On March 11, 2021, President Biden signed the American Rescue Plan into law. This $1.9 trillion COVID relief bill contains several tax provisions. Here are the highlights for individuals and businesses.
Maryland Governor Larry Hogan signed the RELIEF Act into law on February 15, 2021. The RELIEF Act is intended to help reverse some of the adverse economic conditions brought about by the COVID-19 pandemic. This legislation includes changes to personal and business tax filings, relief payments for certain individuals, a sales and use tax credit, and changes to pass-through entity taxation. Let’s look more closely at some of the key provisions in the $1 billion plus relief package.
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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. Sound good? You must act NOW to ensure that your business is eligible to make this election for the 2018 tax year.
Do you find yourself stuck performing (sometimes mundane) tasks in areas of your business that might be better off performed by someone else? Most small business owners would answer with a resounding “YES!” In the ideal world you’d have a chief financial officer who generates financial reports that help you monitor profitability. Wouldn’t it also be nice to have a human resources director to coordinate hiring and employee benefits for your business? Let’s not forget about a chief technology officer who can make sure your computer network and software are up and running smoothly 24/7. If this sounds like a dream come true for your business, join the club of small business owners who would love to delegate accounting, HR and technology tasks to someone else. But what if that “someone else” doesn’t exist in your business?