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Please note: The posts below will continue to be amended with the most up-to-date information to better help you navigate this novel situation.

PPP Forgiveness: Dramatic Changes This Week

Posted By: Hertzbach , June 4, 2020

On June 3, 2020, the Senate passed the Paycheck Protection Program Flexibility Act of 2020 (the Act). The bill, which is expected to be signed into law soon, makes significant changes to the Paycheck Protection Program (PPP). Those involved with the PPP have had to deal with significant delays in awaiting vital guidance from the…

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IRS Provides Updated FAQS for Corporate Net Operating Loss Carrybacks

Posted By: Tax Department , June 4, 2020

Over the past week the IRS has posted several updates to its Frequently Asked Questions spanning multiple topic areas.  One of these updates included additional information and clarification regarding Corporate Net Operating Loss carrybacks and interplay with Alternative Minimum Taxes.  The CARES Act provides C corporations with a 5 year carryback period for NOLs in…

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PPP Loan Forgiveness: The Two New Interim Final Rules & What’s Next for Borrowers

Posted By: Hertzbach , June 3, 2020

On May 22nd, the Small Business Administration (SBA) issued the fourteenth and fifteenth Interim Final Rules, which add to what is known about Paycheck Protection Program (PPP) loan forgiveness and the SBA and lender review process. The fourteenth Interim Final Rule, “Requirements – Loan Forgiveness” focuses on, as the name suggests loan forgiveness, and the…

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Maryland Business Owners Getting Around Federal SALT Deduction Cap? (and Maryland Paper Return Processing)

Posted By: Tax Department , May 30, 2020

Pass-Through Entity-Level Tax 2020 Maryland Senate Bill No. 523 of Maryland’s 441st Session of the General Assembly will become effective on July 1, 2020. For tax years beginning on or after January 1, 2020, pass-through entities (PTE) will be allowed to elect entity-level taxation. This effectively allows taxpayers to avoid the $10K state and local…

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Have You Considered the Employee Retention Credit?

Posted By: Hertzbach , May 27, 2020

If you did not receive a Paycheck Protection Program loan, you may want to consider the CARES Act Employee Retention Credit. The Employee Retention Credit (ERC) may offer a tax credit up to $5,000 per employee for wages paid from March 13 to December 31, 2020. It’s one of the relief programs within the Coronavirus…

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IRS Increases Health FSA Carryforward Limit and Cafeteria Plan Flexibility

Posted By: Hertzbach , May 19, 2020

In response to the changes caused by COVID-19, the IRS has provided additional flexibility for health flexible spending accounts (FSA’s), dependent care assistance programs, and employer health plans. Many employees take advantage of these programs (collectively known as “cafeteria plans”) to set aside pre-tax money for medical and dependent care expenses. However, decisions regarding these…

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Hertzbach Resources

Hertzbach Portal and Electronic Organizer Logins

Suralink (typically used for large business engagements)

2019 - 2020 Tax Planning Guide

Families First Act Q&A

Government Response Resources

State Response Resources

Upcoming Webinars

There are no upcoming events.

A Message to Our Clients

A Message to Our Clients Regarding COVID-19


As Coronavirus (COVID-19) continues to spread across the country and the world, each person and business must take steps to protect their employees, clients, vendors, business contacts, and families.

To ensure the health of our staff, clients, business partners, family and larger community and we have decided to work remotely and close our offices to staff and visitors until further notice. Please note, we will be checking for mail and package delivery.

Please be assured, that while we remain focused on the health and safety of our professionals and those around us, we also are focused on outstanding continued service to our clients. Hertzbach has long been committed to a flexible workplace, and we have the technological, cultural and operational infrastructure for the organization to work virtually, and will continue to deliver the level of quality, excellence and timeliness you are accustomed to from us during these unique circumstances. Our staff is currently working from home on the same computer systems and client work as if they were in the office.

In this very busy time of year, we also strongly recommend our clients take advantage of this flexibility to limit your need to travel or leave your home given the current environment. Please do not drop off information at the office. We would prefer that you either send it via FedEx or UPS or send it though electronic means. Overnight packages and mail will be received and monitored during the week and converted to electronic documents.

As such, currently, we strongly encourage electronic delivery of your information and remind you of your choices in getting documents securely to us. As always, the security of your data is paramount in this process, so please use one of our secure solutions to deliver your information.

Hertzbach & Company Portal and Electronic Organizer Logins:

https://www.hertzbach.com/resources/login-portals/

Suralink  (typically used for large business engagements)

https://hertzbach.suralink.com/index.php

While most of our clients are already utilizing these products, please reach out to your accountant directly should you need to get set up on a portal or have any questions or concerns.

The United States Secretary of the Treasury announced yesterday that 2019 federal tax payments of up to one million dollars for individuals, including those with pass through entities, and ten million dollars for c-corporations will have an additional ninety days for payment without penalty or interest. The State of Maryland has also released guidance providing a ninety-day extension of 2019 income tax payments without penalty or interest.  While we don’t currently know all of the specifics, this will ease the urgency of filing by April 15th for many of our clients.  However, as always, we are committed to completing as many returns as possible by the filing deadline.  We will provide specifics on Federal and State tax measures and updated procedures over the next few days and as information becomes available.  We continue to monitor these evolving filing policies which may be modified due to the virus and will keep you informed as to this situation as quickly as the information is available to us.

We are all very much looking forward to returning to our normal routines and meeting with you in person. Wishing you good health and continued success.

Fondly,         Joel B. Chazen Managing Partner Hertzbach & Company, P.A    

Lets work remotely, together.

Stay up to date

Did you know that small retailers in the District of Columbia that operate a qualified business and pay real property taxes on a qualified retail location may be eligible for a refundable credit on their business franchise tax return? Learn more here: https://bit.ly/3dxz5Gn