January 2018 Archives

Internet sales tax debate headed to Supreme Court

Many small businesses in Maryland do business over the internet as well as in person, and the growth of largely online businesses has also led to concerns about state sales tax collection. In January 2018, the U.S. Supreme Court agreed that it would hear a case on whether states can collect sales taxes on internet sales from businesses that do not have a physical presence in the state.

Cutbacks at IRS, agency still promises vigorous investigations

Taxpayers in Maryland and around the country were informed recently that IRS investigation and enforcement activity regarding tax crimes took a hit during the first year of the Trump Administration due to cutbacks in funding to the federal revenue-collection agency. Prosecution of IRS tax cases after allegations of federal tax crimes including tax fraud and tax evasion dropped by hundreds of cases during 2017.

Private tax debt collectors

Many people living in Maryland experience difficulty paying their federal taxes. While these individuals and couples may make good-faith efforts to work with the IRS, sometimes these efforts fail. The IRS is permitted to contract with private debt collection companies to pursue delinquent taxpayers.

How to protect against cyber tax scams

Maryland residents and small business owners may need to be especially wary of identity theft and other security issues during the tax filing season. This is because thieves may try to get a list of employee W-2 forms in an effort to get the information on it. Companies are urged to contact the IRS directly if they are the victim of a scam or believe that someone is trying to conduct a scam.

E-filing can carry risks of late tax payment

Taxpayers in Maryland are increasingly using e-filing technology to submit their tax returns to the Internal Revenue Service each year. Tax returns must be filed each year in a timely fashion in order to avoid potential penalties. In the past, this simply meant mailing off a paper return before the due date, and the famous "mailbox rule" applied to tax returns filed close to the deadline. Lines at U.S. post offices were a frequent sign as April 15 approached.

2017 Tax Act Provides 20% Deduction for Individual Owners of Certain Pass-Through Businesses

One of the most significant changes under the new tax rules is the reduction in the maximum federal income tax rate for Subchapter C corporations to 20%, together with the elimination of the corporate alternative minimum tax ("AMT"). In an apparent effort to mitigate the potential disparity for the owners of flow-through business entities, individual owners can deduct 20% of domestic qualified business income ("QBI") from a partnership, S corporation or sole proprietorship ("qualified business entities"), subject to certain limitations.

2017 Tax Reform: Individual Tax Changes in the "Tax Cuts and Jobs Act"

Kundra & Associates is excited to provide you with relevant text/information as to the new Tax Law Changes with special thanks to RIA for text and language. If you have further questions, please contact your tax professional or the attorneys at Kundra & Associates for assistance.

2017 Tax Reform: S Corps, Partnerships & Related Changes

Kundra & Associates is excited to provide you with relevant text/information as to the new Tax Law Changes with special thanks to RIA for text and language. If you have further questions, please contact your tax professional or the attorneys at Kundra & Associates for assistance. 

Contact Kundra and Associates Today

Please call our offices at 301-637-8130 or fill out the form below to arrange a confidential consultation.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Email Our Attorneys

Rockville Office
110 North Washington Street
Suite 406
Rockville, MD 20850

Phone: 301-637-8130
Fax: 301-424-7047
Rockville Tax Law Attorney Office

Washington, D.C. Office
1025 Connecticut Avenue NW
Suite 1000
Washington, DC 20036

Phone: 301-637-8130
Fax: 301-424-7047
Map & Directions

Mumbai, India
C/o Anmol Sekhir Consultants Pvt. Ltd.
Chartered Accountants
3rd Floor, Sahakar Bazar
Opposite Railway Station
Bandra (West), Mumbai, India 400-050

Map & Directions