Category: Uncategorized

Trust Fund Recovery Penalties

Juda Gabaie August 18, 2020 No Comments

When a business has employees, the employer is responsible for withholding employees’ Medicare and Social Security contributions from their checks. In many cases, a business will also withhold some federal…

Understanding the Differences Between an S Corp and a C Corp

Juda Gabaie August 6, 2020 No Comments

Businesses can be set up as either an S corp or a C corp. Understanding the difference can have a big impact on your business structure, so it’s important to…

New Maryland Law May Sidestep Federal Limits on SALT Deductions

Juda Gabaie July 22, 2020 No Comments

In May, Maryland became the seventh state to implement a new business tax option to help Maryland business owners avoid new limits on state and local tax (SALT) deductions. Before…

The Latest on Deferring Payroll Taxes, 941 Employee Retention Tax Credits, and the Paycheck Protection Program

Juda Gabaie July 10, 2020 No Comments

The COVID-19 viral infection has devastated economies across the world and the United States. Maryland predicts a $2.8 billion loss in state revenue, including a $1 billion loss in income tax revenue…

Withdrawals from Retirement Savings: Should You Do It?

Juda Gabaie July 2, 2020 No Comments

The Coronavirus pandemic and the subsequent lockdowns have financially devastated many Maryland families. If you’ve faced a job loss and are struggling to pay bills, you may be wondering if…

Can I Delay Filing my Taxes in 2020?

Juda Gabaie June 4, 2020 No Comments

The Coronavirus COVID-19 pandemic has uprooted so many of our daily and yearly routines. While federal income tax deadlines typically fall on April 15, 2020, you may be wondering how…

Will SALT Deduction Caps Be Lifted?

Juda Gabaie May 18, 2020 No Comments

According to a report from the Government Finance Officers Association (GFOA), in 2014, Maryland had the highest rate of taxpayers that benefited from the SALT deductions, with 45% of tax units…

Is Unemployment Taxable?

Juda Gabaie May 4, 2020 No Comments

Millions of Americans have filed for unemployment benefits since the coronavirus pandemic. For those who cannot work from home, the stay-at-home orders have closed up a lot of businesses and…

Are Coronavirus Stimulus Payments Taxable?

Juda Gabaie April 17, 2020 No Comments

On March 25, 2020, Congress passed the Coronavirus Aid, Relief, and Economic Security Act, also known as the “CARES Act.” As part of the CARES Act, many middle and lower income…

Tax Year 2019 Tax Brackets for 2020 Filings

Juda Gabaie April 3, 2020 No Comments

Tax filings opened on January 27 for individual taxpayers. The filing deadline was Wednesday, April 15, 2020. However, due to the COVID-19 outbreak, the IRS has pushed back the filing and…

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