The Financial Crimes Enforcement Network (FinCEN) released an announcement extending the 2019 deadline for all FinCEN Form 114 Reports of Foreign Bank and Financial Accounts to October 31, 2020. This announcement corrects an earlier error regarding the filing deadline...
Multistate nexus issues during a recession
States are becoming increasingly aggressive in their tax collection efforts as potential budget shortfalls loom during the current recession. In the world of interstate commerce, this becomes problematic on several fronts, particularly in the trucking industry....
IRS on the verge of stepping up enforcement
In the coming months, the IRS will proceed with its focus on high-income taxpayers who have yet to file their tax returns. The potential for significant penalties, limited voluntary disclosure options, and possible criminal prosecution is abounding. The IRS issued...
Tax enforcement on menu for restaurants
Restaurants and other businesses have struggled to remain in business during this pandemic. But this has also led to tax shortfalls and budget deficits for state and local governments. In this environment, restaurants can anticipate audits and aggressive tax...
The IRS’ aggressive pursuit of late or unfiled employment taxes
There are a few seemingly legitimate reasons a business may fall behind on employment tax payments to the IRS. During an economic downturn, for example, maybe depositing withheld employment taxes was not financially feasible. The business may plan to make it up later,...
What are payroll taxes?
Most of us experience, or have experienced, payroll tax withholding but with more recent discussions about the topic, what exactly are payroll taxes? It is helpful for any taxpayer who is seeing their hard-earned dollars withheld every month to understand what payroll...
Does renouncing U.S. citizenship cancel tax obligations?
Some expatriates living abroad tire of paying income taxes to a country they no longer live and have no plans to return to. The simple solution would seem to be renouncing citizenship and be done with the tax obligation. However, renouncing citizenship does not...
Tax News
MAILBOX RULE For COVID & Beyond? According to the IRS, with the July 15 filing and tax returns possibly sitting in mail facilities for several days because of COVID-19, by following IRC §7502 Mailbox Rule, a return will be treated as filed on the date of the...
Tax News Tidbits
We hope that you are all continuing to stay safe and healthy out there and taking advantage of the many IRS and Maryland relief programs available. We are resuming meetings via Zoom and look forward to seeing you there! Our last meeting was informative and fun—with...
September Tax Law Updates
Portions of this content are available on the IRS website and elsewhere. We have reposted it here for your information and convenience. Layoff & Rehire During COVID & Qualified Plan Partial Termination Rules IRS advises that employees laid off because of...
