Recent News & Blog / Business Tax
Maryland bFile and Maryland Tax Connect
Per communication on January 19, 2024, from the Comptroller of Maryland's office in regards to bFile and Maryland Tax Connect: January 18, 2024 - Last day to submit new Admissions and Amusement returns or make payments using the bFile system.
Tax-favored Qualified Small Business Corporation status could help you thrive
Operating your small business as a Qualified Small Business Corporation (QSBC) could be a tax-wise idea. QSBCs are the same as C corporations for tax and legal purposes, except shareholders are potentially eligible to exclude from federal income tax. However, you must meet several requirements set forth in the Internal Revenue Code. Consult with the CPA's and business tax advisors at SEK if you’re interested in operating your business as a QSBC or for more tax questions and tax tips.
Does your business have employees who get tips? You may qualify for a tax credit
If you’re an employer with a business where tipping is routine when providing food and beverages, you may qualify for a federal tax credit involving the Social Security and Medicare (FICA) taxes that you pay on your employees’ tip income. The credit is claimed as part of the general business credit. Contact the CPA's and business tax advisors for questions about this potentially valuable tax break, tax news and more tax tips!
Defer tax with a like-kind exchange
If you’re interested in selling commercial or investment real estate that has appreciated significantly, one way to defer a tax bill on the gain is with a Section 1031 “like-kind” exchange. With this transaction, you exchange the property rather than sell it. Like-kind exchanges can be an attractive tax-deferred way to dispose of real property if you anticipate a large tax bill and meet the requirements. Contact the CPA's and business tax advisors at SEK if you have tax questions or for more tax tips.
2024 Q1 tax calendar: Key deadlines for businesses and other employers
Here are a few key tax-related deadlines for businesses during the first quarter of 2024. Contact the CPA's and financial advisors at SEK to learn more about filing requirements and ensure you’re meeting all applicable deadlines.
2024 Payroll Tax Bulletin
The IRS recently released the 2024 payroll tax rates, which we have summarized in a bulletin that contains the following:
2024 Rates & Dates
The IRS recently released the 2024 rates and dates, which includes the following:
Updated Maryland minimum wage and overtime law
Effective January 1, 2024, Maryland State's employee minimum wage is increasing to $15 per hour for all employers, regardless of size. In contrast to the 2023 state rate hike, the rate remains consistent regardless of whether a company has more or fewer than 15 employees.
A company car is a valuable perk but don’t forget about taxes
One of the most appreciated fringe benefits for owners and employees of small businesses is the use of a company car. This perk results in tax deductions for the employer and tax breaks for the owners and employees using the cars. Our CPA's and Tax Advisors can help keep you in compliance with the rules. Give our accounting firm a call today for more tax tips and financial advice.
When holiday gifts and parties are deductible or taxable
The holiday season is a great time for businesses to show their appreciation for employees and customers by giving them gifts or hosting holiday parties. Before you begin shopping or sending out invitations, though, it’s a good idea to find out whether the expense is tax deductible and whether it’s taxable to the recipient. Here’s a brief review of the rules.