Congress: What We’re Watching

Over the past six months, we have seen nearly $2.7 Trillion in combined COVID-19 relief funding from Congress via the Families First, CARES, and PPP and Health Care Enhancement Act; however, many significant items remain unaddressed.

2020-09-09T17:41:35-04:00September 9, 2020|Categories: PBMares COVID-19 Insights, Tax: Business, Tax: Individual|Tags: |

Maryland Pass-through Entity Tax Election

A new State of Maryland allows pass-through entities (PTEs), including partnerships and S Corporations, to elect to pay the Maryland income tax due on both resident and non-resident owners’ share of the income from the PTE.

2020-09-09T10:46:04-04:00September 9, 2020|Categories: Tax: Business, Tax: Individual|Tags: , , |

How the Payroll Tax Deferral Works for Employers

On August 8, 2020, President Trump issued a Presidential Memorandum allowing for the deferral of employee social security payroll tax obligations due to COVID-19.

2020-09-02T13:22:59-04:00September 1, 2020|Categories: PBMares COVID-19 Insights, Tax: Business|Tags: , |

$10,000 SALT Cap Continues to Receive Attention

One of the little-known provisions of the House of Representatives’ HEROES Act could have big impacts for high-income taxpayers and small businesses later on as tax policies continue to be reevaluated.

IRS Issues FAQs on Provider Relief Payments Made Under the CARES Act

The IRS explains the taxability of Provider Relief Fund reimbursements made to health care providers pursuant to the CARES Act. (authored by RSM US LLP)

2020-09-24T14:06:34-04:00July 29, 2020|Categories: Healthcare, PBMares COVID-19 Insights, Tax: Business|Tags: , |

FAQs About the Employee Retention Credit and Refundable Tax Credits

The Paycheck Protection Program helped more than four million businesses continue to pay their employees during the coronavirus pandemic.

2020-09-21T08:20:10-04:00July 29, 2020|Categories: PBMares COVID-19 Insights, Tax: Business|Tags: , , , |

Congress Approves Extension to Apply for PPP Funds

On Wednesday, July 1, the House passed Senate Bill S.4416 by unanimous consent.  The bill, which extends the timeline to apply for PPP funds through August 8, 2020, is headed to the President’s desk for signature.

2020-07-02T11:32:14-04:00July 2, 2020|Categories: PBMares COVID-19 Insights, Tax: Business|Tags: , |

Deduct Some Losses Due to COVID-19 on Your 2019 Taxes

Over the past several weeks, there has been a lot of attention regarding the tax provisions and federal loan programs such as the Paycheck Protection Program included in the CARES Act.

2020-06-30T11:40:51-04:00June 30, 2020|Categories: PBMares COVID-19 Insights, Tax: Business|Tags: , |