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November 2017 Archives

Understanding the risk of audits

In Maryland, some taxpayers are audited every year. While some people may believe that they do not need to worry about being audited, it is important for them to realize that the Internal Revenue Service can audit anyone that it chooses.

Passport Privileges

Traveling abroad? Make sure your taxes are paid, otherwise you may have to cancel your plans. In enacting the Fixing America's Surface Transportation Act ("FAST Act"), Congress added § 7345 to the Internal Revenue Code. This section allows the Secretary of State to deny, revoke or limit passports to taxpayers who have "seriously delinquent tax debts."

What is the importance of Form 8300?

When your business obtains a large cash payment, it may be that you need to file Form 8300 to disclose the payment. This form is specifically used to identify payments going to businesses in the amount of $10,000 or more.

Failures to file and paying taxes late: What to know

In Maryland, some taxpayers may either fail to file their tax returns by the filing deadline or they may fail to pay all of the taxes that they owe when they are due. Failures to file and failures to pay may both result in penalties in addition to the balances that may be owed.

IRS stepping up enforcement of "nanny tax"

Maryland residents may not think much of paying a household worker in cash. However, it may be a mistake to not withhold payroll taxes for those who made more than $2,000 in either 2016 or 2017. While children and parents are exempt from this requirement, others such as maids and gardeners may be subject to the nanny tax. Those who are classified as independent contractors will pay their own taxes at the end of the year.

Progressives were also targeted by IRS in Tea Party scandal

Maryland residents may recall the controversy surrounding conservative groups that may have received extra scrutiny from the IRS. However, other groups had also drawn scrutiny from the IRS as well. An audit revealed that groups seeking tax-exempt status with words such as progressive in them were also given looked at harder. The audit was conducted by the Treasury inspector general for tax administration after a bipartisan group in the Senate asked for it.

Sales tax burdens are higher in some states

Maryland residents may be used to paying sales tax on most purchases that they make. However, they do not pay as much as Hawaiians. Hawaii residents pay an average of $2,090 in sales taxes each year. North Dakota, Washington, Nevada and Wyoming are also in the top five for sales tax rates.

The basics of tax evasion

To understand tax evasion, Maryland residents should first know the tax process in more detail. When they file a return stating their yearly pay, the IRS will find their adjusted gross income by calculating deductions or expenses that cannot be taxed. Common deductions include business travel, educational expenses and charitable donations.

Contact the Tax Lawyers at Kundra & Associates

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