Baltimore Fiscal Partners

🚨 Small business grant alert 🚨
MyBGE Energizing Small Business Grants for $20,000
Deadline is July 12th at 6pm

Hello Alice 🔗 helloalice.com/grants/bge 🔗

January 31st is the deadline to file your 1099s! Still have questions about what is an employee vs. independent contractor? Learn the difference from Day 2 of the week-long series for employers provided by the IRS. And sign-up for more updates and Tax Tips here: https://www.irs.gov/newsroom/e-news-subscriptions

Day Two of Week-long Series; Employee versus Independent Contractor; Form W-2; Form 1099-NEC Day Two of Week-long Series; Employee versus Independent Contractor; Form W-2; Form 1099-NEC Internal Revenue Service (IRS) sent this bulletin at 01/23/2024 03:32 PM EST EO Update: e-News for Charities & Nonprofits January 23, 2024 Useful Links IRS.gov Charities and Nonprofits Homepage EO FAQs EO Fo...

Day Two of Week-long Series; Employee versus Independent Contractor; Form W-2; Form 1099-NEC Day Two of Week-long Series; Employee versus Independent Contractor; Form W-2; Form 1099-NEC Internal Revenue Service (IRS) sent this bulletin at 01/23/2024 03:32 PM EST EO Update: e-News for Charities & Nonprofits January 23, 2024 Useful Links IRS.gov Charities and Nonprofits Homepage EO FAQs EO Fo...

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Happy 2024! With a new year, comes new changes - and we’re here to keep you and your organization up-to-date on what’s happening throughout the year.

Wondering if you qualify for the Employee Retention Credit (ERC/ERTC)?

Check out this IRS checklist to see if you may qualify! ✔ www.irs.gov/newsroom/employee-retention-credit-eligibility-checklist-help-understanding-this-complex-credit

And yes, nonprofits may be eligible, too!

⏳ Due date approaching! ⏳

Nonprofits with a June 30 fiscal year - don't forget your 990 is due on November 15th!

Not ready to file? Don't risk the penalty for late filing, and request an extension until May 15th from the IRS by filing Form 8868 by November 15th

Not a June 30 fiscal year filer? Check out when your organization's due date is on our website - www.baltimorefiscal.com/form-990-due-dates

Coming up this week! Join us on Thursday, September 28, from 6:00 - 8:00pm (hybrid) for the first part of our free Bookkeeping & Finances workshop with Baltimore Fiscal Partners! For Part 1, ideal attendees will be individuals whose nonprofit organization is just starting out or has new staff or volunteers that want to understand the fundamentals of bookkeeping and finance.

During this workshop, participants will: Learn how to create operating and program budgets, understand best practices for grant tracking and reporting, and identify basic accounting systems that can help their organization automate their finances.

Learn more and register here: https://sbgpartnership.org/event/keys-to-capacity-workshop-bookkeeping-finances-part-1-hybrid/

ID: Event info in black text on orange banners. Background is patterned with key graphics in a diagonal pattern. In the bottom left corner is a computer monitor with a finance graphic on the screen in white.

⏳ Small business owners ⏳ Don't forget to file your estimated quarterly taxes today! ⏳

Make your Q3 tax payment online at www.irs.gov/payments

Nonprofits wondering when their annual 990 tax return is due - bookmark our new 990 due dates post!

https://baltimorefiscal.com/form-990-due-dates/

⏳ Time is running out to file your taxes with the IRS ⏳

Business taxes are due March 15th (LLCs and corporations)

Personal taxes are due April 18th
.. and nonprofits operating on a calendar year -- your 990 tax returns are due May 15th

Nonprofits waiting on government 💲funding💲 to hit their bank accounts -- apply for up to $25,000 in an interest-free micro bridge loan from Maryland Department of Commerce

Applications are accepted on a rolling, first-come, first-served basis
Learn more at https://commerce.maryland.gov/fund/maryland-nonprofit-development-center-program-fund-nonprofit-interest-free-micro-bridge-loan-account-(nimbl)

ICYMI: Amazon Smile to end on February 20, 2023

Amazon closing AmazonSmile to focus its philanthropic giving to programs with greater impact The company, which ranks among the top corporate philanthropists in the U.S., will continue to pursue and invest in other areas where it can make meaningful change—from building affordable housing to providing access to computer science education for students in underserved communities.

For nonprofits with a June 30 Fiscal Year ➡ your Form 990 tax return is due NOVEMBER 15 ⬅

Can't meet the deadline? File Form 8868 by November 15th to request an automatic 6-month extension https://www.irs.gov/pub/irs-pdf/f8868.pdf

Reminder ⏳ Nonprofit organizations in Maryland with Sales and Use Tax Exemption Certificates may need to renew by September 30th ⏳

Renew here: https://interactive.marylandtaxes.gov/bServices/EOR/Home.aspx

⏳ Estimated Quarterly Taxes Due September 15th ⏳

Most self-employed individuals expecting to owe over $1,000 in taxes this year are required to pay estimated quarterly taxes to the IRS.

Find out more about the requirements and how to pay online: www.irs.gov/businesses/small-businesses-self-employed/estimated-taxes

There's still a few days left for small businesses to apply for the MyBGE Energizing Small Business Grants for $20,000 ➡ DUE AUGUST 26 ⬅

Apply at 🔗 bge.helloalice.com 🔗

💰 Just Announced! 💰

Maryland State Department of Assessments and Taxation raised the exemption from personal property assessment for all Maryland businesses from $2,500 to $20,000

Learn more at www.dat.maryland.gov

📣 Funding Opportunity 📣

Businesses and nonprofits can apply for up to $250,000 for expanding, moving to or opening in a property that was previously vacant through MD Department of Housing and Community Development's

Find more information at https://dhcd.maryland.gov/Pages/ProjectRestore/default.aspx