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.
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SALT Deductions for Maryland Pass-Through Entity Owners
During the 2020 Session of the Maryland General Assembly, Senate Bill 523 was passed, which authorized pass-through entities (PTEs) to elect to be taxed at the entity level for state income taxes. The bill took effect on July 1, 2020. This is intended to be a workaround for owners whose individual state and local tax deductions have been capped at $10,000 by the Tax Cuts and Jobs Act (TCJA). Before...
Prior-Law Kiddie Tax Rates Retroactively Reinstated
Do your children or grandchildren receive unearned income from investments? Federal tax law contains provisions that are designed to prevent high-net-worth individuals from shifting investment income to children and young adults in lower tax brackets to minimize the family's overall tax bill. These so-called "kiddie tax" rules have gone through several changes in recent years. Here's the latest. Important: For simplicity, throughout this article we use the terms "child" and...
The Possible Tax Consequences of PPP Loans
If your business was fortunate enough to get a Paycheck Protection Program (PPP) loan taken out in connection with the COVID-19 crisis, you should be aware of the potential tax implications. PPP basics The Coronavirus Aid, Relief and Economic Security (CARES) Act, which was enacted on March 27, 2020, is designed to provide financial assistance to Americans suffering during the COVID-19 pandemic. The CARES Act authorized up to $349 billion...
Paid Family and Medical Leave Under the Families First Act
The Families First Coronavirus Response Act (a.k.a. Families First Act) requires that small to medium-sized businesses provide paid leave to employees affected by COVID-19 through two provisions: the Emergency Paid Sick Leave Act and the Emergency Family and Medical Leave Expansion Act. Both acts provide fully refundable tax credits to employers to cover qualified sick and family leave wages for employees unable to work due to COVID-19 related factors through...
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.