Taurus CPA Solutions

12/16/2025

To all Maryland business owners:

Maryland law requires that most private sector employers offer their employees a retirement savings program. The MarylandSaves website offers a free and easy way for businesses to meet that requirement and offer a resource to their employees. If you already have a plan in place, you must self-certify your plan to access the $300 fee waiver through SDAT.

Time is running out! Self-certification for the exemption must be completed by 12/31/25 for the 2026 fee waiver.

You can establish a plan, check your status for the exemption and self-certify an existing plan all on their website at

MarylandSaves is a retirement savings program, created by the State of Maryland. It’s an easy way to help Maryland employees save and plan for the future.

05/28/2025

The MD Comptroller's Office hosted a webinar this morning on the new Tech Tax. Lots of useful information - Check it out in the link below.

https://www.youtube.com/watch?v=vlXNxRuj8U8

05/27/2025

Do you have questions about recent changes to MD Sales Tax Laws? The Comptroller's Office is holding several webinars this week to provide additional information. You can register through the link below.
https://www.marylandcomptroller.gov/2025TaxUpdates.html

12/24/2024

BIG NEWS FOR SMALL BUSINESS OWNERS!

BOI reporting injunction lifted; FinCEN issues small extension/delay
On Dec. 3, 2024, a federal district court found the Corporate Transparency Act (CTA) likely unconstitutional and prohibited its enforcement, including the BOI reporting rule. The Financial Crimes Enforcement Network (FinCEN) was barred from enforcing BOI filing requirements during the case.

The Department of Justice (DOJ) appealed this decision on Dec. 5, 2024. On Dec. 13, 2024, the Attorney General filed an emergency motion to stay the injunction. On Dec. 23, 2024, the Fifth Circuit Court lifted the injunction, allowing FinCEN to enforce BOI reporting.

FinCEN then extended BOI reporting deadlines as follows:
Companies created before Jan. 1, 2024, have until Jan. 13, 2025, to file.

Companies created between Sept. 4, 2024, and Dec. 23, 2024, have until Jan. 13, 2025, to file.

Companies created between Dec. 3, 2024, and Dec. 23, 2024, have an additional 21 days from their original deadline.

Companies created on or after Jan. 1, 2025, have 30 days to file after receiving notice.

Note that companies qualifying for disaster relief may have extended deadlines or a delay.

The Fifth Circuit Court of Appeals on Monday granted a Justice Department motion to lift an injunction imposed by a district court ruling. Hours later, FinCEN announced, in light of the court decision, that the Jan. 1, 2025, reporting deadline was extended to Jan. 13 for most reporting companies.

12/08/2024

BOI UPDATE FOR SMALL BUSINESS OWNERS

Impact of Ongoing Litigation – Deadline Stay – Voluntary Submission Only

On Tuesday, December 3, 2024, in the case of Texas Top Cop Shop, Inc., et al. v. Garland, et al., No. 4:24-cv-00478 (E.D. Tex.), a federal district court in the Eastern District of Texas, Sherman Division, issued an order granting a nationwide preliminary injunction that: (1) enjoins the CTA, including enforcement of that statute and regulations implementing its beneficial ownership information reporting requirements, and, specifically, (2) stays all deadlines to comply with the CTA’s reporting requirements. The Department of Justice, on behalf of the Department of the Treasury, filed a Notice of Appeal on December 5, 2024.

While this litigation is ongoing, FinCEN will comply with the order issued by the U.S. District Court for the Eastern District of Texas for as long as it remains in effect. Therefore, reporting companies are not currently required to file their beneficial ownership information with FinCEN and will not be subject to liability if they fail to do so while the preliminary injunction remains in effect. Nevertheless, reporting companies may continue to voluntarily submit beneficial ownership information reports.

12/03/2024

Are you aware of the Corporate Transparency Act (CTA)? This federal law, which went into effect in January 2024, requires certain businesses to disclose information about their owners and controllers to the U.S. Financial Crimes Enforcement Network (FinCEN), no later than December 31, 2024. Failure to comply with the CTA may cause you to incur steep fines of $500 per day or greater, beginning January 1, 2025.

Don’t know if you need to report information to FinCEN under the CTA? Simply, don’t know where to start? Contact Lawrence Law today!

Our dedicated and trusted team can help you determine if you need to file, provide guidance on what information to include in your filing, and complete your filings with FinCEN.

Time is running out to get your paperwork filed, so reach out to the team at Lawrence Law by December 16th for help! To inquire, please contact Yolanda Garza at [email protected] or 410-837-6995.

12/03/2024

It's that time of year again. Do you know who you will need to send a 1099 Form in January? Do you have the necessary information to prepare the required forms? Get a ump on this requirement now with help from the link below.

If you own a small business or are self-employed, use this IRS guidance to determine if you need to file form 1099 or some other information return.

11/07/2024

If your company already exists as of January 1, 2024, it must file its initial BOI report by January 1, 2025.

https://www.fincen.gov/sites/default/files/shared/BOI_Small_Compliance_Guide.v1.1-FINAL.pdf

10/28/2024

How to File a Beneficial Ownership Information (BOI) Report

This video walks through how to report beneficial ownership information (BOI) using the Financial Crimes Enforcement Network (FinCEN)’s E-Filing System. To c...

09/13/2024

ATTN: Maryland Business Owners and Employees

2024 Maryland Pay Statement and Pay Transparency Laws

Two new laws, passed in the 2024 General Assembly Session, are set to go into effect October 1, 2024.

The Pay Stub and Pay Statement law requires employers to provide workers with written notice of pay, paydays, and leave benefits, and also provide a written or online pay statement each payday that includes information about hours, rates, compensation, and deductions.

The Pay Transparency Law requires employers to provide information about compensation and benefits in their job postings.

Guidance concerning both of these new laws, including FAQs, templates (that employers may choose to use to satisfy their obligations), and instructions is available through the link.

https://www.labor.maryland.gov/labor/wages/

08/22/2024

💲💲💲 Here's a quick way to save $300! 💲💲💲

Does your business offer a retirement plan? If so, have you applied for your 2025 SDAT fee waiver?

Employers that offer a qualified retirement plan to their employees outside of the MarylandSaves platform must re-certify every year. The form to claim the 2025 $300 filing fee waiver is available here.
https://www.marylandsaves.org/claim-fee-waiver/

You must complete and submit this form by December 31, 2024, to be eligible for the 2025 SDAT Annual Report Filing Fee waiver. Completed forms received after December 31, 2024, will qualify for the 2026 SDAT Annual Report Filing Fee waiver.

You must complete and submit this form by December 31, 2024, to be eligible for the 2025 SDAT Annual Report Filing Fee waiver. Completed forms received after December 31, 2024, will qualify for the 2026 SDAT Annual Report Filing Fee waiver. Please read the following instructions carefully. Participa...

10/31/2023

Happy Halloween from Ta**us CPA Solutions! We hope your day is filled with tricks, treats and thrilling numbers 🎃👻

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