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Gross Mendelsohn Blog

A resource to help business owners, nonprofit executives and high net worth families preserve wealth, grow and thrive.

Scott Handwerger

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Construction & Real Estate  |  Government Contractors  |  Healthcare  |  High Net Worth Families  |  Manufacturing & Distribution  |  Service Businesses

Tax Changes for Individuals and Businesses Under the American Rescue Plan

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.  

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Construction & Real Estate  |  Government Contractors  |  Healthcare  |  High Net Worth Families  |  Manufacturing & Distribution  |  Nonprofit  |  Service Businesses

Maryland Passes $1 Billion+ COVID-19 RELIEF Act

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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Construction & Real Estate  |  Government Contractors  |  Healthcare  |  Manufacturing & Distribution  |  Service Businesses

Maryland’s Governor Proposes $1 Billion COVID-19 Relief Package

Governor Larry Hogan signed the RELIEF Act into law on February 15, 2021. Read the highlights here. With the opening of Maryland’s General Assembly today, Governor Larry Hogan is expected to introduce the state’s latest relief package, called the $1 Billion RELIEF Act of 2021. He outlined the plan at a press conference earlier in the week. Hogan is asking state lawmakers to take quick action on this legislation, which includes actions to help Maryland families, small businesses and those who have lost jobs as a result of the pandemic. If enacted, this emergency legislation would support small businesses with sales tax credits, extend unemployment tax relief for small businesses, repeal income taxes on state unemployment benefits, safeguard Maryland businesses against tax increases, and provide direct stimulus payments for low- to moderate-income Marylanders. Let’s look more closely at some of the provisions in the relief package.

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Construction & Real Estate  |  Government Contractors  |  Healthcare  |  High Net Worth Families  |  Manufacturing & Distribution  |  Service Businesses

Maryland Taxpayers Are Granted Tax Filing and Payment Extensions

Maryland Comptroller Peter Franchot announced extended filing and payment deadlines for certain state business and individual taxes and quarterly estimated income tax returns and payments.

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Construction & Real Estate  |  Government Contractors  |  Healthcare  |  High Net Worth Families  |  Manufacturing & Distribution  |  Nonprofit  |  Service Businesses

Emergency Relief for Required Minimum Distributions Taken in 2020

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.

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Construction & Real Estate  |  Government Contractors  |  Healthcare  |  Manufacturing & Distribution  |  Nonprofit  |  Service Businesses

Temporary Modifications Issued for Form I-9

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.

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