Michigan Tax Law Articles, Blog & Documents | Foster Swift

Maryland’s Digital Ad Tax: The Next Frontier in State and Local Taxation

Taylor A. Gast — Mon, 22 Feb 2021 09:00:01 -0500

On Friday February 12, the Maryland State Senate voted to override Maryland’s governor to pass a bill creating a tax on annual gross revenues derived from digital advertising services in Maryland. Maryland’s digital advertising tax is the first of its kind in the United States.

A Guide to the Employee Retention Tax Credit: An Alternative to the PPP

Amanda J. Dernovshek, Taylor A. Gast — Thu, 14 May 2020 09:00:02 -0400

For more articles from the June 2020 issue of Business & Tax Law News, click here.

The CARES Act created the Employee Retention Tax Credit (“ERTC”), which is designed to provide financial relief to employers during the COVID-19 pandemic. The ERTC is a refundable tax credit that is credited against an employer’s share of social security taxes for specific wages paid on or after March 12, 2020 and before January 1, 2021. An eligible employer can access ERTC funds by (1) immediately reducing employment tax obligations, (2) applying for an advance payment of the estimated credit, or (3) calculating the final credit amount at the end of the applicable calendar quarter, usually on Form 941. Importantly, an employer that has received a Paycheck Protection Program (PPP) loan cannot also claim the ERTC (unless the employer has repaid its PPP loan by May 14, 2020).

Responding to a Michigan Department of Treasury Notice Regarding a Tax Liability or Refund Adjustment

Amanda J. Dernovshek, Taylor A. Gast — Thu, 05 Sep 2019 09:00:03 -0400

There are several ways to respond to a notice from the Michigan Department of Treasury (“Treasury”) regarding an outstanding tax liability or refund adjustment. The options available to individuals and businesses generally include the following:

1. offer in compromise;
2. informal conference and appeals; and
3. alternative dispute resolution.