Two breaking Maryland tax updates: Maryland Sales Tax on Digital Products
The Maryland Legislature overrode the Governor’s veto of House Bill 932 on February 12, 2021. The override will allow for sales tax to be imposed on digital products and streaming services. Under Maryland law, the legislation takes effect 30 days after the override, so this new sales tax will be effective March 14, 2021. The […]
Maryland Digital Advertising Tax
The Maryland Legislature overrode a Governor’s veto last month of House Bill 732. The override of this bill will allow for a new tax to be imposed on digital advertising, effective for tax year 2021. This is a tax on gross receipts derived from digital advertising. The tax could apply to taxpayers with as little […]
March 2021 U.S. Newsletter
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Congress Passes $1.9 Trillion American Rescue Plan
The U.S. House of Representatives voted today to approve the amendments made to the $1.9 trillion American Rescue Plan Act of 2021 (H.R. 1319) legislation by the U.S. Senate on March 6. The new stimulus package was introduced by the Biden Administration in January and extends several provisions of the $2.2 trillion CARES Act enacted […]
Can you take a tax deduction for working from home?
Since the beginning of the COVID-19 pandemic, many individuals began working from their homes, as offices and workplaces closed to help prevent the spread of the coronavirus. Now, many workers are wondering whether they can take a home office deduction on their 2020 tax filing. As you might recall, home office deductions were expanded in […]
NEW WEBINAR – NEW TAX CREDITS FOR YOUR BUSINESS
WHEN: Tuesday, March 9, 2021, from noon to 1 p.m. REGISTER / MORE INFORMATION: At the Amherst Chamber of Commerce website. Tronconi Segarra & Associates is pleased to partner with the Amherst Chamber of Commerce to present a new Lunch & Learn webinar about the Employee Retention Tax Credit (ERTC), one of the most complex, […]
New! Small Business Newsletter Winter 2021 Issue
Our latest Small Business newsletter, full of timely and helpful information about the Paycheck Protection Program, the Employee Retention Tax Credit, what to expect in the new New York State budget, and much more. Read the full issue here.
COVID-19 Accounting Considerations #2
The impact of coronavirus (“COVID-19”) on the global economy has shifted businesses’ and organizations’ main focus from standard operating procedures to navigating through new laws and regulations, analyzing staffing needs, renegotiating contracts with customers and vendors, and determining whether certain operations are no longer feasible given the economic climate. COVID-19 not only altered the way […]
COVID-19 Accounting Considerations
The impact of coronavirus (“COVID-19”) on the global economy has shifted businesses’ and organizations’ main focus from standard operating procedures to navigating through new laws and regulations, analyzing staffing needs, renegotiating contracts with customers and vendors, and determining whether certain operations are no longer feasible given the economic climate. COVID-19 not only altered the way […]
President Biden Announces Changes to PPP
Today, the Biden Administration announced several reforms to further target relief to America’s smallest businesses and to ensure that Paycheck Protection Program (PPP) funds are distributed equitably. These reforms include the following changes intended to eliminate barriers that disproportionately harm minority-owned, women-owned, Main Street and other underserved small businesses: Starting Wednesday, February 24, 2021 at […]