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July 2024 Tax Updates

On Behalf of | Jul 12, 2024 | Blog |

 Bipartisan Bill Takes Up Taxpayer Advocate Recommendations to Streamline Filings

3 fixes to the US Tax code to streamline the filing process introduced.  They include applying the mailbox rule to electronic submissions, updating the estimated tax payment schedule, and revising the S corporation election process for new small businesses.

 Reminder: Marijuana Businesses Still Subject to Section 280E

In IR 2024-177, 6/28/2024, the IRS reminds taxpayers that marijuana remains a Schedule I controlled substance and marijuana businesses remain subject to Code Sec. 280E, until a final federal rule is published.

 Maryland—Property Tax—Baltimore City annual property tax.

Effective June 24, 2024, the City of Baltimore has enacted Ordinance No. 24-345, Council Bill No. 24-0522, imposing an annual tax on all property from July 1, 2024, through June 30, 2025. The annual tax of $2.248 is levied and imposed on every $100 of assessed or assessable value of real property, along with an annual tax of $5.62 on every $100 of personal property and operating real property pursuant to Md. Code Ann. Tax-Prop. § 8-109(c). During this period, the semiannual payment service charge under Md. Code Ann. Tax-Prop. § 10-204.3 is 1.21%.

Shop Maryland Tax-Free Week: August 11-17, 2024

From 12:01 a.m. on the second Sunday in August through midnight on the following Saturday, qualifying clothing and footwear priced $100 or less will be exempt from Maryland’s six percent sales tax. The first $40 of back/bookbag sales also qualify. “Clothing or footwear” means an article of apparel designed to be worn on or about the human body. “Accessory items” include but are not limited to jewelry, watches, watchbands, handbags, handkerchiefs, umbrellas, scarves, ties, headbands, and belt buckles.  A list of exempt and taxable items is available on the Comptroller’s Website at www.marylandtaxes.gov, or by calling the Taxpayer Service Section at 410-260-7980 in Central Maryland or toll-free 1-800-MD TAXES from elsewhere.

Enjoy the Summer Everyone and we will see you in the Fall!