Businesses in Maryland are required to pay various taxes, but which types of taxes depends on the type of business. Sales and use tax are taxes paid on merchandise that is sold or rented. Only one of these taxes is applicable to each transaction. Generally, use tax is...
Year: 2017
Bitcoin is subject to taxation, regardless of price fluctuations
In recent weeks, bitcoin investors have watched as this cryptocurrency has shed a substantial amount of its value. This isn't uncommon. All currencies tend to fluctuate in value when compared with other currencies. Even the United States dollar can go into periods of...
New IRS rules aimed at partnership audits
Maryland businesses that operate as partnerships or as limited liability companies will face new IRS rules starting with all tax years commencing on or after Jan. 1, 2018. In some cases, this may require changes to an existing partnership or member agreement. It may...
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...
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...
5 key tips if you owe back taxes to the IRS
You never expected to owe back taxes to the IRS. It just happened due to a series of oversights.You don't think it was fraud -- there was never any intent to defraud the government -- but you also know that the IRS has a lot of power. You want this to go as smoothly...
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...
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...
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.Anyone can be audited by...
You do have tax resolution options: The Offer in Compromise
Since its inception, our blog has dedicated considerable time to discussing the many tools or "enforcement options" the Internal Revenue Service has at its disposal. As disconcerting as this type of information can be to learn, the purpose hasn't been to cause...