Maryland Healthy Working Families Act
As of February 11, 2018, employers are required to accrue “sick and safe leave” for all covered employees. Covered employees are defined as those who regularly work 12 or more hours per week. Employers with 15 or more employees must provide paid leave, while employers with 14 or fewer employees must provide unpaid leave. Sick and safe leave accrues at a rate of at least one hour for every 30 hours worked, with a cap of 40 hours of earned leave in a year. Employers that have an existing PTO policy that provides leave in an amount equal to or greater than the amount that is provided for under the law do not have to provide additional leave.Continue Reading
BGH Highlights of the Tax Cuts and Jobs Act
On December 22, 2017 the President signed into law H.R. 1, officially titled ‘An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018’, but politicians and commentators are calling it the Tax Cuts and Jobs Act. The new law overhauls the Internal Revenue Code by lowering tax rates, eliminating numerous tax provisions, and creating several new provisions. Below is a brief summary of the Tax Cuts and Jobs Act.Continue Reading
Prepayment of 2018 Real Estate Tax
- The IRS said Wednesday that people may be able to deduct their 2018 state and local property taxes only if they were assessed and paid during 2017.
- People can only deduct prepaid property taxes that have already been assessed by local governments.
- Prepayments of anticipated property taxes will not be deductible.