MD Tax & Accounting Services
Kurt Simmons CPA provides comprehensive tax and financial services to individuals and businesses throughout Maryland (MD). With its federal contracting hub and biotech corridor, we understand the unique financial landscape that comes with doing business in Maryland.
Under the CPA Mobility Act, our CPA — licensed in Maryland, Delaware, and Florida — is authorized to provide the full range of attestation, tax, and advisory services to Maryland clients without the need for an additional state license. This means Maryland individuals and businesses receive the same comprehensive service as our home-state clients: financial statement audits, tax strategy, IRS representation, virtual CFO services, and every other service we offer — delivered through our technology-forward, virtual-first practice model.
CPA Services Available in Maryland (MD)
MD Individual Tax Preparation
Comprehensive federal and Maryland state tax return preparation, including complex returns with investments, rental properties, and self-employment income.
Learn More →MD Business Tax Services
Tax preparation and planning for Maryland-based businesses including S-Corps, C-Corps, partnerships, LLCs, and sole proprietorships.
Learn More →MD Cryptocurrency Tax
Specialized crypto tax services for Maryland investors and traders. DeFi, NFTs, staking rewards, and exchange reporting handled with expertise.
Learn More →MD Trader Tax Services
Mark-to-market elections, wash sale tracking, and tax optimization strategies for active traders in Maryland.
Learn More →MD IRS Resolution
Professional representation before the IRS for Maryland taxpayers facing audits, collections, liens, levies, or offers in compromise.
Learn More →MD 83(b) Elections
Equity compensation planning and 83(b) election filing for Maryland startup employees and founders receiving restricted stock.
Learn More →MD Financial Statement Audits
Full-scope GAAS-compliant financial statement audits for businesses, nonprofits, and organizations requiring independent assurance.
Learn More →MD Review Engagements
Limited assurance engagements providing meaningful confidence in financial statements for lender requirements and stakeholder reporting.
Learn More →MD Compilations
Professionally prepared financial statements from management-provided data for internal reporting, small business needs, and bank presentations.
Learn More →MD Agreed-Upon Procedures
Targeted, customized engagements designed to address specific areas of concern with flexible scope tailored to stakeholder needs.
Learn More →MD Employee Benefit Plan Audits
DOL-compliant audits for 401(k), pension, and employee benefit plans meeting ERISA filing requirements and fiduciary obligations.
Learn More →MD Tax Strategy & Advisory
Proactive, year-round tax planning that identifies savings opportunities. Entity structure optimization, multi-state planning, and strategic initiatives.
Learn More →MD Cost Segregation Studies
Engineering-based analysis to accelerate depreciation deductions on commercial and residential rental properties, maximizing cash flow.
Learn More →MD Virtual CFO Services
Fractional CFO capabilities including financial modeling, cash flow management, KPI dashboards, and strategic financial leadership.
Learn More →MD Business Consulting
Operational assessments, process improvement, internal control design, and strategic planning to drive efficiency and profitability.
Learn More →MD Estate & Succession Planning
Comprehensive estate planning, business succession strategies, and wealth transfer optimization for business owners and high-net-worth individuals.
Learn More →MD Capital Markets Advisory
Securities compliance, FINRA regulatory guidance, and capital markets advisory for businesses navigating public offerings, private placements, and broker-dealer requirements.
Learn More →Maryland Audit Services in Detail
Maryland businesses, nonprofits, and benefit plan sponsors typically need an independent audit when state law, federal rules, lenders, grantmakers, or boards require external assurance. We perform GAAS-compliant attest engagements scoped to the specific assurance need — most commonly:
Maryland Nonprofit Audits (Charitable Solicitations Act)
Under Maryland's Charitable Solicitations Act, charities registered with the Maryland Office of the Secretary of State are generally required to submit audited financial statements when annual gross income from charitable contributions exceeds $750,000, and reviewed financial statements when gross income is between $300,000 and $750,000. Audited statements are also routinely expected by the Abell Foundation, the Weinberg Foundation, the Goldseker Foundation, the Maryland Philanthropy Network members, and major Baltimore- and DC-area grantmakers.
Maryland 401(k) & Employee Benefit Plan Audits
Maryland plan sponsors filing Form 5500 generally require an ERISA-compliant audit when the plan has 100 or more participants with account balances at the start of the plan year — the participant-counting rule effective post-SECURE 2.0. We perform full-scope and §103(a)(3)(C) limited-scope benefit plan audits for 401(k), 403(b), and defined-benefit plans across Maryland, including plans sponsored by federal contractors along the I-95 and I-270 corridors, biotech and life sciences companies around Rockville/Bethesda, healthcare systems (Johns Hopkins, University of Maryland Medical, MedStar), and Port of Baltimore logistics employers.
Maryland Single Audits (Uniform Guidance)
Maryland nonprofits, municipalities, and pass-through subrecipients that expend $1,000,000 or more in federal awards in a fiscal year (the OMB threshold for fiscal years beginning on or after October 1, 2024) are subject to the Single Audit requirements of 2 CFR Part 200. With Maryland's heavy federal funding (NIH, NASA Goddard, NSA, NIST), Single Audit work is common. We perform Uniform Guidance Single Audits, including major-program testing, internal control work, and preparation of the Schedule of Expenditures of Federal Awards (SEFA).
Maryland Lender, Bonding & Investor Audits
Maryland banks, surety companies, and DC/Baltimore-area private equity, venture capital, and government contracts investors frequently require audited financial statements as a condition of credit facilities, surety capacity, federal contract bidding, or capital raises. We deliver audited financials on the timeline lenders, bonding agents, and contracting officers need.
Maryland Reviews & Compilations
Where a full audit is not required, we deliver review engagements (limited assurance) and compilations (no assurance) — both routinely accepted by Maryland lenders for smaller credit facilities, by acquirers in MD M&A diligence, and by stakeholders requiring CPA-prepared financial statements.
Maryland (MD) Tax & Business Landscape
Key Maryland Tax Numbers. Personal income tax: graduated, top rate 5.75%, plus a county or Baltimore City piggyback income tax ranging from 2.25% to 3.20% depending on jurisdiction (highest in Howard, Montgomery, Prince George's, and Baltimore City) — combined top marginal rates approach 8.95%. Corporate income tax: 8.25% flat. Sales and use tax: 6%. Estate tax: applies above $5,000,000 with rates up to 16% (decoupled from federal). Inheritance tax: 10% on transfers to non-lineal heirs (exempting spouse, lineal descendants and ancestors, and siblings) — making Maryland the only state currently with BOTH an estate tax and an inheritance tax. Pass-through entity (PTE) elective tax: 8% on individual members' share, 8.25% on corporate members' share, available since tax year 2020.
Filing Mechanics. Individuals file Form 502 (residents) or Form 505 (nonresidents and part-year residents). C-corporations file Form 500. Pass-through entities file Form 510, with the PTE election made on the same form. Returns are due April 15 and administered by the Comptroller of Maryland.
Reciprocity & Multi-State Considerations. Maryland has wage reciprocity agreements with the District of Columbia, Pennsylvania, Virginia, and West Virginia — meaning a Maryland resident earning wages in those jurisdictions pays Maryland tax (state and county) on those wages, not the other jurisdiction's tax (with proper employer withholding paperwork). Reciprocity does not extend to non-wage income (rental, business, capital gains) sourced to those states. We routinely prepare MD/DC, MD/VA, and MD/PA combinations for federal contractors and commuters.
Maryland Economy & Who We Serve. Maryland's economy is anchored by federal government and contracting (NSA at Fort Meade, NIH and NIST in Bethesda/Gaithersburg, NASA Goddard, FDA, USDA-ARS), defense and cybersecurity (Lockheed Martin Bethesda, Northrop Grumman, hundreds of mid-tier contractors), biotechnology and life sciences (the I-270 Biotech Corridor — AstraZeneca, Emergent BioSolutions, Novavax), higher education (Johns Hopkins, UMD), the Port of Baltimore, and growing fintech. Our typical MD clients include federal contractors, biotech professionals with equity compensation, federal employees, healthcare professionals, and high-net-worth families navigating Maryland's combined estate and inheritance tax.
CPA Mobility in Maryland. Maryland has adopted CPA mobility provisions under the Uniform Accountancy Act, allowing CPAs in active good standing in another U.S. jurisdiction to provide tax, advisory, and (subject to applicable firm-level requirements) attest services to Maryland clients without obtaining a separate Maryland individual license. Kurt Simmons holds active CPA licenses in Maryland, Delaware, and Florida, and we confirm all applicable Maryland Board of Public Accountancy mobility and firm registration requirements before commencing any engagement.
Cities and Communities We Serve. Our virtual-first practice serves clients across all of Maryland, including Baltimore (largest city; healthcare, port, finance), Bethesda (biotech, NIH-area professionals), Rockville and Gaithersburg (I-270 Biotech Corridor), Silver Spring (federal workforce), Annapolis (state capital; legal, maritime), Frederick, Columbia, Bowie, Glen Burnie, Hagerstown, Salisbury, Ocean City, the Eastern Shore, and every Maryland county.
Why Maryland Clients Choose Us
- GAAS-compliant audit, review, and compilation experience for nonprofits, federal contractor benefit plans, and privately held businesses
- Deep expertise in MD-specific issues: county piggyback tax planning, Maryland's unique combined estate-and-inheritance tax, MD PTE elections, federal contractor accounting, and DC/VA/PA reciprocity for commuters
- Capital markets background — Kurt Simmons has passed the Series 65 examination (Passed; not currently held as an active license) in addition to holding the CPA
- Specialized practices in cryptocurrency taxation, active trader tax, and 83(b) elections for MD biotech/tech employees
- Technology-forward, virtual-first delivery — secure client portal, e-signature, and video consultations
- Transparent, fixed-fee engagements where possible — no surprise hourly invoices
Maryland CPA — Frequently Asked Questions
Do I need a Maryland-licensed CPA, or can an out-of-state CPA handle my MD tax and audit work?
Maryland has adopted CPA mobility provisions under the Uniform Accountancy Act. A CPA in active good standing in another U.S. jurisdiction is generally authorized to provide tax, advisory, and attest services to Maryland clients without holding a separate Maryland individual license. Kurt Simmons holds active CPA licenses in Maryland, Delaware, and Florida, and we confirm any applicable firm-level Maryland Board of Public Accountancy registration before commencing attest engagements.
What is Maryland's income tax rate, and how does the county piggyback tax stack on top?
Maryland imposes a graduated state income tax with a top rate of 5.75%, plus a county or Baltimore City piggyback income tax ranging from 2.25% to 3.20% depending on jurisdiction. Combined top marginal rates approach 8.95% in higher-tax counties (Howard, Montgomery, Prince George's). Form 502 (residents) or 505 (nonresidents and part-year residents) is due April 15.
Does Maryland really have both an estate tax AND an inheritance tax?
Yes. Maryland is currently the only state with both an estate tax (applies above $5,000,000 with rates up to 16%) and an inheritance tax (10% on transfers to non-lineal heirs — exempting spouse, children, grandchildren, parents, siblings, and lineal descendants). Combined planning to navigate both regimes is critical for high-net-worth Maryland residents.
Does Maryland have a SALT-cap workaround for partnerships and S-corps?
Yes. Maryland enacted an elective pass-through entity tax effective for tax years beginning after December 31, 2019. Eligible S-corps and partnerships can elect to pay an entity-level tax (8% for individual members, 8.25% for corporate members), and members receive a corresponding credit on Form 502. The election is made on Form 510.
I commute from Maryland to DC or Virginia for work. How does that affect my tax return?
Maryland has wage reciprocity with the District of Columbia, Pennsylvania, Virginia, and West Virginia. A Maryland resident earning wages in those jurisdictions pays MD tax (state and county) on those wages, not the other state's tax — provided proper withholding paperwork is filed with the employer. Reciprocity does not extend to non-wage income (rental, business, capital gains) sourced to those states. We routinely prepare MD/DC, MD/VA, and MD/PA combinations for federal contractors and commuters.
When does my Maryland nonprofit need an audit?
Under Maryland's Charitable Solicitations Act, charities registered with the Office of the Secretary of State are generally required to submit audited financial statements when annual gross income from charitable contributions exceeds $750,000, and reviewed financial statements when gross income is between $300,000 and $750,000. Federal Single Audit requirements under 2 CFR Part 200 apply separately when federal award expenditures exceed $1,000,000 in a fiscal year.
Do you serve Maryland clients outside Baltimore, Bethesda, and Rockville?
Yes. Our practice is virtual-first, so we serve clients across all of Maryland — including Annapolis, Frederick, Silver Spring, Columbia, Gaithersburg, Bowie, Glen Burnie, Hagerstown, Salisbury, Ocean City, the Eastern Shore, and every Maryland county — with the same level of access and service.