If your Maryland business is subject to unemployment insurance taxes, be aware of potential changes to your tax rate for the 2022 calendar year.
Social Security and Medicare tax As of January 1, 2022, the maximum amount of annual earnings subject to Social Security increases to $147,000 (from $142,800 in 2021). There is no limit on the amount of earnings subject to the Medicare tax.
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Many associations think there’s not much worse than going through a financial audit. Some see it as a “necessary evil,” while a mere few actually look forward to the auditors coming in to check the financial information, processes and controls.
If your business is looking for ways to invest to increase accessibility for employees, customers and visitors with disabilities, there are two tax provisions that can help offset the cost of those expenses.
Many nonprofits see IRS Federal Form 990 as an informational return that they send to the IRS every year, but in reality, the Form 990 is much more than that. Your organization’s 990 is open to public inspection, which means that your current and prospective donors may have access to at least the last three years of your organization’s 990s. Using the Form 990, donors can learn about your organization’s governance (or lack thereof), operations and programs.
If your business or nonprofit used the fully refundable tax credits to cover the cost of COVID-19-related emergency paid sick leave (EPSL) or expanded family and medical leave (EFML) for employees, there are new reporting requirements for W-2 reporting for 2021.