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April 2017 Archives

When audited, follow simple steps to get through it

Audits are not necessarily the end of the world for the person being audited, though you would be justified in feeling so. Audits can be incredibly punishing, and they can also be a massive time-sink for the individual under audit. So how do you survive an audit and what are your options during the process?

Sage advice for those who haven't filed their taxes yet

The end of tax season came quickly and abruptly last week. Indeed, the days leading up to the federal income tax filing deadline may have been very stressful for procrastinators. Those who completed and filed their returns should breathe easy. But for those who did not file, the stress may only be starting. The consternation over owing money, while not having it, can be more than one person can bear. No wonder what tax day is one of the most stressful days of the year.  

You are entitled to an appeal of your tax situation

People and businesses all across the state of Maryland often have to deal with the Internal Revenue Service, and they may have even suffered action at the hands of the IRS. If you are behind on your taxes or if you owe the IRS tax debt, then it is highly unlikely that doing nothing or ignoring the requests will result in anything positive. Addressing your issues in an effective manner is the key to solving the problem and possibly mitigating the penalties and problems associated with your case.

Tax liens can severely punish businesses

While the following story doesn't come from here in Maryland, the lessons it teaches about businesses and tax liens are applicable no matter where it originates. A start-up company in San Antonio, called Vysk Communications, has been hit with a tax lien by the Internal Revenue Service. Vysk is a company that produces "privacy" cellphone cases, with the intent of the case being that your microphone can be muffled and your phone's camera can be blocked -- thus preventing proprietary parties or third-parties from accessing private data that is knowingly or unknowingly captured.

Are long term care insurance premiums tax deductible?

If there’s one thing about tax season that everyone can agree upon, it brings out the saver in everyone. Who wouldn’t want to use every way legally possible to figure out how to reduce one’s taxable income in order to get a refund check? Income tax refunds are especially important for the elderly. If you think about it, the refund is probably likely the largest individual check they will receive in 2017.

Some common mistakes to be aware of as Tax Day approaches

With just two weeks to go until Tax Day, it is important for everyone who hasn't filed their taxes to get to work. Doing your taxes isn't a fun exercise, nor is it a task that anyone really looks forward to, but you have to do it. Simply letting the deadline pass without filing your taxes is unacceptable, and it can lead to serious consequences for both individuals and businesses when they fail to file.

Private debt collectors stand ready to collect past due tax debt

With the calendar turning to April, the federal income tax filing deadline is just over two weeks away. But for those businesses and individuals fretting over the inability to pay their tax bills, there may be a larger problem looming. Private debt collectors now stand ready to recover billions of dollars reportedly owed to the government.

Firm news & Events

Friday, November 18, 2016

Chaya Kundra will be a panelist at the New England IRS Representation Conference on Preparer Penalties.

Preparer Penalties: Everything You Need to Know! Over time the IRS has increased its focus from individual taxpayers to tax preparers. When the IRS identifies a pattern of false or fraudulent returns, it does not hesitate to impose penalties on the return preparers. This panel will walk you through the various penalties and what preparers need to know to protect themselves.

Moderator: Amanda Evans, Green & Sklarz LLC, New Haven, CT

Panelists: Chaya Kundra, Kundra & Associates, Rockville, MD, Barbara Kaplan, Greenburg Traurig, New York, NY

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Kundra & Associates, PC
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