Inside LSWG – February 2021
We are pleased to announce two new staff members have joined the LSWG team. Join us in welcoming… We’re pleased to announce the return of a familiar face. Sheron S. Kominos,… [more]
Maryland’s Small Businesses Receive Additional Aid in the RELIEF Act of 2021
By David A. Wolford, CPA, LSWG Supervisor On Monday, February 15, 2021, Maryland signed into law the RELIEF Act of 2021. Included in the law are a number of provisions… [more]
Employers: Watch Out for Fraudulent Unemployment Claims
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 that none of the fraudulent… [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
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 and audit experience, Jamie Iseminger… [more]
IRS Updates Mileage Rates for 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 driven for business use (down… [more]
Maryland Provides Tax Filing and Payment Relief
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 2021. Automatic extensions. The following… [more]
Paycheck Protection Program (PPP) Round 2
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 Paycheck Protection Program (PPP): new… [more]
Employee Retention Credit – Expanded Opportunities for Businesses
On December 27, 2020, the Consolidated Appropriations Act of 2021 was signed into law. Among the many changes and updates to prior COVID relief legislation were clarifications and expansion of… [more]
Reporting Revenue and Expenses for Your Special Event
By Cindy McGiffin, CPA, LSWG Audit Supervisor, and Billy Harper, LSWG Staff Accountant II A special event is a function or event which aims to generate money for the nonprofit… [more]