The Maryland Comptroller’s Office has set the interest rate for refunds and delinquent taxes for calendar year 2019 at 11%.

December 26, 2018

The IRS has released the 2019 version of Form W-4(Employee’s Withholding Allowance Certificate) and instructions. Initial plans called for substantial revisions to the form to take into account provisions of the Tax Cuts and Jobs Act. However, after considering feedback from the payroll and tax communities, the IRS decided to postpone the form’s makeover until […]

December 21 2018

Last year’s Tax Cuts and Jobs Act made significant changes to the tax law that affect small businesses. The IRS posted two new resources on to help taxpayers understand how these changes affect their bottom line. This electronic publication covers many of the TCJA provisions that are important for small and medium-sized businesses, their […]

Credit for Plug-in Electric Vehicles Phased out for Tesla Models:

Under IRC Sec. 30D(e)(2), the credit for new qualified plug-in electric drive motor vehicles is phased out over a period of four calendar quarters once the total number of qualifying vehicles sold by a manufacturer after 2009 reaches 200,000. In a recent Notice, the IRS announced that Tesla, Inc. reached this limit during the calendar […]

December 19, 2018

Judge Rules Affordable Care Act Is Unconstitutional:  On 12/14/18, a federal district court judge in Texas ruled that the Affordable Care Act (ACA) is unconstitutional. The ruling was based on the reduction of the tax penalty to zero for individuals who do not comply with the individual mandate. The penalty was reduced to zero as part […]

December 17, 2018

The IRS has released Notice 2019-02, updating the standard mileage rates for autos, pickup trucks, and vans. For 2019 the rate for business use is 58 cents per mile, for medical and moving it’s 24 cents per mile and for charitable use it’s 14 cents per mile. Keep in mind that the Tax Cuts and Jobs Act suspended […]