The Paycheck Protection Program (“PPP”) authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. All loan terms will be the same for everyone. The loan amounts will be forgiven… Read More
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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… Read More
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,… Read More
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… Read More
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:… Read More
Coronavirus (Covid-19): Tax Relief for Small Businesses
Businesses across the country are being affected by the coronavirus (COVID-19). Fortunately, Congress recently passed a law that provides at least some relief. In a separate development, the IRS has issued guidance allowing taxpayers to defer any amount of federal… Read More
How Business Owners May Be Able to Reduce Tax by Using an S Corporation
Do you conduct your business as a sole proprietorship or as a wholly owned limited liability company (LLC)? If so, you’re subject to both income tax and self-employment tax. There may be a way to cut your tax bill by… Read More
Does Your Business Qualify for the Research and Development Tax Incentive?
The research and development (R&D) tax incentive is one of the most lucrative credits the Internal revenue Code provides, but it’s commonly overlooked. What constitutes as “research and development” is more expansive than one might think and may include activities… Read More
Ideas to Lower Your Taxes for 2019
Tax season is well under way. Have you filed (or extended) your individual federal tax return for 2019 yet? You may still have time to make some moves between now and the April 15 filing deadline to lower your 2019… Read More
Has the TCJA Lowered Your Taxes?
We now have two years of the Tax Cuts and Jobs Act (TCJA) changes under our belts: 2018 and 2019. Are your taxes lower than before the law went into effect? Not surprisingly, the answer depends on your specific situation…. Read More