If you took a required minimum distribution (RMD) from your retirement account in 2020, you now have until August 31, 2020 to return the money without incurring any tax consequences. This new guidance was issued by the IRS on June 23 and corrects previous legislation that excluded retirees who took RMDs prior to the passing of the CARES Act in March.
The United States Department of Homeland Security issued temporary modifications to the Form I-9 document verification process to account for the number of employers that are now operating remotely due to COVID-19.
Subscribe to our blog, and we'll send articles straight to your inbox when they're published.
On March 23, 2020, Governor Larry Hogan announced new economic relief packages from the Maryland Department of Commerce for Maryland small businesses and nonprofits affected by COVID-19.
More organizations are hiring military veterans every day. In addition to benefiting from the skills, dedication and experience that veterans offer, qualifying employers can earn a tax credit for their commitment to hiring, training and retaining veterans. Many of our clients, particularly government contractors, hire military veterans. Let’s look at some of the tax credits available to employers who hire veterans.
If you’re a business owner or CFO, the idea of leaving money on the table is cringe-worthy. Tax credits and incentives offer the opportunity to lower your construction company’s tax burden, dropping more money to your bottom line. If your construction business isn’t taking advantage of every available tax savings opportunity, you’re missing out. Many construction contractors, however, aren’t aware of some Maryland and federal credits that could generate substantial tax savings for them.
With the confusing terminology, complicated tax code and the feeling that tax rates are just too high, many business owners hear “taxes” and run the other way. However, there is one tax phrase that’s easy to understand and every business owner likes to hear: safe harbor. With the de minimis safe harbor election, you can immediately expense certain assets up to $2,500. If you have an applicable financial statement (AFS), this goes up to $5,000. Subscribe to our blog to get articles like this delivered to your inbox. Sound good? You must act NOW to ensure that your business is eligible to make this election for the 2018 tax year.