From a higher SALT deduction cap to updated 1099 rules, new retirement contribution thresholds, and crypto reporting requirements, this year’s tax landscape presents several planning opportunities for individuals and small businesses.

From tariff uncertainty to changes in 1099 reporting thresholds, 2025 has been a highly unpredictable year for small businesses. In this timely conversation, Laura Shuman shares practical guidance on how business owners can protect their margins, stay ahead of compliance changes, and prepare for the year ahead.

In this Gorfine, Schiller & Gardyn podcast interview, Patrick Hom, Director of Tax Services at GSG, breaks down the latest tax changes in Maryland, including those that took effect on July 1, 2025, and others outlined in the Budget Reconciliation and Financing Act of 2025.

Chuck Faunce, Director of Business Valuation and Litigation Services at GSG, breaks down the implications of the recent Supreme Court decision in Connelly vs. United States, and why it could significantly increase estate tax obligations for closely held business owners.

Jenny Estrada, Principal of Audit and Accounting Services at GSG, discusses all things audit and GSG – from breaking misconceptions around auditing, to what it’s like to work for the GSG audit department, to the common responsibilities for the job, and much more.

When it comes to providing paid family and medical leave for employees, big changes are on the horizon for all Maryland employers with the state’s PFML program. Now’s the time for careful planning and proactive decision-making.

In the NFP arena, accounting and auditing can be very nuanced – from identifying risks for net assets classifications to auditing the tracking of donor restrictions to contribution accounting.

For any small business, effective accounting and financial planning is critical for long-term success – especially before we prepare to navigate the opportunities and challenges of a new year.

In light of a recent federal court order, reporting companies are not currently required to file beneficial ownership information with FinCEN and are not subject to liability if they fail to do so while the order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports.

When it comes to tax planning, it is always best to leave no stone unturned when it comes to developing strategies that can help minimize your tax burden. The annual GSG tax planning guide provides broad suggestions for tax planning as we are coming to the end of 2024.