Act Fast to Qualify for IRS Penalty Relief

The deadline to qualify for IRS penalty relief for late-filed 2019 and 2020 tax returns is rapidly approaching. Taxpayers who have not yet filed their returns have until September 30 to benefit from this recently-announced penalty abatement. To help struggling taxpayers affected by the COVID-19 pandemic, the IRS announced it would relieve certain taxpayers from failure-to-file penalties and information return penalties incurred on 2019 and 2020 tax returns. The IRS is also taking an additional…

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Maryland Property Tax Assessments: A Primer

The property tax is the largest source of local revenue for Maryland's county governments. Counties rely on this revenue to fund schools, public safety, infrastructure, public health, and other essential services. Property taxes directly or indirectly impact almost everyone whether residents rent or own. But the assessment process is often confusing. Here's a primer. Maryland Property Tax Assessment Overview Article 15 of the Declaration of Rights of Maryland's Constitution requires uniform assessment and taxation of all…

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Maryland Sportsbooks Handled $18.6M in August, Mobile Launch Still Months Away

August sports wagering handle totaled more than $18.6 million. Last month, Maryland’s five sports wagering facilities combined to contribute $415,801 to the Blueprint for Maryland’s Future Fund, which supports public education programs. Each sports wagering licensee contributes 15 percent of its taxable win to the State of Maryland. Operators reported $3.2 million in gross revenue, an increase of nearly 60 percent from July and the third-best month since launch. The hold was more than four total…

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MD Casinos Generate $169M in August Revenue

Last month, Maryland’s six casinos generated $169.4 million in gaming revenue, contributing $70.9 million to the state. According to Maryland Lottery and Gaming, the total represents an increase of $892,605 (0.5 percent) compared to August 2021. Contributions to the Education Trust Fund in August 2022 were $51,496,162, a decrease of $293,463 (-0.6%) compared to August 2021. Casino gaming revenues also support local communities and jurisdictions home to casinos, Maryland’s horse racing industry, and small, minority- and…

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We Are All in this Together: A Discussion on Housing Affordability

The shortage of affordable housing is hitting everyone, from senior and mid-career professionals, to college students just starting out. Conduit Street runs down some of the latest discussion about, and contributors to, this important topic. One does not need to look far to find evidence of families everywhere struggling with the increasing costs of rents and mortgages. Affordable housing is a unique issue that hits almost all demographic groups in some way. Household budgets stretch…

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Is Student Loan Forgiveness Taxable? It Depends.

Last week, President Joe Biden announced up to $20,000 in debt cancellation to Pell Grant recipients with loans held by the US Department of Education and up to $10,000 in debt cancellation to non-Pell Grant recipients. Borrowers are eligible for this relief if their income is less than $125,000 ($250,000 for married couples). To ensure a smooth transition to repayment and prevent unnecessary defaults, the pause on federal student loan repayment is extended one final…

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SDAT Launches Tax Credit Awareness Campaign, Encourages Marylanders to Apply Online

The Maryland State Department of Assessments and Taxation (SDAT) is mailing nearly 124,000 postcards encouraging low-income homeowners and ​renters to​ apply for property tax credits​​. The Maryland State Department of Assessments and Taxation (SDAT) launched its 2022 Tax Credit Awareness Campaign urging Marylanders to consider whether they may be eligible to receive homeowners' or renters' property tax credits. The online tax credit application system is the quickest and easiest way to find out more information and…

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Sticker Shock! Adjusting for Inflation at #MACoCon

A panel of experts offered insights and best practices for navigating fiscal uncertainty. Inflation is exceptionally high, driving up costs for capital projects and routine service delivery. The tight labor market means county governments are increasing salaries, which puts upward pressure on pension costs. Supply chain issues driven by geopolitical unrest and the global pandemic threaten to delay priority projects. And the looming potential of a recession only adds fuel to the fire. At this…

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