The start of the new year has brought Maryland, Virginia and D.C. metro area residents a host of new laws ranging from a hike in the state’s minimum wage, an increase in the gas tax, as well as the tax provisions relating to the Affordable Care Act, with which taxpayers across the nation must now comply.
With new legislation inevitably comes complexities and questions to be faced by individuals and businesses alike, many of which can make tax matters more confusing and uncertain than ever. The Maryland tax attorneys at Rosenberg Martin Greenberg are committed to helping our clients successfully navigate the new regulations and mitigate any potentially negative impact on their bottom line.
New minimum wage laws in effect
In 2015, Maryland workers will see the minimum rage rise from $7.25 to $8 per hour, with the mandated wage ultimately set to climb to $10.10 by 2018. Residents of Montgomery and Prince George’s counties already witnessed an increase in their minimum wage back in October, when it reached $8.40 as the result of a regional initiative. District of Columbia residents will see their minimum wage hit $9.50 per hour this year, reaching $11.50 by the summer of 2016.
Contract workers for D.C.’s city government are to receive a boost in their mandatory minimum wage, bringing it to $13.80 per hour.
Gas tax hikes implemented across the region
A 2 percent increase in Maryland’s gas tax also went into effect on midnight of January 1, bringing the total per-gallon toll up to approximately 3 cents. According to AAA, the tax is likely to rise again in July, and again next January.
On New Year’s Day, Virginia residents saw the gas tax in their state increase by 5 cents per gallon due to congressional inaction on proposed legislation requiring Internet-based businesses to pay state sales taxes.
Further complicating taxation and accounting for many business and individuals is the fact that this year marks the first tax filing season in which those lacking “minimum essential coverage” as defined by the Affordable Care Act and who do not meet the criteria for an exemption will have to make a “shared responsibility payment” when filing their tax returns.
According to some observers, this process is more complex than many initially believed, perhaps making full compliance more difficult to achieve without expert advice.
Securing the help of a Baltimore tax lawyer
The impact of any changes in legislation will affect different individuals and businesses in a wide variety of ways. Some may present real risks of noncompliance while also inviting the scrutiny of taxing authorities across the Baltimore and greater D.C. area.
Given the seriousness of the potential penalties such agencies can impose, it pays to secure the very best professional help when attempting to get or stay on the right side of the law.
At Rosenberg Martin Greenberg, we pride ourselves on providing clients with prompt, responsive and knowledgeable service. Whether you are concerned about Affordable Care Act compliance, a tax audit, unfiled returns, litigation, liens or levies, our team of professionals has the background necessary to advocate for the resolution you desire and design strategies to proactively identify areas of undue exposure.
To schedule a personal consultation to discuss questions, concerns or existing tax dilemmas facing you or your business, call Brian Crepeau at 401.649.4981 or email firstname.lastname@example.org.