THE RELIEF ACT

THE RELIEF ACT

Last Monday (02/15/21) Governor Hogan signed THE RELIEF ACT. Here are a few key highlights: 1) Direct payments to Marylanders who filed for the earned income credit in 2019. 2) Payments of $1,000 to individuals with unsettled unemployment claims. 3) Repeal state and...
“Above-the-line” charitable deduction

“Above-the-line” charitable deduction

One new provision of the CARES Act passed this past April allows taxpayers to claim a deduction for up to $300 for charitable donations, even if they are taking the standard deduction. However, the requirement for contemporaneous acknowledgement from the donee...
Potential for another delayed busy season

Potential for another delayed busy season

One consequence of the late passing to the new act is the potential for the delaying of the opening of tax filing season. Normally the IRS begins to accept electronically filed tax returns around January 27. However, with the changes in the new act, it is possible...
Student loans affected by the CARES Act

Student loans affected by the CARES Act

On March 20, 2020 the U.S. Department of Education directed the office of Federal Student Aid to suspend collection of student loan payments. This suspension of collections was extended on August 8, 2020 and again on December 4, 2020 and is expected to expire on...
Stimulus Payments – Stimulus Check

Stimulus Payments – Stimulus Check

Most taxpayers received a Federal “Stimulus Check” or “Economic Impact Payment” from the Federal government for 2020 tax year. We will need to reconcile your payment to determine if you are owed any additional payment when we prepare your 2020 tax returns. In the...
How to prepare for end of year

How to prepare for end of year

How to prepare for the 2021 tax filing season There are things taxpayers can do before the end of the year to help them get ready for the 2021 tax filing season. Below are a few of them. Contact Us Donate to charity There is still time to make a 2020 donation....
IRS announces all taxpayers now eligible for Identity Protection PIN

There are things taxpayers can do before the end of the year to help them get ready for the 2021 tax filing season. Below are a few of them. Donate to charity There is still time to make a 2020 donation. Taxpayers who don’t itemize deductions may take a...