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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Business Tax Provisions in Third Coronavirus Relief Package
By a unanimous vote on March 25, the Senate passed a third coronavirus relief package, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act, H.R. 748, the Act). Here are the tax relief provisions for businesses that are contained in the Act. Employee retention credit for employers This provision provides a refundable payroll tax credit for 50% of wages paid by eligible employers to certain employees during the COVID-19...
CARES Act Signed, SBA Loan Expanded
On Friday evening, President Trump signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act, a $2 trillion stimulus package aimed to help individuals, businesses and public institutions who have been affected by the COVID-19 pandemic. Among its many provisions, the CARES Act relaxes restrictions and expands eligibility of the U.S. Small Business Administration (SBA) Section 7(a) Loan Program. The Act includes the Paycheck Protection Program (PPP) to permit individuals, small...
Maryland Business Relief Programs Available
Yesterday Governor Larry Hogan announced the closure of all non-essential Maryland businesses, and there's hardly an industry that hasn't been impacted. Hogan also announced new COVID-19 business relief programs available through the Department of Commerce and the Department of Labor. These are first come, first serve programs. To obtain more detailed information and apply online, please visit: https://govstatus.egov.com/md-coronavirus-business. Here are the relief programs available to business owners now: Maryland has...
Is Your MD Business an Essential Service?
Governor Larry Hogan issued an order instructing all non-essential businesses in Maryland to close at 5:00 pm today until further notice. At this time, the Office of Legal Counsel does not require the following businesses, organizations, and facilities to close: The Chemical Sector includes, but is not limited to: Pharmaceutical manufacturers. Chemical manufacturers. Distributors of chemicals and pharmaceuticals. The Commercial Facilities Sector includes, but is not limited to: Lodging. Building...
At The Hoffman Group, we take a personal interest in your success. Drawing on over 60 years of combined practice, our team has 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.