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No income tax relief for Maryland this year

Maryland Gov. Larry Hogan has a message for residents hoping for a lower income tax bill: wait ‘til next year.

The state General Assembly closed its 2016 session last month without passing an income tax cut. The Baltimore Sun reported that the state Senate and the House of Delegates both wanted some form of tax relief, but could not agree on what form that would take.

Though lawmakers in both branches wanted to expand the Earned Income Tax Credit to help more working poor households. But the Senate version of the bill focused on tax cuts for the wealthy, while delegates wanted to lower taxes for taxpayers with more modest income.

The sides were apparently close enough to negotiating a deal that Senate President Thomas V. Mike Miller suggested a one-day special session, but that never happened. Speaking at a recent bill-signing ceremony, Hogan suggested that chamber leaders are too far apart to get anything done this year. “So I say: Next year, guys, let’s get them all done,” Hogan said.

One of the bills passed did provide significant tax breaks -- for one taxpayer. The General Assembly agreed to provide a $37.5 million tax credit to Northrop Grumman, an aerospace company that promised to keep 10,000 jobs in Maryland for the next five years.

For the average taxpayer, a reduced bill for their state income taxes is not in the cards for this tax year. Besides preparing to pay taxes in 2017, many people in Maryland are dealing with a delinquent tax bill, and need the assistance of a skilled tax attorney.

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Friday, November 18, 2016

Chaya Kundra will be a panelist at the New England IRS Representation Conference on Preparer Penalties.

Preparer Penalties: Everything You Need to Know! Over time the IRS has increased its focus from individual taxpayers to tax preparers. When the IRS identifies a pattern of false or fraudulent returns, it does not hesitate to impose penalties on the return preparers. This panel will walk you through the various penalties and what preparers need to know to protect themselves.

Moderator: Amanda Evans, Green & Sklarz LLC, New Haven, CT

Panelists: Chaya Kundra, Kundra & Associates, Rockville, MD, Barbara Kaplan, Greenburg Traurig, New York, NY

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