Severn, MD: Here's What Happened in the World of Small Business in Sept 2021

By
Services for Real Estate Pros with Lisa D Church CPA, EA, MBA, NTPI Fellow

Here are five things that happened this past month that affect your small business.

 

1) House Ways & Means Committee releases tax policy outline.

Every business owner should be monitoring the debate and tax policy coming out of Washington DC. The latest tax proposals may change before Democrats craft the final bill but include changes to capital gains, estates, and marginal tax rates. The Ways and Means Committee is scheduled to debate tax policy in the coming weeks. Full story via CNBC.

 

Why this is important for your business:

If changes occur, strategic tax planning can help minimize the impacts on your finances.

 

2) Are digital advertising taxes the wave of the future?

The Maryland digital advertising tax is applied to gross revenue derived from digital advertising services. The proposed Maryland regulations raise at least three major issues: definitional ambiguity, suspect sourcing rules, and unworkable geolocation requirements. Full story via The Tax Foundation. 

 

Why this is important for your business:

If other states follow, businesses driving revenue through digital advertising might have some unpleasant tax surprises.

 

3) Is inflation transitory or building?

U.S. businesses are experiencing escalating inflation that is being aggravated by a shortage of goods and likely will be passed onto consumers in many areas. Full story via CNBC.

 

Why this is important for your business:

Rises prices, whether in labor or materials, will affect the bottom line. Indicators are mixed with an apparent slow down in China retail sales.

 

4) Business tax return backlog slowly opening up.

Still waiting for your business return to be processed? Backlogs primarily affected employment tax returns and business tax returns for partnerships, corporations, estates and gifts, fiduciaries, and tax-exempt organizations. Full story via CNBC.

 

Why this is important for your business:

The inability of the IRS to hire sufficient staff will affect taxpayers awaiting refunds or that have claimed pandemic business credits.

 

5) IRS adds the R & D Tax Credit to the annual Dirty Dozen list.

Increased scrutiny on this important credit may be met with increased enforcement. Full story via IRS.

 

Why this is important for your business:

Many businesses qualify but are not taking the credit as of yet. So don’t let a little scrutiny scare you away if you can benefit.

 

My practice is in Severn, MD.

I specialize in the following services for both businesses and individuals:

Tax Services:

Tax Preparation & Tax Planning

Virtual Tax Preparation

Audit Protection

IRS Tax Problem Resolution

 

Accounting & Bookkeeping Services:

Outsourced Accounting and Bookkeeping

Payroll Services

Business Consulting

Outsourced CFO Services

QuickBooks Set up and Support Services

 

Who we serve:

We have special expertise in serving the following industries:

Small Business Owners

Real Estate Investors

Medical Practices

Attorneys & Law Firms

Individuals

 

 

Contact me for any help needed at:

Lisa D Church, CPA, EA, NTPI Fellow, MBA

7865 Clark Station Rd

Severn, MD 21144

email: lisa@waterfronttax.com

website: https://waterfronttax.com

call 877-727-6577 to talk to office support 24/7 to schedule appointments

Or Schedule a free consultation directly on my calendar at https://waterfronttax.setmore.com/

 

 

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