The Maryland Budget Reconciliation and Financing Act of 2025 (BRFA) is a comprehensive bill that introduced several significant changes to Maryland’s tax laws. The new act will apply to tax years beginning after December 31, 2024. Below are some of the changes that will affect taxpayers:   New Capital Gains Tax Surcharge An additional capital gains tax of 2% will apply to taxpayers with federal adjusted gross income above $350,000 who have certain capital gains income. Income

In September of 2022, MarylandSaves was launched by The Maryland Small Business Retirement Savings Program, which was authorized by House Bill 1378 in 2016.   The program requires most Maryland employers to offer their employees some sort of retirement savings.   Participation in MarylandSaves or another qualified retirement plan exempts the employer from paying Maryland’s $300 annual report filing fee for each year the business either participates in the program or by offe

The One Big Beautiful Bill Act (OBBBA), will affect tax strategies for the future, one of which is how charitable donations are treated.  If charitable giving is part of your plan, 2025 is the year to act. Making donations before the new rules kick in could mean a bigger impact for your favorite causes — and better savings for you.   What Does This Mean? In 2025, when you donate to a charity, you can deduct the full amount (if you itemize), which lowers your taxable income. B

The U.S. Treasury and Internal Revenue Service (IRS) have announced a major modernization of its financial operations.   Effective...

Effective July 1, 2025, and applicable to taxable years beginning after Dec. 31, 2024, the budget legislation created two new individual...

On July 4 th , 2025, President Trump signed the “One Big Beautiful Bill Act” (OBBB), a sweeping $3.8 trillion reconciliation package that...

Stephanie Green of Bormel Grice and Huyett , a former graduate from Hammond High School, presented three Central Maryland Chamber...

Things you must know before a life-changing event happens, ( death, birth, divorce ). Have you updated your beneficiary designations ...

In our last blog dated December 11, 2024, Bormel, Grice & Huyett reported the Federal District Court’s December 3, 2024 order prohibiting...

December 11, 2024 | NEWSFLASH: Update on the Corporate Transparency Act (ACT) and the Beneficial Ownership Information (BOI) requirement