The unpaid tax debt owed by 20 individual and 25 business taxpayers in Maryland totals over $12 million according to an announcement by the state comptroller. The names of the delinquent taxpayers were posted on the agency's website in an effort to compel them to pay...
Month: July 2018
The corporate tax rate has been lowered for 2018
It is important for business owners to know that the federal corporate tax rate has dropped for 2018. It used to sit at a full 35 percent. Thanks to the new Tax Cuts and Jobs Act, also known as the TCJA, the government cut that down to 21 percent.Worth noting is the...
Tax debt and passports
Many Maryland residents will not be allowed to apply for passports or renew their existing travel documents due to their unpaid taxes. Federal officials are renewing their efforts to enforce a 2015 law passed by Congress that compels the Internal Revenue Service and...
Tax woes for student loan borrowers
Many people living in Maryland are struggling with debt from student loans. For those with government loans, options are available that can reduce their monthly payments and provide debt forgiveness after a long period of repayment. However, what many people entering...
The window is closing to disclose foreign assets under OVDP
Time is running out for taxpayers in the U.S. who have undisclosed foreign assets. The IRS is bringing the Offshore Voluntary Disclosure Program (OVDP) to a close. The program will end on September 28th, 2018. This will bring an end to the third installment of the...
Supreme Court rules in sales tax case
On June 21, the Supreme Court ruled that states can force online retailers to collect sales tax. This could place a burden on smaller businesses in Maryland and throughout the country. By not collecting sales taxes, companies that did business online could offer their...