President Biden has released his Fiscal Year (FY) 2024 Budget to Congress, with a proposal to raise taxes on corporations […]
Maryland’s New Corporate Diversity Addendum
Tax Planning & Compliance
For the 2022 tax filing season, entities who file an Annual Report with the State Department of Assessments and Taxation […]
2022 State Special Payments Mostly Excludable from Federal Income
Tax Planning & Compliance
On February 10, 2023, the Internal Revenue Service (IRS) issued guidance clarifying the federal tax status involving special payments made […]
Federal Estate Tax Exemption Increases for 2023
Tax Planning & Compliance
The federal estate tax exemption has been increased to $12.92 million for 2023. For married couples, the combined exemption is […]
Important Provisions From the SECURE 2.0 Act of 2022
Tax Planning & Compliance
On December 29, 2022, President Biden signed the $1.7 trillion Consolidated Appropriations Act of 2023 into law. This act combined […]
2022 Schedules K-2 and K-3 Reporting Requirements for Partnerships and S Corporations
Tax Planning & Compliance
The Internal Revenue Service (IRS) recently issued revised instructions for Schedules K-2 and K-3 for the 2022 tax year. The […]
2023 Standard Mileage Rates
Tax Planning & Compliance
The Internal Revenue Service has issued the optional standard mileage rates used to calculate the deductible costs of operating an […]