Fitzpatrick, Leary & Szarko, LLC

06/25/2026

📣 New savings option for children: Trump Accounts

Trump Accounts are a new custodial, retirement-style savings account for children under age 18. The account is owned by the child and managed by a parent, guardian, or other authorized individual until the child turns 18.

Who may be eligible?
✅ Children under age 18 with a valid Social Security Number
✅ Children born between January 1, 2025 and December 31, 2028 may qualify for a one-time $1,000 federal contribution

Contribution limits:
💰 Contributions are limited to $5,000 per year per child
💼 Employers may contribute up to $2,500 per year (which counts toward the annual limit)

How can the funds be used?
Funds can be accessed without penalty when the child turns 18 for qualified expenses like education, a first home purchase, or starting a business. Otherwise, funds will continue to grow with the same tax advantages of a traditional IRA.

Don’t delay - review now whether a Trump Account fits into your broader savings, education, and tax planning strategy.

Contact FLS with any questions. ✅

Call now to connect with business.

06/18/2026

🚗 Business mileage can add up — but only if you track it.

If you use your vehicle for business, keeping a consistent mileage log throughout the year can make tax time much easier. Try to record your trips as they happen, including the date, business purpose, starting point, destination, and miles driven.

Waiting until tax season to recreate mileage can be stressful and less accurate. A simple notebook, spreadsheet, or mileage tracking app can help you stay organized.

Contact FLS with questions about business mileage or recordkeeping. ✅

06/15/2026

📬 Received a letter from the IRS or state?

Don’t panic — but don’t ignore it either. Tax notices can involve missing information, balance due notices, payment questions, identity verification, or other adjustments.

Before responding or making a payment, it is a good idea to review the notice carefully and make sure you understand what is being requested.

Contact FLS if you receive a tax notice and are unsure what to do next.

06/10/2026

📅 2026 2nd quarter estimated tax payments are due June 15!

Not sure if this applies to you? Now is a great time to review your tax situation before the deadline.

Contact FLS with questions about your estimated tax payment. ✅

06/09/2026

Congratulations to our intern, Meghan, on her graduation from Stevenson University! 🎓

We were so excited to celebrate this milestone with her and recognize all of her hard work and accomplishments. Meghan has been a wonderful part of the FLS team, and we are thrilled to share that she will be joining us as a full-time Staff Accountant this fall!

Please join us in congratulating Meghan on this exciting achievement and welcoming her into her next chapter with FLS. 👏

06/05/2026

Maryland FAMLI: What Employers Need to Know

Maryland’s Family and Medical Leave Insurance program, or FAMLI, will require Maryland employers to prepare for new payroll contribution and leave administration requirements.

Key employer updates:

📌 Payroll contributions begin January 2027
Employers will be responsible for collecting employee contributions through payroll deductions, adding any required employer contribution, and remitting contributions quarterly.

📌 The 2027 contribution rate is 0.9% of wages
For most employers, this is generally split between the employer and employee, with each contributing 0.45%.

📌 Small employer rules apply
Employers with fewer than 15 total employees are only responsible for remitting 0.45% and may withhold that amount from employee pay. Employer size is based on total employees, including Maryland and out-of-state employees under the same EIN.

📌 Benefits begin January 2028
Eligible employees may qualify for paid leave for certain family and medical reasons.

Employers should begin reviewing payroll systems, employee communications, leave policies, and whether the State Plan or an approved private plan may be the best fit for their business.

Questions about how FAMLI may affect your business? Please contact Fitzpatrick, Leary & Szarko for additional guidance.

For more information, visit the Maryland Department of Labor’s FAMLI website:

Maryland's FAMLI program will provide 12 weeks paid leave at up to $1,000/week starting January 2028. Learn about eligibility and benefits for employees and employers.

12/10/2025

Festive cheer + a 40th birthday! 🎄🎉
A wonderful holiday lunch celebrating our team and wishing Vince a very happy 40th!