Under state and federal tax laws, a debt that the creditor forgives the debtor generally is considered taxable income for the debtor. The thinking is that having the debt obligation removed is a financial benefit, even though there is no direct increase in...
With April 15 behind us, many persons are feeling relieved, knowing that their returns have been filed. However, for a certain group of persons, their business with the IRS has only begun. For a few, a tax audit may be in store, which is something that most people...
Maryland Gov. Larry Hogan has a message for residents hoping for a lower income tax bill: wait ‘til next year.The state General Assembly closed its 2016 session last month without passing an income tax cut. The Baltimore Sun reported that the state Senate and the...
In 1992, the U.S. Supreme Court ruled that states can only impose sales taxes on businesses that have a physical presence in those states. Of course, that ruling came down years before internet retailing became possible. Now that doing business online is ubiquitous,...
You have probably heard of this scam before: a con artist calls up potential victims, claiming to be an IRS agent and demanding immediate payment of a supposed tax bill. Perhaps you have even received one of these scam calls yourself.As we said in this blog recently,...
