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Tax Resources Blog

Maryland Expands Child and Dependent Care Tax Credit

Posted By: Tax Department , May 23, 2019

On May 13, 2019, Governor Hogan signed a bill to expand Maryland’s Child and Dependent Care Tax Credit. Taxpayers who have expenses for child and dependent care to allow them to work can claim a credit for these expenses on their federal tax return. Maryland has long allowed an income tax credit that was a…

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Hertzbach honored with award for Technological Innovation

Posted By: Hertzbach , May 6, 2019

We are proud to share that Hertzbach has been honored with the award for Technological Innovation at the 2019 BDO Alliance USA Conference. The theme of the conference focused on the importance of making “Clear Choices.” The awards were centered on four areas of focus – Exceptional Client Experience, Targeted Growth, Exceptional and Engaged People…

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Top 10 Property Tax Myths

Posted By: Tax Department , February 5, 2019

Are you missing an opportunity to reduce your property tax liability? Nearly all local taxing jurisdictions, including municipalities, counties, and boards of education, generate tax revenue through the imposition of property tax, which is one of the most substantial sources of local government revenue. For many businesses, property tax is the largest state and local…

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IRS Announces Underpayment Penalty Relief

Posted By: Tax Department , January 17, 2019

The Internal Revenue Service announced yesterday in Notice 2019-11 that it will be providing relief from the assessment of underpayment of estimated tax penalties for individuals under IRC 6654.  In the notice, the Internal Revenue Service has stated due to the effects of the Tax Cuts and Jobs Act passed in December 2017, individual taxpayers…

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IRS Guidance on the Treatment of Qualified Transportation Fringes

Posted By: Tax Department , December 20, 2018

Employers may provide certain qualified transportation benefits to their employees without the employees being taxed on these benefits (“qualified transportation fringes”). After the changes enacted as part of tax reform, certain benefits remain nontaxable to employees, but the cost of providing these benefits is no longer deductible to the employer. These benefits are: Transportation in…

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IRS Releases Proposed Regulations and FAQ on New Business Interest Limitation

Posted By: Tax Department , November 27, 2018

On November 26th the IRS released Proposed Regulations addressing the §163(j) business interest limitation.  This was a major provision of the TCJA.  Along with the Proposed Regulations they provided a list of FAQs explaining how the limitation works.  We will be combing through the Proposed Regulations for any new insights they provide, check back for…

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