For the 2023 tax year, Maryland has updated its rules regarding the state tax cap on federal returns and what to do for Maryland returns. Here’s the updated information compiled from the MarylandTaxes.com website: Instructions for FORM 502 — itemized deduction calculation: “Copy the amount from federal Form 1040, Schedule A, line 17, Total Itemized … Read more
Maryland Society of Accounting and Tax Professionals Opposes House Bill 1515: Proposed Legislation Threatens to Burden Practices and Clients
The Maryland Society of Accounting and Tax Professionals (MSATP) strongly opposes House Bill 1515, which aims to reduce the sales tax rate while simultaneously expanding it to cover a wide range of services. If enacted, this misguided legislation would place undue burdens on accounting and tax practices, as well as on the individuals and businesses … Read more