December 2017 Archives

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 practices that keep them off the radar.

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 transactions?

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.

Rapper DMX pleads guilty to tax fraud

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 charged with 14 counts of tax fraud in July, but reports indicate that the 'It's Dark and Hell Is Hot" singer has avoided this fate by entering into a plea agreement with prosecutors.

Methods for resolving a federal tax lien

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 property, which includes real estate. The Internal Revenue Service takes this step to secure the amount that is owed to them. People that are dealing with this action have some options for managing the consequences and potentially preventing the forced sale of their property.

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 business owners can do to prevent IRS scrutiny.

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