May 2018 Archives

Taxes and tip boxes

Taxpayers in Maryland who receive tips as compensation for their services should be aware of the Internal Revenue Service Chief Counsel Memorandum regarding cash payments issued from tip boxes. According to the IRS, the company in question had people on its premises to perform services. However, the individuals who performed the services were classified as volunteers by the company and were not paid by the company with benefits or compensation. Instead, the individuals were given cash payments from tip boxes that held payments given by customers.

What to know about sales and use taxes in Maryland

In the state of Maryland, there are several scenarios in which a business must collect and pay sales and use taxes. Even if a company does not have any taxable sales in a given quarter, it must still file a report by the 21st of the month following the end of that quarter. Sales taxes can be paid quarterly for businesses that have $750 or less in sales taxes owed.

If you profit from trading cryptocurrency, you must pay tax

In the last six months, cultural awareness of cryptocurrency has become a powerful cultural and economic force. What was once only used to fund untraceable purchases of items on the dark web is now used by some to purchase homes or even fund new business operations. Since the launch of Bitcoin years ago, many other cryptocurrency options have become available.

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