapt and overcome. However, even as the weeks have stretched to months, many business owners are still facing new pandemic related challenges every day. That’s why I, along with a few of my colleagues at Gross Mendelsohn, banded together to offer some of our biggest pieces of pandemic related advice for business owners as part of the firm’s new weekly video series, Advice From.
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.
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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.
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.