Contact us today at 301.698.0795
28 08
Mutual funds offer an easy way to invest in a diversified portfolio compared to buying individual stocks and bonds. But the tax treatment of mutual funds isn’t so simple. How are mutual funds taxed? If you sell appreciated mutual fund shares, the resulting profit will be taxable. If you’ve held the shares for one year […]
27 08
It’s easy to focus on the excitement of a big win. But federal tax law generally treats lottery prizes, gambling winnings and other awards as taxable income. Knowing the basic rules can help you avoid surprises when you file your 2026 return next year. Lottery prizes Of course, the chances of winning big in the […]
26 08
Dear Client, We wanted to send a friendly reminder that you may have an FBAR filing requirement if you, your business, or a related entity held foreign financial accounts during the year. An FBAR (Foreign Bank Account Report, FinCEN Form 114) may be required if the combined value of all foreign financial accounts exceeded $10,000 […]
27 07
Dear Client, Maryland’s Family and Medical Leave Insurance (FAMLI) program is entering its final pre-launch phase. As of April 2026, the Maryland Department of Labor has finalized the regulations and implementation timeline. The transition will begin this year, with financial impacts starting in 2027. Below is an overview of the key dates and requirements to […]
24 07
Dear Client, We want to highlight an important IRS rule that may affect taxpayers who report business losses on Schedule C. If your business shows a loss in a given year, the IRS applies what is commonly referred to as the “hobby loss” rule to determine whether the activity qualifies as a legitimate business. What […]
23 07
Financial information is the foundation for every important business decision. Whether your goal is to improve cash flow, launch a new offering, hire additional workers or expand into a new market, accurate data enables you to make decisions confidently. An experienced advisor can help prepare this data and ensure your business is poised to capitalize […]
25 06
Home values have risen significantly in many areas of the country over the last several years, leaving some homeowners with substantial gains when they sell. Of course a large profit is generally a good thing. But, depending on the amount of your gain, how long you’ve owned and resided in the home, and your income […]
17 06
If you’re a real estate developer or a small business owner who owns commercial real estate, you might be thinking about selling a property. If it has appreciated significantly, a Section 1031 like-kind exchange may allow you to defer tax on some or all of the gain. With this transaction, you exchange one property for […]
12 06
Dear Client, We want to make you aware of an important recent court ruling that may benefit you. In Kwong v. United States, the U.S. Court of Federal Claims ruled that certain tax penalties and interest charged between January 20, 2020, and July 10, 2023, were improperly assessed under federal law. This covers tax filings […]
10 06
Many parents don’t know that the so-called “kiddie tax” exists. Others assume it affects only minor children. But it also can apply to full-time students through age 23 and 18-year-olds even if they aren’t full-time students. When it applies, most of the child’s unearned income may be taxed at the parent’s higher tax rate. The […]