Governor Larry Hogan has introduced the RELIEF Act of 2021, an emergency stimulus and tax relief package that will provide more than $1 billion for Maryland working families, small businesses, and those who have lost their jobs as a result of the COVID-19 pandemic. RELIEF FOR SMALL BUSINESSES SALES TAX CREDITS FOR SMALL BUSINESSES The RELIEF […]
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SBA and Treasury Announce PPP Re-Opening; Issue New Guidance
This round of the PPP continues to prioritize millions of Americans employed by small businesses by authorizing up to $284 billion toward job retention and certain other expenses through March 31, 2021, and by allowing certain existing PPP borrowers to apply for a Second Draw PPP Loan. https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program
New Extended Deadlines for Certain Maryland Tax Filings and Payments in 2021
The state of emergency related to COVID-19 proclaimed by Governor Lawrence J. Hogan, Jr. on March 5, 2020 continues. Due to the economic impact on individuals and businesses, the Comptroller has extended due dates for certain tax types. This tax alert addresses additional actions taken by the Office of the Comptroller of Maryland due to […]
Comptroller Franchot Announces Forbearance for Business Tax Returns and Payments
Extension also provided for withholding and estimated income tax filings and payments ANNAPOLIS, Md. (January 6, 2021) – Comptroller Peter Franchot today announced that his agency has extended filing and payment deadlines for certain Maryland business taxes and quarterly estimated income tax returns and payments that would be due in January, February and March 2021 until […]
Watch Out for These Financial Pitfalls in the New Year
As people move through different stages of life, there are new financial opportunities and potential pitfalls around every corner. Here are common money mistakes to watch out for at every age. Your 20s & 30s Being financially illiterate. By learning as much as you can about saving, budgeting, and investing now, you could benefit from it […]
Sequence Risk: Preparing to Retire in a Down Market
“You can’t time the market” is an old maxim, but you also might say, “You can’t always time retirement.” Market losses on the front end of retirement could have an outsize effect on the income you receive from your portfolio by reducing the assets available to pursue growth when the market recovers. The risk of […]
Four Tips to Help Avoid Burnout While Working from Home
The coronavirus pandemic has completely changed the corporate landscape. Many companies have transitioned to having a majority of their employees work from home. As a result, long commutes, office lunches, and face-to-face meetings could be a thing of the past. Even when the pandemic eventually subsides, working remotely may be here to stay. According to […]
Year-End 2020 Tax Tips
Here are some things to consider as you weigh potential tax moves before the end of the year. Defer income to next year Consider opportunities to defer income to 2021, particularly if you think you may be in a lower tax bracket then. For example, you may be able to defer a year-end bonus or […]
Five Tips to Regain Your Retirement Savings Focus in 2021
In early 2020, 61% of U.S. workers surveyed said that retirement planning makes them feel stressed.1 Investor confidence was continually tested as the year wore on, and it’s likely that this percentage rose — perhaps even substantially. If you find yourself among those feeling stressed heading into the new year, these tips may help you focus […]
Is Now a Good Time to Consider a Roth Conversion?
This year has been challenging on many fronts, but one financial opportunity may have emerged from the economic turbulence. If you’ve been thinking about converting your traditional IRA to a Roth, now might be an appropriate time to do so. Conversion Basics Roth IRAs offer tax-free income in retirement. Contributions to a Roth IRA are […]
