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...
Maryland residents may recall the controversy surrounding conservative groups that may have received extra scrutiny from the IRS. However, other groups had also drawn scrutiny from the IRS as well. An audit revealed that groups seeking tax-exempt status with words...
Maryland residents may not think much of paying a household worker in cash. However, it may be a mistake to not withhold payroll taxes for those who made more than $2,000 in either 2016 or 2017. While children and parents are exempt from this requirement, others such...
Maryland residents may be used to paying sales tax on most purchases that they make. However, they do not pay as much as Hawaiians. Hawaii residents pay an average of $2,090 in sales taxes each year. North Dakota, Washington, Nevada and Wyoming are also in the top...
To understand tax evasion, Maryland residents should first know the tax process in more detail. When they file a return stating their yearly pay, the IRS will find their adjusted gross income by calculating deductions or expenses that cannot be taxed. Common...
