Tax

The Hertzbach Tax Group provides a comprehensive range of innovative tax services to our clients. Navigating the tax landscape of today requires skilled professional help to carefully track, interpret, and plan. We bring specific experience to every area of tax planning and preparation. We are focused on keeping you informed, and one step ahead.

Here are some of the tax matters in which we can assist:

  • Business Tax Preparation and Planning
    • Corporations
    • Partnerships
  • State and Local Tax
  • Estates, Gifts and Trusts
  • Credits and Incentives
  • Individual and High Net Worth
  • Transaction Planning
    • Merger & Acquisitions
    • Business Transition Plans
  • Nonprofit
  • International

Useful Tax Information

Tax Updates

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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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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Employer Withholding Requirements & Income Sourcing

Posted By: Tax Department , May 14, 2020

Employer Withholding Requirements Maryland employer withholding requirements are not affected by the current increase in teleworking because tax-ability is determined by the employee’s physical presence. Employer withholding is generally required for employees who are: Maryland residents Maryland non-residents receiving Maryland-sourced income Maryland- sourced income:  compensation for services performed in Maryland Teleworking in Maryland is Maryland-sourced…

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