The Bottom Line S corporations and partnerships should be aware of a new election that may allow them to reduce the federal income tax of their New York individual owners. New York State’s budget for the fiscal year 2022, which was signed into law on April 19, 2021, includes an elective Continue Reading
Maryland Passes Digital Advertising Tax
The Bottom Line After more than a year of contention, Maryland’s proposed digital advertising services tax has become law (the Act). On February 12, 2021 the Maryland Senate voted to override Governor Hogan’s previous veto of the legislation. The Act requires “persons” to pay a tax at rates Continue Reading
Tax Provisions Contained in the CARES Act
The Bottom Line The CARES Act offers a number of tax benefits for both individuals and businesses with the aim to enhance taxpayer cash flow for 2020.Both classes of taxpayers need to pay close attention to these tax provisions as a number of them will have an immediate impact on both personal and Continue Reading
IRS Defers Tax Payment and Filing Obligations Due to the Coronavirus Pandemic
The Bottom Line The Internal Revenue Service (IRS) has deferred both income tax payments and income tax filings to July 15, 2020 due to the COVID-19 pandemic, pushing the deadline three months later than the standard April 15, 2020 deadline. The full Notice 2020-18 (Notice) can be viewed Continue Reading