The Hoffman Group is a full-service accounting and consulting firm headquartered in the Baltimore, Maryland region. Our dedicated team provides a comprehensive array of assurance, consulting and tax services for businesses and individuals. By thoroughly evaluating our clients’ unique financial needs, we create personalized solutions and develop comprehensive plans for their success. To us, the most valuable part of our business is client relationships. That is why we are built on the pillars of transparency, trust and respect. Our highly skilled team of professionals and Certified Public Accountants provide the knowledge, passion and technical abilities to help our clients thrive.
Let's Work Together
Tax-Favored QSBC for the COVID-19 Era and Beyond
The COVID-19 crisis has taken a toll on many small businesses. But some winners are expected to emerge from the wreckage. Unprecedented steps will be taken to guard against health risks from COVID-19 and whatever might come along next. The new normal will create new opportunities. Small businesses that can respond to those opportunities will survive and thrive. Here's why operating as a tax-favored qualified small business corporation (QSBC) can...
Applying for PPP Loan Forgiveness Early
Guidance released from the Treasury and Small Business Association (SBA) Monday, June 22 declares that Paycheck Protection Program (PPP) recipients can apply for loan forgiveness before the end of their Covered Period. The 34-page interim rule addresses a few issues concerning the Payment Protection Program, which provides forgivable loans to small businesses and organizations affected by the economic impacts of the COVID-19 pandemic. Namely, it revised previous guidance to...
COVID-19 Crisis May Affect Tax Angles for Rental Property Losses
Economic fallout from the COVID-19 crisis will cause many rental real estate properties to run up tax losses in 2020 — and possibly beyond. Here's a summary of important federal income tax rules for such losses. What You Can Write Off Rental property owners can deduct mortgage interest and real estate taxes. They can also write off all standard operating expenses that go along with owning rental property. Examples...
Paycheck Protection Program Flexibility Act (PPPFA)
The Paycheck Protection Program Flexibility Act (PPPFA) was passed on June 5th with the goal of making it easier for Paycheck Protection Program (PPP) loan recipients to qualify for forgiveness. Here are some of the major changes brought by the PPPFA: Lowered payroll costs percentage requirement Prior to the PPPFA, business owners had to spend at least 75% of their PPP funds on payroll expenses to qualify for full forgiveness,...
At The Hoffman Group, we take a personal interest in your success. Our team of Certified Public Accountants and consultants have a breadth of experience in anticipating challenges businesses may face and developing strategic plans to meet their financial objectives. We focus on an array of industries such as construction, manufacturing and distribution, and government contracting to help you make healthy financial and business decisions that amplify profitability and maximize competitiveness.