Loan Growth Remains Strong and Dividends Increase to Record Levels OLNEY, Md., July 19, 2018 (GLOBE NEWSWIRE) -- Today, Sandy Spring Bancorp, Inc., (Nasdaq:SASR), the parent company of Sandy Spring Bank, reported net income for the second quarter of 2018 of $24.4 million ($0.68 per diluted share) compared to net income of $14.7 million ($0.61 per diluted share) for the second quarter of 2017 and net income of $21.7 million ($0.61 per diluted share) for the first quarter of 2018. The current quarter’s results included $2.2 million in merger expenses. Exclusive of the after-tax impact of these expenses, earnings per diluted share would have been approximately $0.73 per share. The results of operations from the January 1, 2018, acquisition of WashingtonFirst Bankshares (“WashingtonFirst”) are included in the Company’s consolidated results of operations for the first six months of 2018. The current period results reflect increased levels of … [Read more...] about Sandy Spring Bancorp Reports Net Income of $24.4 Million for the Second Quarter
Income before income taxes
Michael McDonough has run the numbers for his Maryland taxes, and they don’t look good.If the retired Catonsville man takes advantage of the new federal tax cuts next year, his refund from the U.S. government will be $1,400 bigger. But federal tax changes will drive his Maryland taxes up by $900, erasing nearly two-thirds of his federal windfall.“That’s pretty bad,” said McDonough, 79, a former account manager who earns a six-figure income. “That’s not the way it’s supposed to work, is it?”More than one Maryland taxpayer in five will be in a similar situation next year, according to the state’s Bureau of Revenue Estimates. The state’s tax code is linked to the federal code. Federal changes — particularly the elimination of deductions used widely in Maryland to reduce the amount of income that’s subject to taxation — have caused state taxes to increase.About 22 percent of state taxpayers are expected to see … [Read more...] about Maryland lawmakers’ tax relief plan leaves many with higher state tax bills
After Americans and their accountants unwrap the Republicans' and President Trump's "giant tax cut for Christmas," if they itemize their deductions, they can expect to find some unwelcome provisions hiding among the cuts to corporate and individual tax rates. On top of the limits to state and local tax, as well as property, deductions (up to $10,000) and the cap on new mortgages ($750,000), there are more than a few deductions that haven't attracted quite as much attention and are going away once the tax bill passes. Here are a few of the ones that may hit you: Does your company subsidize your parking/transit? That's going away. Some companies subsidize their employees' transit because they receive a tax break for doing so. The current law allows companies to subsidize up to $255 per month in employee commuting expenses -- including including public transportation, biking and parking. But the GOP tax plan is doing away with that incentive. Companies that want to continue to … [Read more...] about CBS News Logo The GOP tax plan’s unwelcome surprises
The IRS notes a sharp decline in tax returns filed in the first half of this year’s filing season. A report issued by the Treasury Inspector General for Tax Administration provided the interim results, confirming that through March 3, the IRS has received 61.06 million tax returns -- about 5.1 million fewer than received over the same period last year. That’s a decline of about 8.5 percent. The Department of Treasury issued about 49.5 million refunds, or about 4.1 million less than this time last year. The average refund so far this year is $3,016, up slightly from last year’s $2,993. Much of the drop in filings has been attributed to delays in processing refunds for those claiming the Earned Income Tax Credit and the additional Child Tax Credit. A law passed in 2015 gave the IRS extra time to check for signs of tax fraud and identity theft, which was a specific concern with tax returns that included claims for these tax credits. Before the start of the tax … [Read more...] about Why fewer tax returns have been filed so far this year
The Republican tax plan released on Thursday has no shortage of lofty goals and major changes to the current tax code. So when should consumers be prepared for the impact? First, it's far from certain that the proposal will make it into law. Some economists and analysts are skeptical of its chances in its current form. Because the GOP plan limits some popular deductions such as the home mortgage interest tax break, it's already facing strong opposition from industry groups such as the National Association of Home Builders. Assuming the legislation does make it to the desk of President Donald Trump, who has said he wants to sign it before year-end, how and when will it affect individuals? Most of the provisions would kick in on Jan. 1, 2018, which means the changes wouldn't have any impact on 2017 tax filings, due by April 15, 2018. Yet some consumers might want to consider shifting deductions into the current tax year if those tax breaks are at risk for disappearing in … [Read more...] about If passed, when would the GOP tax plan take effect?