401(k) Contribution Limit Increases

401(k) contribution limit increases to $19,500 for 2020; catch-up limit rises to $6,500.

The IRS announced today that the annual contribution limit for employees who participate in 401(k) plans will increase from $19,000 to $19,500 in 2020.

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How the R&D Credit Can Help New Companies Offset Payroll Taxes

According to the Protecting Americans from Tax Hikes (PATH) Act of 2015, new businesses or start-up companies that are eligible to receive research & development (R&D) credit can elect to offset employer portion of social security payroll tax liability.  The maximum benefit an eligible company can claim against payroll taxes is $250,000 for up to five years.  This payroll offset allows companies to receive a benefit for research activities even if they aren't profitable.

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Maryland Income Tax Alert - Guidance for Sales and Use Tax Collection Requirements

The Comptroller of Maryland has provided a Tax Alert regarding the sales and use tax collection requirements applicable to marketplace facilitators and sellers.  Under the new law effective October 1, 2019, marketplace facilitators must collect Maryland sales and use tax on a retail sale or sale for use by a marketplace seller to a buyer in Maryland. A marketplace seller is not required to collect sales and use tax if the marketplace facilitator collects the sales and use tax.

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The Cultural Alliance of Greater Washington has worked with Bormel, Grice & Huyett, P.A., since 1988. Their knowledge of the arts and the arts community make their services invaluable. They can translate accounting terminology into a comprehensive language. For many organizations, the accounting firm of Bormel, Grice & Huyett provides the financial "information bridge." We whole-heartedly recommend Bormel, Grice & Huyett, excellent accountants who care about our arts organizations.
Jennifer Cover Payne, Executive Director, Cultural Alliance of Greater Washington

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