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Tax Resources Blog

Shop Maryland Energy Weekend Announced for 2020

Posted By: Tax Department , February 14, 2020

The Maryland Comptroller’s office is reminding consumers of the annual Shop Maryland Energy weekend event. For 2020, this special sales tax holiday will be from Saturday, February 15 through Monday, February 17. During these three days, consumers will not have to pay the 6% state sales tax on qualifying ENERGY STAR® products, including standard size…

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No Estate and Gift Tax Clawback After Year 2025

Posted By: Tax Department , January 14, 2020

The Tax Cuts and Jobs Act (TCJA) of 2017 temporarily increased the basic exclusion amount (BEA) to $10 million, indexed for inflation after 2011, for gifts made or estates of decedents dying after December 31, 2017 and before January 1, 2026.  After 2025, BEA will revert back to $5 million, indexed for inflation after 2011. …

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New Year, New Form W-4

Posted By: Tax Department , January 2, 2020

The new year is upon us, and everyone is hopeful that 2020 will bring change for the better. The IRS has made a significant change that many of us will notice – a redesigned 2020 Form W-4. The W-4 is the familiar form used by employees to help employers calculate the correct amount of Federal…

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2019 Tax Law Change Update

Posted By: Marketing , December 24, 2019

Highlights of spending package’s tax law changes The federal government spending package titled the Further Consolidated Appropriations Act, 2020, does more than just fund the government. It extends certain income tax provisions that had already expired or that were due to expire at the end of 2019. The agreement on the spending package also includes…

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WAYFAIR – IT’S NOT JUST FOR SALES AND USE TAX

Posted By: Tax Department , December 12, 2019

Summary The effects of the Supreme Court’s 2018 Wayfair decision on sales and use tax have received much attention (see our previous blog on the topic). In 2019, we have begun to see a trend of states adopting economic nexus standards (that resemble the new sales tax rules) for income and franchise taxes. Hawaii, Massachusetts,…

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IRS Makes Face-to-Face Visits to Taxpayers with Tax Compliance Issues

Posted By: Tax Department , December 9, 2019

The IRS has announced that they will begin visiting taxpayers with ongoing tax compliance issues. This campaign will focus on areas where there have been a limited number of IRS officers, with Wisconsin, Arkansas, and Texas among the initial areas to be targeted. IRS revenue officers will make unannounced visits to taxpayers who have been…

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