While the Internal Revenue Service ("IRS") is continuing to process thousands of the Employee Retention Credits ("ERC"), the IRS has recently announced that it will begin to deny the highest risk claims while processing the lower risk claims. IRS is…
The IRS has launched a new initiative targeting high-income individuals who have not filed tax returns since tax year 2017. This IRS initiative is being funded by the Inflation Reduction Act. Currently, there are 125,000 taxpayers in the purview of…
The Corporate Transparency Act is a law that was passed in 2021 to address ownership transparency, and it becomes effective January 1, 2024. The Corporate Transparency Act was passed to enhance transparency of corporate ownership and structure and to prevent…
Employers are required to notify employees if they qualify for the Earned Income Tax Credit. The Earned Income Tax Credit is a credit that a working taxpayer can receive from both the IRS and the State of Maryland. The amount…
Individuals owe a fiduciary duty to all beneficiaries or potential beneficiaries (individual, estate, or entity) throughout companies, businesses, nonprofits, corporations, and estates. Furthermore, this fiduciary duty is now fully enforceable in Court. In Maryland, Breach of Fiduciary Duty is a…
On Monday, May 4, 2020, Longman & Van Grack Tax Attorney, Robb Longman, will be speaking on a panel for the ABA Section on Taxation regarding supplemental COVID-19 relief funding for businesses as part of the Paycheck Protection Program (PPP)…
Today, the State of Maryland has announced that multiple business-related state filings, specifically those which are required for businesses to be in “Good Standing” with Maryland, can be accomplished with online filings. Previously, many of these Maryland business filings could…
On March 27, 2020, as a result of the Corovavirus Pandemic, the CARES Act was signed into law. While the CARES Act provides many benefits to individuals, the Act also provides many benefits to small businesses that are suffering during…
As of March 30, 2020, the Circuit Court for Montgomery County, Maryland has issued an order which will stay or halt all residential and commercial evictions for at least fifteen (15) days. Pursuant to the Maryland Court of Appeals Order…
Due to the National Emergency related to the Coronavirus COVID-19 Pandemic, questions regarding breach of contract and contractual obligations (e.g., events, travel, work, rent, leases, dining, and contract) are being asked by many people and businesses. Many contractual parties in…
