Naden Lean

Thank you for your services and sacrifice during this difficult time.

Maryland businesses affected by COVID-19 can apply for the Layoff Aversion Fund. It's designed to help offset the costs of helping employees work from home, liability insurance, on-site sanitation, and more. For more info and to apply, click here: ow.ly/bNgG50yTtXR

This site has information on 3 programs for small businesses affected by COVID-19: Emergency Relief Loan Fund Emergency Relief Grant Fund Emergency Relief Manufacturing Fund #MD #CommerceDept #localhelp ow.ly/YiAR50yTtIg

In the wake of the COVID-19 outbreak, Maryland has taken advance steps to help taxpayers. Our overview of local tax relief measures, along with guidance on the proposed federal legislation, is available here: ow.ly/EutI50yPeGR

❗❗ Maryland delayed its tax filing deadline until 6/1 for businesses w/ sales & use, withholding, admissions & amusement taxes, as well as alcohol, tobacco and motor fuel excise taxes, tire recycling fee and bay restoration fee returns. More info: ow.ly/jAAd50yO4ov

What makes a tax deduction beneficial? There are many factors to consider, and the tax benefits differ for each individual, depending on his or her particular situation. From Bruce Caulk's blog, an overview of how to value tax deductions: ow.ly/AyWf50yI0Rb

Hackers aren’t just targeting individuals; small businesses are among the biggest targets for #fraud. And almost half don’t think they’re big enough to be targeted. It's not a good combination. Small Business, Big Fraud Target ow.ly/SmrV50yHWqn

Whether through fraudulent emails, fake phone calls, or hacking into computer or connected systems, it seems like there is a never-ending stream of #cyberattacks in the news. New on the N/L CPAs blog, 6 types of #fraud and how to protect against attacks. ow.ly/H69D50yAuFi

New on the N/L CPAs blog, here are five types of red flags that are more likely to make the #IRS look twice at your return in 2020, and how to avoid grabbing too much attention. nlgroup.com/nl-cpas-blog/202…

529 college savings plans aren't only useful for the kids. They're also valuable tax tools for older generations -- you can contribute up to 5x the annual gift exclusion limit to a 529, tax-free. This and other uses of 529 plans: ow.ly/Dn7y50yqLBB

March is right around the corner! These are the important business #tax due dates to circle on your calendar. March 2nd, 16th, and 31st are all deadlines for various businesses to file annual and/or informational returns. ow.ly/doPp50yqKEX

There are some tax and reporting changes that self-employed individuals and business owners can expect in 2020, like with Forms 1099, a higher chance of an audit, self-employment tax, and tax withholding. Read more on Naden/Lean's blog: nlgroup.com/nl-cpas-blog/202…

Depending on your age, #RMDs aren't required until 72 thanks to the #SECUREAct. Check w/ your CPA or financial advisor if you're unsure.

At the end of 2019, a massive #tax and spending bill contained many extenders, like the medical deduction. Before you file your taxes, read this on Bruce Caulk's blog. ow.ly/P17K50ydkfp

There were many #MD tax updates in 2019, like new #tax rates, an updated formula for single sales factor apportionment, a new 25% tax credit, and the #Retirement Tax Reduction Act of 2020. Read the full article on the #NadenLean blog for details. ow.ly/TGXx50y6hmy

Big changes to #retirement funding came out of Washington last month. Read about the SECURE Act on our blog and how it will impact almost everyone with savings in a 401(k), IRA, or other retirement plans. ow.ly/LrtS50y3aQJ

Year-end tax changes included some new, revised, and retroactive deductions. Among them, the medical threshold was lowered in 2019/2020 to 7.5%. Here's how to capture the most medical deductions possible, from Bruce Caulk's blog. #MDcpa #taxplanning2020 ow.ly/DNTP50y01zo

Late last year, Congress passed several tax changes, including retirement plan issues now effective in 2020, plus extensions of expired or soon-to-end tax provisions. Here is a run-down on some of the changes affecting individual tax returns: ow.ly/oiHu50xOjGA

What IRS changes are in store for self-employed taxpayers in 2020? A new Form 1099, new W-4, more IRS scrutiny, and more. Get caught up on Naden/Lean's blog: ow.ly/H8u850xKgOF #2020taxplanning #MDcpa #businessowners