July 2018 Archives

Identities of delinquent taxpayers are released

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 their overdue taxes.

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 State Department to revoke or deny passports for individuals with tax debts of at least $51,000.

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 these programs don't realize is that they could face significant tax issues after the debt is forgiven.

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 program, which was reopened due to high levels of interest by taxpayers and tax practitioners in 2014.

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 goods cheaper than those with physical retail locations. Furthermore, smaller retailers will now have to deal with the regulatory burden of collecting sales taxes.

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