August 2017 Archives

Multiple tax liens may lead to legal issues

Maryland residents who are interested in redeeming tax liens on properties in order to secure deeds to them might be interested in a North Carolina case that examined whether local tax liens or federal tax liens are superior. The case involved a property that had both a municipal tax lien as well as a federal lien and separate purchasers under two foreclosure sales.

How to avoid serious IRS penalties

A Maryland resident who owes money to the IRS could lose the ability to leave the country. The IRS can ask the State Department to not issue a passport or to decline to renew an existing passport. Typically, the IRS will only do this if an individual owes $50,000 or more in back taxes or more than $50,000 after penalties and interest are accounted for.

Bill seeks return of collaboration to IRS audits

Business owners in Maryland may be pleased to learn about new legislation designed to protect their rights and eliminate some common sources of frustration in IRS audits. The bill targets a number of worrisome developments in recent years, such as the outsourcing of audits and use of litigation to stop appeals. The Preserving Taxpayers' Rights Act currently has support from both Democrat and Republican officials in the House of Representatives.

Maryland's 2017 Back-To-School Sales Tax Holiday

Consumers can purchase certain clothing, footwear and accessories priced at $100 or less exempt from Maryland's 6% sales tax during Shop Maryland Tax-Free Week ("Shop Maryland Week"), from August 13th through August 19th2017. Maryland also provides an exemption for the first $40 of backpack or bookbag purchases.

Preparing for a tax audit

Taxpayers in Maryland might find the prospect of a tax audit to be a cause for panic. However, experts recommend some strategies to make an audit easier, and they say that preparation is the key to avoiding a negative experience with the IRS.

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