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E. Cohen provides an integrated suite of tax, assurance, and consulting services to individuals and a wide array of industries across the Mid-Atlantic region.
LATEST ARTICLEAfter several delays by the Financial Accounting Standards Board (FASB), the new lease accounting standard has finally taken effect for nonpublic companies for fiscal years begi...
As a general rule of thumb, people look down on the idea of double-dipping. The term suggests that a person or an organization is taking from the same source twice and ending up...
(Jan. 19, 2022) — Maryland taxpayers will now have until July 15, 2022 to file and pay their individual 2021 state income taxes.
Maryland Comptroller Peter Franchot on ...
ROCKVILLE, MD, Jan. 14, 2022 — E. Cohen, a nationally ranked assurance, tax, and consulting firm headquartered in Rockville, MD, announced that it raised nearly $25,000 for th...
(Jan. 13, 2022) On Jan. 11, Maryland Gov. Larry Hogan announced legislation that would eliminate the filing fee for businesses that submit their annual report online.
Mary...
Starting this summer, employers in Maryland with automatic payroll systems will be required to offer a retirement plan or sign employees up with a state plan.
The Maryland...
Starting this year, annual business earnings exceeding $600 paid through apps like Venmo, PayPal, Zelle, or Cash App must be reported to the IRS due to a provision in the 2021 A...
The Families First Coronavirus Response Act (FFCRA) entitles employers to payroll tax credits to cover the cost of leave for their employees who contract COVID-19.
But did...
Like other professions, the accounting industry is currently facing a shortage of qualified personnel, leaving many firms understaffed.
With many older certified public ac...
In 2020 and 2021, many companies have experienced “workforce fluctuations.” If your business has engaged independent contractors to address staffing needs, be careful that t...
(Dec. 17, 2021) — Certain self-employed taxpayers who took advantage of COVID-19 relief measures for Social Security taxes during 2020 must repay half of the deferred amount b...
If you own rental real estate, its classification as a trade or business rather than an investment can have a big impact on your tax bill. The distinction is especially importan...
The COVID-19 pandemic has required many people to work remotely, either from home or a temporary location. One potential consequence of remote work may surprise you: an increase...
(Dec. 7, 2021) — E. Cohen, a nationally ranked tax, assurance, and consulting firm headquartered in Rockville, Maryland, has been named as one of Forbes’ Best Accounting a...
Some might consider it a good problem to have: saving too much money for college. But if the money is held in a Section 529 college savings plan, there could be tax consequences...
(Nov. 29, 2021) — Numerous tax provision changes affecting individuals, estates, and corporations were included in the version of President Joe Biden’s Build Back Better Act...
There’s a common misconception that, when you retire, your tax bills shrink, your tax returns become simpler and tax planning is a thing of the past. That may be true for some...
(Nov. 22, 2021) On Friday, the House of Representatives voted 220-213 to pass President Joe Biden’s Build Back Better infrastructure bill, which included a provision to raise ...
The Tax Cuts and Jobs Act (TCJA) permanently eliminated deductions for most business-related entertainment expenses paid or incurred after 2017. For example, you can no longer d...
Showcased across traditional news outlets and dominating the cultural zeitgeist, ransomware and the threat it presents to individuals, corporations, and nation-states is occupyi...
Barring swift action from Congress, capitalization rules will be applied to research and development (R&D) costs beginning in January 2022. This means R&D and software...
On Wednesday, the Internal Revenue Service (IRS) announced the 2022 tax year annual inflation adjustments. Dozens of tax provisions are covered in Revenue Procedure 2021-45, and...
If you employ household workers — which may include nannies, babysitters, housekeepers, cooks, gardeners, health care workers and other employees — it’s important to under...
ROCKVILLE, MD, November 12, 2021 — E. Cohen, a nationally ranked assurance, tax, and consulting firm headquartered in Rockville, MD, announced that the firm is renewing its e...
The devastating impacts that a ransomware incident can have on a company range from minor inconveniences, such as interruption of services, to the potential inability for a bu...
The employee retention credit (ERC) will be terminated a quarter early as part of the recently passed Infrastructure Investment and Jobs Act.
The infrastructure legislatio...
(Nov. 8, 2021) — Just a day after officially taking effect, one of two new COVID-19 vaccine mandates issued by President Joe Biden’s administration was temporarily blocked N...
If your business is planning to buy, build or substantially improve real property, a cost segregation study can help you accelerate depreciation deductions, reducing your taxes ...
This month, E. Cohen released the 2021-2022 tax guide, which serves as a comprehensive overview of some of the most significant tax law changes going into effect this year and o...
Earlier this year, the District of Columbia Council approved the Fiscal Year 2022 Budget Act (B24-0285) which would increase income tax on those with annual earnings greater tha...
The U.S. Department of Treasury released its “Green Book” in May entitled, “General Explanation of the Biden administration’s Fiscal Year 2022 Revenue Proposals.” It c...
In a grueling tax season beset by changing regulations and technical glitches, millions of taxpayers are still facing unresolved delays as they wait patiently for their refund checks, some of whom have been waiting for their refunds since February of this year.
Comptroller Franchot today extended the tax relief being offered to businesses impacted by severe storms on Wednesday that caused extensive damage in parts of Anne Arundel, Charles, and Montgomery counties, as well as other parts of Maryland.
Comptroller Peter Franchot urges eligible Marylanders to act fast and apply for the Student Loan Debt Relief Tax Credit Program for Tax Year 2021. Applications must be submitted by September 15.
The investment tax credit (ITC), also known as the federal solar tax credit, was established by the Energy Policy Act of 2005 to support the growth of solar energy in the United States. Originally set to expire at the end of 2007, the initial credit was extended by congress on multiple occasions.
According to Cybercrime Magazine and Cybersecurity Ventures, global ransomware will cost the world nearly USD $20 billion in 2021 and is projected to exceed USD $265 billion by...
The IRS’ Online Account system provides taxpayers who have registered accounts not only with the ability to make payments online, but also to view their tax balance details by...
E. Cohen, a nationally ranked tax, assurance, and consulting firm headquartered in Rockville, Maryland, has been named as one of Accounting Today’s 2021 Best Accounting Firms ...
E. Cohen, a nationally ranked tax, assurance, and consulting firm headquartered in Rockville, Maryland, has been named by INSIDE Public Accounting (IPA) as one of the Top 300 Fi...
The long-awaited Maryland Form 511 has finally arrived. On June 29th, the Maryland Comptroller released the Pass-Through Entity Election Income Tax Return—along with its instr...
In this episode of the Second Bite Podcast, Potomac Business Capital M&A Advisor Todd Taskey talks with E. Cohen Principal Don Keninitz, CPA about how accounting plays into...
When COVID-19 hit and offices closed, Congress mobilized and passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Included with an assortment of credits and...
The District of Columbia has extended the deadline to file and pay all income tax returns until May 17, 2021. This extension applies to all D-20, D-30, D-40, Standalone Schedule...
The Treasury Department and Internal Revenue Service announced yesterday that the federal income tax filing due date for individuals for the 2020 tax year will be automatically ...
The House voted to provide an extra two months for the Paycheck Protection Program, giving businesses until May 31 to apply for forgivable loans during the pandemic.
The H...
State, federal pandemic relief programs require extensive changes to tax forms; all updates anticipated by April 15
ANNAPOLIS, Md. (March 11, 2021) – Using statutory au...
Within days, 98 percent of individual stimulus payments will be processed
ANNAPOLIS, Md. (February 16, 2021) – Comptroller Peter Franchot today joined with key agency pe...
The Maryland General Assembly passed a pandemic relief measure on Friday that will deliver more than $1 billion in tax relief and economic stimulus for low-income families and s...
ROCKVILLE, MD, January 21, 2021 — E. Cohen, a nationally ranked assurance, tax, and consulting firm headquartered in Rockville, MD, announced that it raised $25,000 for the Gr...
On January 14, President-elect Biden announced a $1.9 trillion “American Rescue Plan,” the first step in a two-step plan of rescue and recovery “to build a bridge to the o...
The COVID-19 pandemic has been causing havoc in the global markets and the U.S. economy. In these uncertain times, it’s important to stay on top of your financial status, incl...
If a relative needs financial help, offering an intrafamily loan might seem like a good idea. But if not properly executed, such loans can carry negative tax consequences — su...
Late yesterday, both houses of Congress passed The Consolidated Appropriations Act, 2021 to fund the federal government through the end of its September fiscal year.
Inclu...
To provide businesses and their owners with some relief from the financial effects of the COVID-19 crisis, the Coronavirus Aid, Relief, and Economic Security (CARES) Act eases t...
Scam artists seem to come out of the woodwork when there’s money involved — and taxes are no exception. Fortunately, if you familiarize yourself with common tax scams and un...
If you’re selling a business interest, real estate or other highly appreciated property, you could get hit with a substantial capital gains tax bill. One way to soften the blo...
Diligence required to avoid inadvertent termination and loss of tax benefits
The S corporation continues to be a popular entity choice, combining the liability protection ...
Let’s say you drive for a ride-sharing app, deliver groceries ordered online or perform freelance home repairs booked via a mobile device. If you do one of these jobs or myria...
Is your business eligible for expanded tax benefits?
Small businesses enjoy several tax advantages that may allow them to reduce their tax bills, defer taxes and simplify ...
To provide tax relief to businesses suffering during the COVID-19 pandemic, the Coronavirus Aid, Relief, and Economic Security (CARES) Act temporarily relaxes the limitation on ...
Earlier this year, Congress finally passed legislation that corrects a drafting error related to real estate qualified improvement property (QIP). The correction is part of the ...
As was widely reported back in May, the Internal Revenue Service (IRS) issued Notice 2020-32, in which it determined that 2020 expenses which have been paid using Paycheck Prote...
Earlier this month, E. Cohen released the 2020-2021 tax guide, which serves as a comprehensive overview of the tax law changes that have gone into effect and other key tax provi...
On November 9, 2020, the Internal Revenue Service (IRS) issued Notice 2020-75 announcing that it will issue proposed regulations respecting state tax workarounds designed to avo...
As the 2020 Election approaches, a renewed focus has been placed on the importance of reviewing estate and gift plans prior to year-end.
As part of the 2017 Tax Cuts and J...
On October 22, 2020, Maryland Governor Larry Hogan announced the launch of the “Maryland Strong: Economic Recovery Initiative,” which will secure $250 million in funding fro...
So your simple office environment has been thrown into total disarray by COVID-19…welcome to the club.
As offices closed, stayed closed, and now slowly try to reopen (or...
One question I frequently ask nonprofit organizations I speak to is, “What processes are in place for identifying, responding to, and monitoring fraud risks?” Most times, t...
On August 8, 2020, the President of the United States issued presidential memoranda on deferring payroll tax obligations in light of the ongoing COVID-19 pandemic. Under certai...
The Internal Revenue Service has issued a reminder to IRA owners, beneficiaries, or workplace retirement plan participants who received a Required Minimum Distribution (RMD) thi...
The home office deduction allows qualifying taxpayers to deduct certain home expenses on their tax return. With more people working from home than ever before, some taxpayers ma...
In 2017, the Tax Cuts and Jobs Act (TCJA) made significant changes to the country’s tax laws, including the implementation of many favorable tax cuts, as well as several statu...
E. Cohen, a nationally ranked tax, assurance, and consulting firm headquartered in Rockville, Md., was named as one of Accounting Today’s 2020 Best Accounting Firms to Work Fo...
On July 7, the Montgomery County Council approved a special appropriation of $14 million to create the Reopen Montgomery Business Assistance Program. The program will reimburse ...
As 2020 passed the halfway mark, a new law took effect in Maryland that allows owners of pass-through entities (PTEs)—such as S-Corporations, partnerships, and LLCs—to poten...
Along with many other interested parties, we have been watching and waiting to see what happens in a Supreme Court Case which is a challenge to the 2010 Affordable Care Act (ACA...
Governor Larry Hogan recently announced the next round of safe and phased reopenings in conjunction with stage two of the ‘Maryland Strong: Roadmap to Recovery’ plan.
...
The Coronavirus Aid, Relief, and Economic Security (CARES) Act waived 2020 Minimum Required Distributions (RMD) from both Individual Retirement Accounts (IRAs) and qualified ret...
In an article for Forbes, Alan Gassman outlined the measures laid out in House Bill H.R. 7010 to ease the rules governing PPP loan forgiveness. The Bill, which the Senate passed...
This year may be an opportunistic time for you to convert some or all of your traditional IRA to a Roth IRA. Stock markets around the world are down, which may provide an opport...
The Financial Accounting Standards Board (FASB) voted on May 20 to extend the effective date of the revenue recognition standard for all nonpublic entities that have yet to issu...
On Friday, May 15th, the Small Business Administration (SBA) released the Paycheck Protection Program (PPP) Loan Forgiveness Application which attempts to answer many of the lin...
For businesses experiencing financial loss due to the current COVID-19 crisis, there may be a need to increase cash flow in the short term. One opportunity to increase immediate...
With the recently enacted CARES Act, Congress has finally corrected a drafting error they made when they passed the Tax Cuts and Jobs Act (TCJA) at the end of 2017. Congress cle...
In December 2019 Congress passed the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act), and in March of 2020, they made further changes by passing t...
Tuesday evening, the Senate passed a $484 billion coronavirus relief package aimed at the public health and economic crises converging from the pandemic. On Thursday, the House ...
Federal government prime contractors and subcontractors who 1) have cost-plus contracts, and 2) have applied for (or received) a loan under the Payroll Protection Program (PPP) ...
To help taxpayers, the Department of Treasury and the Internal Revenue Service announced yesterday that it intends to extend additional key tax deadlines for individuals and bus...
Federal policies addressing the economic consequences of the COVID-19 pandemic continue to evolve rapidly. The Real Estate Roundtable (RER) prepared and distributed an insight...
On April 1, 2020, the U.S. Department of Labor announced new action regarding how American employers and employees will benefit from the protections and relief offered by the Em...
The COVID-19, Relief, and Economic Security Act (CARES) makes $350 billion in paycheck protection loans available to small businesses, with individual businesses eligible for ...
Right now, your highest priority is the health of those you love and yourself. But if you have time to read about some non-medical but important matters related to the health cr...
Congress Approves COVID-19 Stimulus Package
Congress overwhelmingly passed the largest rescue package in American history to support the U.S. economy with approximately $2...
The Federal Government Moves Tax Day to July 15
On March 20, 2020, the IRS and Treasury extended the tax filing and payment deadline to July 15, 2020 for all 2019 federal ...
The U.S. Treasury Department, Internal Revenue Service (IRS), and the U.S. Department of Labor (Labor) announced that small and midsize employers can begin taking advantage of t...
Senate Majority Leader Mitch McConnell introduced emergency stimulus legislation last week to address the economic fallout from the coronavirus outbreak, the third phase of the ...
E. Cohen, a nationally ranked tax, assurance, and consulting firm headquartered in Rockville, MD, announced that it has appointed Stephen White Director of Firm Operations and G...
E. Cohen is grateful for the support of our community, clients and employees. Special thanks to Dignitaries: City of Rockville Mayor Bridget Donnell Newton; Marji Graf, Presiden...
E. Cohen now offers a full suite of National Tax Office Services to other tax professionals.
Our professionals work hand-in-hand with other tax firms to become a results-o...
Under the TCJA, interest paid or accrued by a business is deductible up to 30% of “adjusted taxable income.” Taxpayers (other than tax shelters) with average annual gross re...
It’s possible to divest yourself of appreciated investment real estate but defer the tax liability. Such strategies may even help you keep your income low enough to avoid trig...
Three valuable depreciation-related breaks may be available to real estate investors:
1. Bonus depreciation
This additional first-year depreciation is available for ...
Income and losses from investment real estate or rental property are passive by definition—unless you’re a real estate professional. Why is this important? Passive activity ...
We Are Thankful for Your Trust and
Look Forward to Serving You in the Future.
We Are Growing to Better Serve You!
Please note that we moved to Suite 400 in the...
Forbes has partnered with market research company Statista to create a list of the most recommended firms for tax and accounting services in the U.S.
This December 2019, E...
E. Cohen is excited to announce that our firm is expanding our office space to accommodate our continued growth and new business activity. In December 2019, we are moving into 2...
Jessica Bragdon is an Assurance Manager at E. Cohen. In November 2019, she passed the rigorous Advanced Defined Contribution Plans Audit exam via the AICPA. This certificate req...
The Community Outreach Committee at E. Cohen has selected the Montgomery County Animal Services and Outreach Center as our current community service project. Our focus is on c...
Each year, Accounting Today, the accounting industry’s leading publication, recognizes the 100 Best Firms to Work For in the U.S. — and then picks the 10 Best Firms for Wome...
One question that we frequently ask nonprofit organizations is, “What processes are in place for identifying, responding to, and monitoring fraud risks?” Most of the time, t...
Does your company sponsor a 401(k) or 403(b) plan? Are you a plan administrator or trustee of a plan? Are you a participant in one of these plans? Do you want your plan to be in...
Each year, Accounting Today and Best Companies Group select the Best Accounting Firms to Work For. E. Cohen is ranked 19 in the best midsize firms in the U.S. (firms from 50-249...
One question that we frequently receive from companies operating in the government contracting arena is what accounting system do we recommend? The accounting and finance functi...
(Replay of Full Video Posted Below) from Tuesday, September 10th 12:30–1:00 pm ET. (Complimentary Online Interactive Discussion). Don’t miss this important interdisciplinary...
Eric Cohen, CPA
Maryland-based public accounting firm owner recognized for his innovation, leadership, firm culture and growth.
ROCKVILLE, MD: Eric Cohen, Founder an...
Year-round strategies to make the tax laws work for you.
Last year, most of the provisions of the massive Tax Cuts and Jobs Act (TCJA) went into effect. They incl...
Benjamin Franklin once said “to fail to plan is to plan to fail.” This adage certainly applies to tax planning.
Although the Tax Cuts and Jobs Act of 2017 (TCJA) elimi...
E. Cohen & Company, CPAs has earned the distinction of being named one of the 2019 Accounting Today’s “Best Accounting Firms to Work for!” Everyone at our firm is ver...
The Presidential Forum Roundtable Breakfast is by invitation only and is limited to only Association CFOs and COOs.
TOPIC/COURSE DESCRIPTION: Association CFOs / COOs: Effe...
A Comfort Case is a small duffel bag or backpack with a purpose to provide comfort for youth as they enter the foster care system. The case provides the essentials for the first...
View our panel discussion with Venable LLP on Opportunity Zones and Qualified Opportunity Funds. Created by the Tax Cut and Jobs Act of 2017, Opportunity Zones and Qual...
Phillip Mills is an Assurance Manager at E. Cohen. In April 2019, he passed the rigorous Advanced Defined Contribution Plans Audit exam via the AICPA. This certificate require...
Starting July 1, 2019, the District of Columbia will collect taxes from all private sector employers in the District to fund the Paid Family Leave (PFL) benefit. Employers must ...
Prepared by Venable LLP Attorneys, Walter Calvert and Elizabeth Stieff
The tax and investment communities continue to be abuzz with discussion of the huge tax benefits tha...
E. Cohen is an INSIDE Public Accounting Top 400 Firm on the inaugural IPA 400 list, based on the 2018 annual IPA Survey and Analysis of Firms.
IPA 400 firms are ranked by ...
Do you remember what it was like waking up on Christmas morning all excited to find THAT one perfect toy under the Christmas tree that you just wanted for so long…… Remember...
E. Cohen and Company, CPAs, now known as E. Cohen, is excited to announce our new name, brand, and website.
The rebranding process has taken place over several months wit...
Contractors often must supply cost and pricing data in contract proposals. There are three basic components to such data: direct costs; indirect costs; and expected profit. Whil...
E. Cohen has been named as one of the 2018 Accounting Today’s Best Accounting Firms to Work for. Accounting Today has partnered with Best Companies Group to identify companies...
Third in a series of three articles, “Budget Building Blocks,” Reprinted with permission by Donald Keninitz, CPA.
In previous articles we covered the importance of de...
Second in a series of three articles, “Budget Building Blocks,” Reprinted with permission by Donald Keninitz, CPA.
In our previous issue we discussed the importance o...
First in a series of three articles, “Budget Building Blocks,” Reprinted with permission by Donald Keninitz, CPA.
One of the most overlooked considerations in the mana...
With many baby boomers nearing retirement age, and strong demand for quality companies in the M&A market, many small and mid-sized business owners are preparing for their p...
This is one installment in our series of articles for business owners. To access the other articles in the series, please click on the following links:
Tax Issues for Busi...
This is one installment in our series of articles for business owners. To access the other articles in the series, please click on the following links:
Tax Issues for Busi...
As your organization strives to use its resources as effectively as possible, you might at some point consider outsourcing the functions that fall under your accounting and fina...
E. Cohen provides an integrated suite of tax, assurance, and consulting services to individuals and a wide array of industries across the Mid-Atlantic region.
LATEST ARTICLEAfter several delays by the Financial Accounting Standards Board (FASB), the new lease accounting standard has finally taken effect for nonpublic companies for fiscal years begi...
As a general rule of thumb, people look down on the idea of double-dipping. The term suggests that a person or an organization is taking from the same source twice and ending up...
(Jan. 19, 2022) — Maryland taxpayers will now have until July 15, 2022 to file and pay their individual 2021 state income taxes.
Maryland Comptroller Peter Franchot on ...
ROCKVILLE, MD, Jan. 14, 2022 — E. Cohen, a nationally ranked assurance, tax, and consulting firm headquartered in Rockville, MD, announced that it raised nearly $25,000 for th...
(Jan. 13, 2022) On Jan. 11, Maryland Gov. Larry Hogan announced legislation that would eliminate the filing fee for businesses that submit their annual report online.
Mary...
Starting this summer, employers in Maryland with automatic payroll systems will be required to offer a retirement plan or sign employees up with a state plan.
The Maryland...
Starting this year, annual business earnings exceeding $600 paid through apps like Venmo, PayPal, Zelle, or Cash App must be reported to the IRS due to a provision in the 2021 A...
The Families First Coronavirus Response Act (FFCRA) entitles employers to payroll tax credits to cover the cost of leave for their employees who contract COVID-19.
But did...
Like other professions, the accounting industry is currently facing a shortage of qualified personnel, leaving many firms understaffed.
With many older certified public ac...
In 2020 and 2021, many companies have experienced “workforce fluctuations.” If your business has engaged independent contractors to address staffing needs, be careful that t...
(Dec. 17, 2021) — Certain self-employed taxpayers who took advantage of COVID-19 relief measures for Social Security taxes during 2020 must repay half of the deferred amount b...
If you own rental real estate, its classification as a trade or business rather than an investment can have a big impact on your tax bill. The distinction is especially importan...
The COVID-19 pandemic has required many people to work remotely, either from home or a temporary location. One potential consequence of remote work may surprise you: an increase...
(Dec. 7, 2021) — E. Cohen, a nationally ranked tax, assurance, and consulting firm headquartered in Rockville, Maryland, has been named as one of Forbes’ Best Accounting a...
Some might consider it a good problem to have: saving too much money for college. But if the money is held in a Section 529 college savings plan, there could be tax consequences...
(Nov. 29, 2021) — Numerous tax provision changes affecting individuals, estates, and corporations were included in the version of President Joe Biden’s Build Back Better Act...
There’s a common misconception that, when you retire, your tax bills shrink, your tax returns become simpler and tax planning is a thing of the past. That may be true for some...
(Nov. 22, 2021) On Friday, the House of Representatives voted 220-213 to pass President Joe Biden’s Build Back Better infrastructure bill, which included a provision to raise ...
The Tax Cuts and Jobs Act (TCJA) permanently eliminated deductions for most business-related entertainment expenses paid or incurred after 2017. For example, you can no longer d...
Showcased across traditional news outlets and dominating the cultural zeitgeist, ransomware and the threat it presents to individuals, corporations, and nation-states is occupyi...
Barring swift action from Congress, capitalization rules will be applied to research and development (R&D) costs beginning in January 2022. This means R&D and software...
On Wednesday, the Internal Revenue Service (IRS) announced the 2022 tax year annual inflation adjustments. Dozens of tax provisions are covered in Revenue Procedure 2021-45, and...
If you employ household workers — which may include nannies, babysitters, housekeepers, cooks, gardeners, health care workers and other employees — it’s important to under...
ROCKVILLE, MD, November 12, 2021 — E. Cohen, a nationally ranked assurance, tax, and consulting firm headquartered in Rockville, MD, announced that the firm is renewing its e...
The devastating impacts that a ransomware incident can have on a company range from minor inconveniences, such as interruption of services, to the potential inability for a bu...
The employee retention credit (ERC) will be terminated a quarter early as part of the recently passed Infrastructure Investment and Jobs Act.
The infrastructure legislatio...
(Nov. 8, 2021) — Just a day after officially taking effect, one of two new COVID-19 vaccine mandates issued by President Joe Biden’s administration was temporarily blocked N...
If your business is planning to buy, build or substantially improve real property, a cost segregation study can help you accelerate depreciation deductions, reducing your taxes ...
This month, E. Cohen released the 2021-2022 tax guide, which serves as a comprehensive overview of some of the most significant tax law changes going into effect this year and o...
Earlier this year, the District of Columbia Council approved the Fiscal Year 2022 Budget Act (B24-0285) which would increase income tax on those with annual earnings greater tha...
The U.S. Department of Treasury released its “Green Book” in May entitled, “General Explanation of the Biden administration’s Fiscal Year 2022 Revenue Proposals.” It c...
In a grueling tax season beset by changing regulations and technical glitches, millions of taxpayers are still facing unresolved delays as they wait patiently for their refund checks, some of whom have been waiting for their refunds since February of this year.
Comptroller Franchot today extended the tax relief being offered to businesses impacted by severe storms on Wednesday that caused extensive damage in parts of Anne Arundel, Charles, and Montgomery counties, as well as other parts of Maryland.
Comptroller Peter Franchot urges eligible Marylanders to act fast and apply for the Student Loan Debt Relief Tax Credit Program for Tax Year 2021. Applications must be submitted by September 15.
The investment tax credit (ITC), also known as the federal solar tax credit, was established by the Energy Policy Act of 2005 to support the growth of solar energy in the United States. Originally set to expire at the end of 2007, the initial credit was extended by congress on multiple occasions.
According to Cybercrime Magazine and Cybersecurity Ventures, global ransomware will cost the world nearly USD $20 billion in 2021 and is projected to exceed USD $265 billion by...
The IRS’ Online Account system provides taxpayers who have registered accounts not only with the ability to make payments online, but also to view their tax balance details by...
E. Cohen, a nationally ranked tax, assurance, and consulting firm headquartered in Rockville, Maryland, has been named as one of Accounting Today’s 2021 Best Accounting Firms ...
E. Cohen, a nationally ranked tax, assurance, and consulting firm headquartered in Rockville, Maryland, has been named by INSIDE Public Accounting (IPA) as one of the Top 300 Fi...
The long-awaited Maryland Form 511 has finally arrived. On June 29th, the Maryland Comptroller released the Pass-Through Entity Election Income Tax Return—along with its instr...
In this episode of the Second Bite Podcast, Potomac Business Capital M&A Advisor Todd Taskey talks with E. Cohen Principal Don Keninitz, CPA about how accounting plays into...
When COVID-19 hit and offices closed, Congress mobilized and passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Included with an assortment of credits and...
The District of Columbia has extended the deadline to file and pay all income tax returns until May 17, 2021. This extension applies to all D-20, D-30, D-40, Standalone Schedule...
The Treasury Department and Internal Revenue Service announced yesterday that the federal income tax filing due date for individuals for the 2020 tax year will be automatically ...
The House voted to provide an extra two months for the Paycheck Protection Program, giving businesses until May 31 to apply for forgivable loans during the pandemic.
The H...
State, federal pandemic relief programs require extensive changes to tax forms; all updates anticipated by April 15
ANNAPOLIS, Md. (March 11, 2021) – Using statutory au...
Within days, 98 percent of individual stimulus payments will be processed
ANNAPOLIS, Md. (February 16, 2021) – Comptroller Peter Franchot today joined with key agency pe...
The Maryland General Assembly passed a pandemic relief measure on Friday that will deliver more than $1 billion in tax relief and economic stimulus for low-income families and s...
ROCKVILLE, MD, January 21, 2021 — E. Cohen, a nationally ranked assurance, tax, and consulting firm headquartered in Rockville, MD, announced that it raised $25,000 for the Gr...
On January 14, President-elect Biden announced a $1.9 trillion “American Rescue Plan,” the first step in a two-step plan of rescue and recovery “to build a bridge to the o...
The COVID-19 pandemic has been causing havoc in the global markets and the U.S. economy. In these uncertain times, it’s important to stay on top of your financial status, incl...
If a relative needs financial help, offering an intrafamily loan might seem like a good idea. But if not properly executed, such loans can carry negative tax consequences — su...
Late yesterday, both houses of Congress passed The Consolidated Appropriations Act, 2021 to fund the federal government through the end of its September fiscal year.
Inclu...
To provide businesses and their owners with some relief from the financial effects of the COVID-19 crisis, the Coronavirus Aid, Relief, and Economic Security (CARES) Act eases t...
Scam artists seem to come out of the woodwork when there’s money involved — and taxes are no exception. Fortunately, if you familiarize yourself with common tax scams and un...
If you’re selling a business interest, real estate or other highly appreciated property, you could get hit with a substantial capital gains tax bill. One way to soften the blo...
Diligence required to avoid inadvertent termination and loss of tax benefits
The S corporation continues to be a popular entity choice, combining the liability protection ...
Let’s say you drive for a ride-sharing app, deliver groceries ordered online or perform freelance home repairs booked via a mobile device. If you do one of these jobs or myria...
Is your business eligible for expanded tax benefits?
Small businesses enjoy several tax advantages that may allow them to reduce their tax bills, defer taxes and simplify ...
To provide tax relief to businesses suffering during the COVID-19 pandemic, the Coronavirus Aid, Relief, and Economic Security (CARES) Act temporarily relaxes the limitation on ...
Earlier this year, Congress finally passed legislation that corrects a drafting error related to real estate qualified improvement property (QIP). The correction is part of the ...
As was widely reported back in May, the Internal Revenue Service (IRS) issued Notice 2020-32, in which it determined that 2020 expenses which have been paid using Paycheck Prote...
Earlier this month, E. Cohen released the 2020-2021 tax guide, which serves as a comprehensive overview of the tax law changes that have gone into effect and other key tax provi...
On November 9, 2020, the Internal Revenue Service (IRS) issued Notice 2020-75 announcing that it will issue proposed regulations respecting state tax workarounds designed to avo...
As the 2020 Election approaches, a renewed focus has been placed on the importance of reviewing estate and gift plans prior to year-end.
As part of the 2017 Tax Cuts and J...
On October 22, 2020, Maryland Governor Larry Hogan announced the launch of the “Maryland Strong: Economic Recovery Initiative,” which will secure $250 million in funding fro...
So your simple office environment has been thrown into total disarray by COVID-19…welcome to the club.
As offices closed, stayed closed, and now slowly try to reopen (or...
One question I frequently ask nonprofit organizations I speak to is, “What processes are in place for identifying, responding to, and monitoring fraud risks?” Most times, t...
On August 8, 2020, the President of the United States issued presidential memoranda on deferring payroll tax obligations in light of the ongoing COVID-19 pandemic. Under certai...
The Internal Revenue Service has issued a reminder to IRA owners, beneficiaries, or workplace retirement plan participants who received a Required Minimum Distribution (RMD) thi...
The home office deduction allows qualifying taxpayers to deduct certain home expenses on their tax return. With more people working from home than ever before, some taxpayers ma...
In 2017, the Tax Cuts and Jobs Act (TCJA) made significant changes to the country’s tax laws, including the implementation of many favorable tax cuts, as well as several statu...
E. Cohen, a nationally ranked tax, assurance, and consulting firm headquartered in Rockville, Md., was named as one of Accounting Today’s 2020 Best Accounting Firms to Work Fo...
On July 7, the Montgomery County Council approved a special appropriation of $14 million to create the Reopen Montgomery Business Assistance Program. The program will reimburse ...
As 2020 passed the halfway mark, a new law took effect in Maryland that allows owners of pass-through entities (PTEs)—such as S-Corporations, partnerships, and LLCs—to poten...
Along with many other interested parties, we have been watching and waiting to see what happens in a Supreme Court Case which is a challenge to the 2010 Affordable Care Act (ACA...
Governor Larry Hogan recently announced the next round of safe and phased reopenings in conjunction with stage two of the ‘Maryland Strong: Roadmap to Recovery’ plan.
...
The Coronavirus Aid, Relief, and Economic Security (CARES) Act waived 2020 Minimum Required Distributions (RMD) from both Individual Retirement Accounts (IRAs) and qualified ret...
In an article for Forbes, Alan Gassman outlined the measures laid out in House Bill H.R. 7010 to ease the rules governing PPP loan forgiveness. The Bill, which the Senate passed...
This year may be an opportunistic time for you to convert some or all of your traditional IRA to a Roth IRA. Stock markets around the world are down, which may provide an opport...
The Financial Accounting Standards Board (FASB) voted on May 20 to extend the effective date of the revenue recognition standard for all nonpublic entities that have yet to issu...
On Friday, May 15th, the Small Business Administration (SBA) released the Paycheck Protection Program (PPP) Loan Forgiveness Application which attempts to answer many of the lin...
For businesses experiencing financial loss due to the current COVID-19 crisis, there may be a need to increase cash flow in the short term. One opportunity to increase immediate...
With the recently enacted CARES Act, Congress has finally corrected a drafting error they made when they passed the Tax Cuts and Jobs Act (TCJA) at the end of 2017. Congress cle...
In December 2019 Congress passed the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act), and in March of 2020, they made further changes by passing t...
Tuesday evening, the Senate passed a $484 billion coronavirus relief package aimed at the public health and economic crises converging from the pandemic. On Thursday, the House ...
Federal government prime contractors and subcontractors who 1) have cost-plus contracts, and 2) have applied for (or received) a loan under the Payroll Protection Program (PPP) ...
To help taxpayers, the Department of Treasury and the Internal Revenue Service announced yesterday that it intends to extend additional key tax deadlines for individuals and bus...
Federal policies addressing the economic consequences of the COVID-19 pandemic continue to evolve rapidly. The Real Estate Roundtable (RER) prepared and distributed an insight...
On April 1, 2020, the U.S. Department of Labor announced new action regarding how American employers and employees will benefit from the protections and relief offered by the Em...
The COVID-19, Relief, and Economic Security Act (CARES) makes $350 billion in paycheck protection loans available to small businesses, with individual businesses eligible for ...
Right now, your highest priority is the health of those you love and yourself. But if you have time to read about some non-medical but important matters related to the health cr...
Congress Approves COVID-19 Stimulus Package
Congress overwhelmingly passed the largest rescue package in American history to support the U.S. economy with approximately $2...
The Federal Government Moves Tax Day to July 15
On March 20, 2020, the IRS and Treasury extended the tax filing and payment deadline to July 15, 2020 for all 2019 federal ...
The U.S. Treasury Department, Internal Revenue Service (IRS), and the U.S. Department of Labor (Labor) announced that small and midsize employers can begin taking advantage of t...
Senate Majority Leader Mitch McConnell introduced emergency stimulus legislation last week to address the economic fallout from the coronavirus outbreak, the third phase of the ...
E. Cohen, a nationally ranked tax, assurance, and consulting firm headquartered in Rockville, MD, announced that it has appointed Stephen White Director of Firm Operations and G...
E. Cohen is grateful for the support of our community, clients and employees. Special thanks to Dignitaries: City of Rockville Mayor Bridget Donnell Newton; Marji Graf, Presiden...
E. Cohen now offers a full suite of National Tax Office Services to other tax professionals.
Our professionals work hand-in-hand with other tax firms to become a results-o...
Under the TCJA, interest paid or accrued by a business is deductible up to 30% of “adjusted taxable income.” Taxpayers (other than tax shelters) with average annual gross re...
It’s possible to divest yourself of appreciated investment real estate but defer the tax liability. Such strategies may even help you keep your income low enough to avoid trig...
Three valuable depreciation-related breaks may be available to real estate investors:
1. Bonus depreciation
This additional first-year depreciation is available for ...
Income and losses from investment real estate or rental property are passive by definition—unless you’re a real estate professional. Why is this important? Passive activity ...
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Look Forward to Serving You in the Future.
We Are Growing to Better Serve You!
Please note that we moved to Suite 400 in the...
Forbes has partnered with market research company Statista to create a list of the most recommended firms for tax and accounting services in the U.S.
This December 2019, E...
E. Cohen is excited to announce that our firm is expanding our office space to accommodate our continued growth and new business activity. In December 2019, we are moving into 2...
Jessica Bragdon is an Assurance Manager at E. Cohen. In November 2019, she passed the rigorous Advanced Defined Contribution Plans Audit exam via the AICPA. This certificate req...
The Community Outreach Committee at E. Cohen has selected the Montgomery County Animal Services and Outreach Center as our current community service project. Our focus is on c...
Each year, Accounting Today, the accounting industry’s leading publication, recognizes the 100 Best Firms to Work For in the U.S. — and then picks the 10 Best Firms for Wome...
One question that we frequently ask nonprofit organizations is, “What processes are in place for identifying, responding to, and monitoring fraud risks?” Most of the time, t...
Does your company sponsor a 401(k) or 403(b) plan? Are you a plan administrator or trustee of a plan? Are you a participant in one of these plans? Do you want your plan to be in...
Each year, Accounting Today and Best Companies Group select the Best Accounting Firms to Work For. E. Cohen is ranked 19 in the best midsize firms in the U.S. (firms from 50-249...
One question that we frequently receive from companies operating in the government contracting arena is what accounting system do we recommend? The accounting and finance functi...
(Replay of Full Video Posted Below) from Tuesday, September 10th 12:30–1:00 pm ET. (Complimentary Online Interactive Discussion). Don’t miss this important interdisciplinary...
Eric Cohen, CPA
Maryland-based public accounting firm owner recognized for his innovation, leadership, firm culture and growth.
ROCKVILLE, MD: Eric Cohen, Founder an...
Year-round strategies to make the tax laws work for you.
Last year, most of the provisions of the massive Tax Cuts and Jobs Act (TCJA) went into effect. They incl...
Benjamin Franklin once said “to fail to plan is to plan to fail.” This adage certainly applies to tax planning.
Although the Tax Cuts and Jobs Act of 2017 (TCJA) elimi...
E. Cohen & Company, CPAs has earned the distinction of being named one of the 2019 Accounting Today’s “Best Accounting Firms to Work for!” Everyone at our firm is ver...
The Presidential Forum Roundtable Breakfast is by invitation only and is limited to only Association CFOs and COOs.
TOPIC/COURSE DESCRIPTION: Association CFOs / COOs: Effe...
A Comfort Case is a small duffel bag or backpack with a purpose to provide comfort for youth as they enter the foster care system. The case provides the essentials for the first...
View our panel discussion with Venable LLP on Opportunity Zones and Qualified Opportunity Funds. Created by the Tax Cut and Jobs Act of 2017, Opportunity Zones and Qual...
Phillip Mills is an Assurance Manager at E. Cohen. In April 2019, he passed the rigorous Advanced Defined Contribution Plans Audit exam via the AICPA. This certificate require...
Starting July 1, 2019, the District of Columbia will collect taxes from all private sector employers in the District to fund the Paid Family Leave (PFL) benefit. Employers must ...
Prepared by Venable LLP Attorneys, Walter Calvert and Elizabeth Stieff
The tax and investment communities continue to be abuzz with discussion of the huge tax benefits tha...
E. Cohen is an INSIDE Public Accounting Top 400 Firm on the inaugural IPA 400 list, based on the 2018 annual IPA Survey and Analysis of Firms.
IPA 400 firms are ranked by ...
Do you remember what it was like waking up on Christmas morning all excited to find THAT one perfect toy under the Christmas tree that you just wanted for so long…… Remember...
E. Cohen and Company, CPAs, now known as E. Cohen, is excited to announce our new name, brand, and website.
The rebranding process has taken place over several months wit...
Contractors often must supply cost and pricing data in contract proposals. There are three basic components to such data: direct costs; indirect costs; and expected profit. Whil...
E. Cohen has been named as one of the 2018 Accounting Today’s Best Accounting Firms to Work for. Accounting Today has partnered with Best Companies Group to identify companies...
Third in a series of three articles, “Budget Building Blocks,” Reprinted with permission by Donald Keninitz, CPA.
In previous articles we covered the importance of de...
Second in a series of three articles, “Budget Building Blocks,” Reprinted with permission by Donald Keninitz, CPA.
In our previous issue we discussed the importance o...
First in a series of three articles, “Budget Building Blocks,” Reprinted with permission by Donald Keninitz, CPA.
One of the most overlooked considerations in the mana...
With many baby boomers nearing retirement age, and strong demand for quality companies in the M&A market, many small and mid-sized business owners are preparing for their p...
This is one installment in our series of articles for business owners. To access the other articles in the series, please click on the following links:
Tax Issues for Busi...
This is one installment in our series of articles for business owners. To access the other articles in the series, please click on the following links:
Tax Issues for Busi...
As your organization strives to use its resources as effectively as possible, you might at some point consider outsourcing the functions that fall under your accounting and fina...
