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June 2014 Archives

Some Americans are Renouncing Citizenship to Avoid Tax Penalties

The threat of a massive tax bill is causing some U.S. citizens who live abroad to renounce their citizenship. Many of these expatriates are middle-income earners, but because of increased enforcement of a four-decade old tax law, which they may have failed to comply with, they could face owing tax penalties and interest that could potentially drain much of their assets.

Missing Payroll Taxes Could Double With Penalties

For many small businesses, taxes are a distraction. You run your business; you deal with your customers, vendors, suppliers and employees. Taxes, while a necessary evil, are not something you want to spend too much time thinking about, as that is why you hire an accountant and/or a tax attorney. Maybe tax payments become something akin to wallpaper; they are there, but you often do not pay much attention to them.

Filing FBAR Reports - Don't Forget the June 30, 2014 Deadline!

U.S. Taxpayers with financial interest in unreported foreign financial accounts have been under scrutiny by the Internal Revenue Service. This is a reminder that the Financial Crimes Enforcement Network (FinCEN) Form 114, Report of Foreign Bank and Financial Accounts ("FBAR") for the 2013 tax year is due on June 30, 2014. Taxpayers with interest in foreign financial accounts whose aggregate balance exceeds $10,000 are required under the Bank Secrecy Act to report such accounts to FinCEN on a yearly basis.

High-Income Taxpayers at Greater Risk of Tax Audit

Of the tools the Internal Revenue Service (IRS) possesses, few can be more troubling to taxpayers than that of an audit. There is both the element of digging back through past years records that is always a bother, and the fear, even if you believe your income tax filings are scrupulously accurate, that there is a mistake or error.

Fast Track Settlement

The examination process can be lengthy and daunting for any taxpayer. All too often, the quality and result of the audit process is driven not by the taxpayer's facts but by the actions, reactions, and temperament of the IRS agent assigned to the case. Although involving the agent's manager for review can sometimes have a positive effect, some cases are so complicated (or contested) that the IRS loses sight of the forest for the trees.

Maryland Tax Attorneys
110 N Washington St, Ste 406
Rockville, MD 20850 | Map and Directions
Phone: 301 637 8130
Fax: 301-424-7047

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Washington, DC 20036

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