Round 1 brought about $280 million in mid-year budget cuts from Maryland Gov. Martin O'Malley.

Round 2, as promised, is considerably worse.

Gov. O'Malley has proposed an additional $454 million in budget cuts, and the latest reductions, according to The (Baltimore) Sun, “would cost 205 state employees their jobs and slash more than $210 million in funding for road maintenance, health care, community colleges and police funding in Baltimore and the 23 counties.”

If you haven't seen it yet, you'll want to check out this line-by-line summary of O'Malley's latest budget cuts. It details exactly which areas are under the state's cost-cutting microscope. (And special thanks to the MACPA's Mary Beth Halpern for finding this terrific resource.)

We've talked before about the importance of getting involved in the legislative process. Given the state's budgetary woes, it's more important than ever — and so is CPA Day in Annapolis, slated for Jan. 20. Save the date.

There will be plenty of other information on hand at the MACPA's 40th annual Chesapeake Tax Conference (set for Sept. 16-17, 2009) and the annual Advanced Tax Institute (Nov. 2-6, 2009). Each event will take a closer look at the state's fiscal issues and what they mean for you and your clients.

CPAs have the ability — I'd go so far as to call it a responsibility — to get involved legislatively this year. Lawmakers need guidance as they try to fix the state's finances. CPAs can provide that guidance. Get involved now.