Are you struggling to make sense of the new penny rounding law change? Save this video if you need a quick reminder! 🪙
The Maryland General Assembly recently passed legislation in response to the national penny shortage. The new law allows merchants to round either the price or the change in a cash transaction if they cannot make exact change. Merchants who round must round down when the price or change ends in 1 cent, 2 cents, 6 cents, or 7 cents, and round up when the price or change ends in 3 cents, 4 cents, 8 cents, or 9 cents.
You can read our tax alert below.