Employers: Watch Out for Fraudulent Unemployment Claims
Friday, February 12, 2021 – In July of 2020, Maryland uncovered 47,500 fraudulent unemployment claims ($501 million in benefits), part of a nationwide scam. While Maryland Governor Larry Hogan reported… [more]
Net Operating Loss Carrybacks Are a Welcome Return for Taxpayers
By Dwight Baumgardner, CPA, LSWG Manager Included in the CARES Act signed into law last March, were changes to the tax treatment of business net operating losses (NOLs) for corporations… [more]
Jamie Iseminger, CPA, Joins LSWG
Wednesday, February 3, 2021 – LSWG is pleased to announce the addition of Jamie Iseminger, CPA, to LSWG’s principal group. An accomplished CPA with over 20 years of public accounting… [more]
IRS Updates Mileage Rates for 2021
Thursday, January 28, 2021 – Beginning on January 1, 2021, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) are: 56 cents per mile… [more]
Maryland Provides Tax Filing and Payment Relief
Tuesday, January 12, 2021 – The Maryland Comptroller’s Office has provided COVID relief for businesses filing tax returns and making tax payments coming due in January, February, March, and April… [more]
Paycheck Protection Program (PPP) Round 2
Tuesday, January 12, 2021 – Included among the $900 billion COVID relief within the Consolidated Appropriations Act signed into law on December 27, 2020, was reauthorization and modification of the… [more]
Employee Retention Credit – Expanded Opportunities for Businesses
This article (originally published January 12, 2021) was updated and re-posted on March 9, 2021, to include additional clarification provided in IRS Notice 2021-20 (released on March 1, 2021). On… [more]
Reporting Revenue and Expenses for Your Special Event
By Cindy McGiffin, CPA, LSWG Audit Supervisor, and Billy Harper, LSWG Staff Accountant II Tuesday, January 12, 2021 – A special event is a function or event which aims to… [more]
Allocating Functional Expenses for Your Nonprofit
By Julissa Canas, LSWG Staff Accountant Thursday, January 7, 2021 – Are you properly allocating your nonprofit’s functional expenses? Before FASB’s Accounting Standards Update 2016-14*, voluntary health and welfare organizations were the… [more]
Keep More Money in Your 401(k) and Reduce Taxes!
Guest contributor, Doug O’Rear (OnTrack 401(k), shares this tip for saving more for retirement. Tuesday, January 5, 2021 – Most business owners and executives do not take advantage of this… [more]