COVID-19

The pandemic ushered in the age of video meetings, providing a glimpse into many kinds of home workspaces. For many workers, a dedicated home office became more important than ever in 2020, though not everyone will get a tax break for having one. A Perk for Business Owners Only self-employed workers, independent contractors, and partners […]

Financial aid is essential for many families, even more so now in light of COVID-19. How much do you know about this important piece of the college financing puzzle? 1. If my child attends a more expensive college, we’ll get more aid Not necessarily. Colleges determine your expected family contribution, or EFC, based on the […]

In March 2020, Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The legislation included a provision that allowed qualified retirement plan participants and IRA account holders to take penalty-free early distributions totaling no more than $100,000 between January 1 and December 31, 2020. If you took advantage of this measure, here’s what […]

The coronavirus pandemic has strained the finances of many U.S. households. In an August 2020 survey, 25% of adults said someone in their household had experienced the loss of a job due to the outbreak. Even among those who did not lose a job, 32% said someone in their household has had to reduce hours […]

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 […]

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  

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 […]

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 […]

Governor Larry Hogan today announced the $250 million ‘Maryland Strong: Economic Recovery Initiative,’ which will provide funding from the Rainy Day Fund to directly assist restaurants, small businesses, local entertainment venues, arts organizations, and Main Streets across the state. The initiative doubles the state’s total commitment to COVID-19 emergency economic relief for Marylanders to $500 […]

Governor Larry Hogan and the Maryland Department of Labor have announced additional funding is available beginning Wednesday, October 28th through the successful COVID-19 Layoff Aversion Fund, which is designed to support small businesses undergoing economic stresses due to the pandemic by preventing or minimizing the duration of unemployment resulting from layoffs. The award (up to […]