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The Stop Scam Tax Preparers Act: Safeguarding Maryland Taxpayers with MSATP’s Advocacy
The Maryland Society of Accounting and Tax Professionals (MSATP) has long been a stalwart advocate for ethical practices in the tax preparation industry. Our recent triumph in supporting the passage of the Stop Scam Tax Preparers Act (Senate Bill 675) underscores our commitment to protecting Maryland taxpayers from fraudulent tax preparers who exploit the most vulnerable populations. The Need for the Stop Scam Tax Preparers Act Fraudulent tax preparers pose a significant threat to the financial well-being of Marylanders, especially minorities, low-income families, and ethical tax professionals. These scam artists often promise inflated refunds or engage in other deceptive practices,...
Maryland SALT Cap (2023 Update)
For the 2023 tax year, Maryland has updated its rules regarding the state tax cap on federal returns and what to do for Maryland returns. Here's the updated information compiled from the MarylandTaxes.com website: Instructions for FORM 502 — itemized deduction calculation: "Copy the amount from federal Form 1040, Schedule A, line 17, Total Itemized Deductions, on line 17a of Form 502. Certain items of federal itemized deductions are not eligible for State purposes and must be subtracted from line 17a. State and local income taxes used as a deduction for federal purposes must be entered on line 17b." New...