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Year: 2017

How to avoid a tax audit

While Maryland residents may sometimes worry about the chances of being audited by the IRS on their taxes, the chances of it happening are actually rather small for most people. However, those who would like to keep their chances even lower may want to engage in some...

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Bitcoins and 1031 exchanges

The value of Bitcoin has soared over the last month, meaning that numerous Maryland residents who benefited from the soaring prices will face large tax bills if they cash in on their profits. This begs the question: Is there a way to bypass capital gains on these...

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Common reasons for audits

A majority of taxpayers in Maryland and the rest of the country normally do not have to go through an audit. However, there are certain issues on a tax return that may compel the Internal Revenue Service to take a second look.Because of the increased likelihood of...

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Avoiding small business tax audits

The last thing that a small business owner in Maryland wants is a tax audit. While the chances of being audited by the IRS are relatively small, this fact is cold comfort to an entrepreneur who is faced with an investigation. Fortunately, there are several things that...

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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.Some people believe that the...

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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...

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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.You have to file the form if you receive...

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