Joy to the world, the Lord is come! 👶🏾
We’ll be closed Thu, Dec 25 in celebration, and return Fri, Dec 26 ->
From all of us here, have a very Merry Christmastide!! 🌟
Really enjoyed this week’s e-newsletter installment from David Kuzma, CPFA at Aquilo Wealth Advisors – It included reflections on the need for entrepreneurs to protect their health along with practical ways to accomplish –>
One of the ones I really liked:
Time-Block Non-Negotiable Recovery Windows – Treat recovery with the same sanctity as board meetings. Schedule three types weekly:
Micro-recovery: 10-minute breathing exercises between meetings Meso-recovery: 90-minute blocks at least twice weekly for exercise or complete disconnection Macro-recovery: Quarterly 3-5 day periods with zero business communication
Protect these blocks as fiercely as you’d protect a meeting with your largest client. These are targets that you can build up to. Start with something small and implement these over time."
If you’d like to subscribe to his e-newsletter or learn more about his company, just visit Aquilo Wealth Advisors or reach out and we’re happy to make an introduction!
The IRS released a statement about the impact of the federal shutdown, now in Day 37 (the longest on record) – Some highlights:
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Tax obligations remain unchanged
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Tax refunds are essentially limited to e-filed returns with direct deposit information provided on which no automated errors arise (so if you opted for paper check, or the IRS computers raises a question, the refund is paused)
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Payments still being processed
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Limited phone service
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Appeals & Taxpayer Advocate cases postponed
Additional areas are described in the official press release, and we’ll keep hoping the impasse gets lifted soon and IRS operations can return to normal.
TIP: For most service business, the bottom 5-10% of your customers are not ‘breakeven’.
Illustrated in what’s known as the ‘whale curve’, 80% of customers generate around 170% of your profit, while the last 20% reduce profit to 100%.
Knowing this can help you pursue changes to your Business and Profit Model that’ll help strengthen its position and brighten its future.
⏰Reminder for Md. businesses ->
If your business doesn’t use MarylandSaves BUT you have your own small business retirement plan,
Be sure to certify your compliance by Dec 31 to have your $300 Md. Annual Report fee waived next year 💸
Did you hear: the IRS is phasing out paper payments? – both for sending & receiving!
The transition starts with next year’s tax filing season, but essentially the IRS will be slowing the issuance of paper refund checks as much as 6 weeks …
AND at some point (likely past next tax filing season), the IRS will no longer accept paper checks either.
We’ve been recommending for years using the various IRS online payment options like DirectPay or your IRS Account, and if you haven’t been using these tools, you may want to start getting familiar with them
Some additional tips & resources in the graphic below ->
Reminder to Individuals & C-corps: The Oct 15 extended deadline is approaching —> To guarantee your return by then, we’ll need the last piece of missing info by Sep 19
Just upload to your e-Cabinet or reply in your Xero Ask query 📥
/StressFreeTax
Reminder that federal Tax Credits for energy efficiency expire Sep 30 and Dec 31 – this includes:
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Electric vehicles on Sep 30,
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Home improvement projects on Dec 31, and
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Solar panels on Dec 31.
Additional details in this IRS FAQ.
Reminder to S-corps & Partnerships: The Sep 15 extended deadline is approaching —> To guarantee your return by then, we’ll need the last piece of missing info by Aug 22
Just upload to your e-Cabinet or reply in your Xero Ask query 📥
/StressFreeTax
Relay Bank, one of our preferred banking partners, just released a powerful new spend approval feature for team debit or credit cards ->
Imagine: Your team members can request spend authorizations seamlessly through the bank platform for digital approval
To learn about this or other ways Relay Bank is specially designed for entrepreneurs, reach out to our Design Team – We can also easily get you on the banking platform as a Relay-certified Partner
Our team wishes you a 🎆 happy 4th of July!
We’ll be closed today in honor of our nation’s birth, then back on Monday to continue helping power the creativity of the entrepreneurs we collaborate with! ⚡ > 🔌 > 🎨 > 🖼
Save $300 in Maryland Annual Report filing fees!
Does your small business have its own retirement plan? // Or does your business offer a free retirement plan through the State’s MarylandSaves program?
Both qualify your business to have its annual $300 filing fee waived – But if your business has its own retirement plan (like a company 401k), you have to self-certify each year to get the fee waiver the following year: Here’s the link to claim your 2026 SDAT filing fee waiver now.
Adrian had the pleasure of being interviewed for the local TV show “Around Town”, hosted by Laurel Board of Trade’s Mike Mondy ->
Check out his 9-minute interview describing the basics of who ElementsCPA is and a couple of the ways we’re different from your traditional small business accounting firm:
The *2025 Md. Legislative Session resulted in a number of tax changes including:
- New individual income tax brackets
- Changes to how Md. standard & itemized deductions work
- New Md. level capital gains surtax
- New Md. sales tax on data & IT services, among others
You can get a summary of the key changes from the Comptroller’s webinar slide deck , and certainly reach out to our Tax Design Team with any questions as they relate to your returns
Simplify your small business bill paying process ->
Xero has partnered with BILL to provide integrated bill-paying right within the Xero platform: Tap into BILL’s longstanding solution to:
- Pay multiple bills at once in just a few clicks.
- Access BILL’s network of over 7.1M members, making it easy to find and pay your vendor
- Authorize payments prepared by your team so you maintain full control over your cash flow.
- Track the status of your payments without needing to log into a bank, so you always know who’s been paid and when.
- Reduce manual work with automatic reconciliation. The bills are marked as paid and payments are reconciled automatically, ensuring your records are always up-to-date.
Check out Xero’s blog post for a video demonstration & more details, and make paying the bills even easier with this automation!
The Maryland Comptroller has released the first guidance around the new Sales Tax on Data & IT Services –
Additional info also available from the Comptroller’s page dedicated to Tax Updates from the 2025 Legislative Session
DC licensing is about to get a whole lot easier ->
The DC Department of Labor & Consumer Protection (DLCP) is in the process of:
- Consolidating more than 100 business license categories into just 11,
- Introducing a revenue-based fee structure, &
- Lowering upfront licensing costs
- Making it easier for new businesses to get started and for established ones to stay compliant.
It’s all part of the BEST Act passed in 2023 and starting to take effect, so look for the continued rollout of the new changes!
Xero (our online accounting platform of choice for small business) was name “Best Overall Accounting Platform” in the FinTech Breakthrough Awards
FinTech Breakthrough has recognized Xero for its comprehensive, user-friendly financial management solution designed specifically for small businesses, solidifying Xero’s position as a leader in modern accounting software. In particular, Xero’s innovative approach to sales tax compliance, featuring automated solutions that adapt to evolving regulations, set it apart within its category.
Great to see Xero get recognition for its easy-to-use design that is thoughtful of small business owners – Feel free to reach out to us if you’d like to learn more about how it might help you!
(See press release for more details)
📢 Maryland Employers: MD mailed Unemployment Rate update notices on Mar 17 (we just got ours in the mail this weekend):
Be sure to look for, and update any changes in your payroll platform to avoid under/ over payments + interest/ penalties
You can also log into your employer account on MD’s unemployment platform BEACON to retrieve online as well
After a year+ of angst, and with explicit reference to the change in federal Administrations, Beneficial Owner Report (BOI) filing requirements are now -removed- for US companies & persons
The Interim Final Rule released Mar 21 (expected to become final) essentially states only foreign entities filing to do business in the U.S need to comply with FinCEN’s BOI reporting rules
It’s been a long road here, but definitely simplifies things for small business owners out there
FinCEN’s press release and additional coverage at JofA
