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The Tax Impact of Remote Employees On Your Business

One of the unexpected consequences of the COVID-19 pandemic is the proliferation of remote employees. If your business has remote employees, there are tax consequences and rules you should be aware of.
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Inflation Reduction Act of 2022: Key Highlights

The Inflation Reduction Act of 2022 intends to curb inflation by decreasing the amount of money the government spends, imposing new streams of revenue and lowering both healthcare and energy bills for Americans.
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Journal Entries to Account for Operating Leases Under the New Lease Standard

The new lease accounting standard is effective for private companies and nonprofits for fiscal years beginning after December 15, 2021. This new accounting rule requires organizations to report their operating leases on the balance sheet. This will...
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The Labor Crisis: Where Are All the Workers?

When I ask business owners about the challenges facing their business, there is one common theme that runs across all industries — the labor dilemma. By now, we have all experienced the effects of the “Great Resignation.” Local businesses have shortened...
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Late Filing Penalties to be Waived for Some Taxpayers

Certain late tax filers are about to see some relief. The IRS is abating the late filing penalties for various tax returns for 2019 and 2020 that were filed late or have not yet been filed. This announcement came on August 24, 2022, when the IRS issued...
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Maryland Raises Business Personal Property Tax Exemption

The Maryland State Department of Assessments and Taxation (SDAT) made business owners very happy as House Bill 268 (HB268) has officially taken effect. This legislation increases the exemption amount of personal property eligible to be taxed. The...
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