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

IRS Addresses the President’s Executive Order on Employee Payroll Tax Deferral in Notice 2020-65

Posted By: Tax Department , September 2, 2020

Update:  Guidance released on August 28th clarified that taxes deferred must be withheld and remitted by employers ratably between 1/1/21 – 4/30/21.  More information is available here. On August 28, 2020, the IRS issued Notice 2020-65 that provides some needed guidance for employers wondering whether and how to comply with the employee payroll tax deferral described in…

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Important Information About IRS Tax Notices

Posted By: Tax Department , August 31, 2020

Over the past few months, taxpayers who have sent payments to the IRS have still been receiving balance due notices. This is due to an IRS backlog in processing mail because of COVID-19 related closures. In response to a letter from the chairman of the House Ways & Means Committee, the IRS is working to…

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President Enacts Option to Defer Certain Payroll Taxes Until the End Of 2020

Posted By: Hertzbach , August 17, 2020

On August 8, 2020, President Trump issued an executive order which will allow deferral of certain payroll tax payments. This action only applies to employees who generally earn less than $4,000 per biweekly pay period (approximately $2,000 per week or $104,000 annually). Such an employee may temporarily defer their portion of Social Security tax (6.2%)….

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Upcoming Sales Tax Holidays

Posted By: Tax Department , August 7, 2020

Maryland and Virginia are holding sales tax holidays in the month of August. The “Shop Maryland Tax-Free Week” for 2020 is Sunday, August 9 – Saturday, August 15. Virginia is holding its annual sales tax holiday on August 7-9, 2020. See below for more details. Maryland: Dates: August 9-15 Items Included: Qualifying apparel and footwear…

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Borrower Accounting for PPP Loans

Posted By: Hertzbach , August 4, 2020

Although the legal form of the PPP loan is debt, some believe the loan is, in substance, a government grant. This has caused confusion on how borrowers should account for the loans under Generally Accepted Accounting Principles (GAAP). There is no guidance in existing GAAP that specifically addresses the accounting for forgivable loans obtained from,…

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IRS Confirms July 15th Deadline Won’t be Pushed Back Again

Posted By: Tax Department , June 30, 2020

On June 29, 2020 the IRS confirmed that the July 15th tax deadline will not be pushed off again.  Taxpayers who will not be able to file their returns by this date should file automatic extensions.  However, taxpayers that will owe taxes will still need to pay by July 15th, or face penalties and interest….

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