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...
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...
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...
Maryland residents may be aware that the rapper Earl Simmons, who is also known by the stage name of DMX, has been accused by the federal government of hiding millions of dollars in income to avoid paying taxes. Simmons faced up to 44 years in prison after being...
A variety of reasons could cause a person in Maryland to fall behind on his or her federal taxes, but the federal government has substantial powers to compel someone to pay. A federal tax lien represents the government's claim on a person's personal or business...
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...
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...
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...
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...
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...
