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A closer look at the enforcement options Maryland uses to collect tax debt - II

Earlier this month, our blog spent some time discussing how those individuals who find themselves in the unenviable position of not having made payment arrangements with the Comptroller of Maryland's office or being unable to comply with these arrangements should know that the agency will not hesitate to pursue one -- or several -- enforcement actions.

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.

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.

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.

Deductions that go beyond 'creative'

With the federal income tax filing deadline bearing down us, many small businesses will review all the expenses they had in 2016 with the mind of finding as many deductions to reduce their taxable income. The math here is simple. The more the deductions one might have, the lower their taxable income may be. The lower their taxable income is, the less they may have to pay (or owe) in taxes.

Divorce and taxes: legal issues are common

Taxes are not necessarily an issue that exists in a vacuum. They involve so many aspects of your life that when your taxes intertwine with these other issues, legal problems can easily arise. For example, do you run or own a business? Then there could be serious tax implications for you depending on the structure of your business, your tax filings and your obligations.

Tax extensions can help those who aren't ready to file

As Tax Day draws nearer, some people may be realizing that they aren't prepared for April 15. Maybe they haven't received the necessary paperwork to complete their taxes yet; or perhaps their filings are so complicated that the task at hand is overwhelming. Even though April 18 is six weeks away, there is a lot that needs to happen for some tax filers before they can submit their filing.

FAST Act takes effect in March

A new law that relates to taxes will take effect in March, and even though it was signed back in 2015, you may not have heard about it or contemplated its effects. The law is called the FAST Act, which stands for "Fixing America's Surface Transportation." Under this new law, the IRS will report to the U.S. State Department in regards to a person's back taxes. If they have serious delinquent tax debt, the State Department could limit your passport, revoke or or deny you one if you are applying.

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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