Blog

LATEST BLOG POSTS

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...
Maryland Society of Accounting and Tax Professionals Opposes House Bill 1515: Proposed Legislation Threatens to Burden Practices and Clients
The Maryland Society of Accounting and Tax Professionals (MSATP) strongly opposes House Bill 1515, which aims to reduce the sales tax rate while simultaneously expanding it to cover a wide range of services. If enacted, this misguided legislation would place undue burdens on accounting and tax practices, as well as on the individuals and businesses they serve. Under the proposed changes, many services provided by accounting and tax professionals would become subject to the sales tax for the first time. This means that in addition to paying more for these essential services, Marylanders would also face the headache of sales...