Jul 8, 2025 | Business Planning, Closely Held Business, Tax News
As reported by The Journal of Accountancy, The One Big Beautiful Bill Act, was signed into law on Friday, July 4 by President Donald Trump. The bill extends many of the expiring provisions from the Tax Cuts and Jobs Act (TCJA). It also addresses other tax priorities...
May 15, 2025 | Business Planning, Closely Held Business, Tax News
The MarylandSaves program has posted the following notice on its website, at MarylandSaves.com. Businesses in Maryland are required to file their Annual Reports to the Maryland Department of Assessment and Taxation (SDAT) as part of their annual business tax filings....
Apr 21, 2025 | Business Planning, Closely Held Business, Featured News and Events
The Financial Crimes Enforcement Network (FinCEN) published an interim final rule (“Rule”) in the Federal Register on March 26, 2025 (Federal Register :: Beneficial Ownership Information Reporting Requirement Revision and Deadline Extension), that removes the...
Apr 10, 2025 | Business Planning, Closely Held Business, Tax News
Business meals: yes or no on deductions? In brief, you cannot take a deduction for any expense related to activities generally considered entertainment, amusement or recreation. However, you can deduct 50% of the cost of business meals if you (or your employee) are...
Apr 1, 2025 | Business Planning, Closely Held Business, Tax News
Section 179 of the U.S. tax code offers a tax incentive to small and medium-sized businesses by allowing them to take a full deduction on tangible assets in the year items were purchased and put into service. The cost of such major purchases would generally have to be...
Mar 25, 2025 | Business Planning, Closely Held Business, Tax News
Section 199A of the Internal Revenue Code provides many owners of sole proprietorships, partnerships, S corporations and LLCs, as well as some trusts and estates, a deduction of up to 20% of income from a qualified trade or business, qualified real estate investment...
