Starting with the 2020 tax year, business taxpayers must report nonemployee compensation of more than $600 on new Form 1099-NEC instead of Form 1099-MISC.
Congress Passes & President Signs New COVID Relief Bill
The nearly 6,000-page Bill passed with overwhelming bipartisan support and was signed by the President.
Maryland Pass Through Entity SALT Workaround
The Internal Revenue Service released IRS Notice 2020-75 on November 9, 2020, clarifying its position on State and Local Tax (SALT) workaround laws passed by several states. In Notice 2020-75, …
Time Running Out on Special Charitable Giving Provisions
The holiday season always brings out the charitable inclinations in people, and this year will be no different. We may even see an increase in charitable giving due to provisions …
Can You Deduct Entertainment & Business Meal Expenses? (Updated 2020)
(This article has been updated to reflect clarifications in the deductibility of business expenses for employee social gatherings) Wining and dining clients, prospects and business contacts has been, and continues …
Maryland Accesses Rainy Day Fund for $250 Million of New Economic Relief
The state of Maryland is dipping into its Rainy Day Fund to add $250 million to the state’s emergency economic relief efforts for small businesses. The additional relief adds to …
