Small mistakes can be costly when it comes to filing state or federal income taxes. Though most people endeavor to pay as little in taxes as possible, many filers are still overpaying every year. Maryland residents can avoid such mishaps by remembering a few...
Creating the Foreign Account Tax Compliance Act (FATCA) is among a series of steps that the government has taken to close the international tax gap. This gap is the difference between what the IRS takes in each year from overseas filers compared to what it is owed....
You grew tired of living in the United States. You decided it was finally time for a change. After all, in your line of work, you can live anywhere you want. You moved overseas and set up a new life for yourself, something you always wanted to do. You cut ties with...
People in Maryland might have heard that they should keep copies of their federal tax returns for three years. This guideline represents a minimum recommendation that does not necessarily protect people from all inquiries from the Internal Revenue Service. Although...
Let's say you own a string of restaurants in Maryland and adjacent states, and you have hundreds of employees at all of those locations. Many of those employees earn tips as a part of their standard compensation. Obviously, the exact amount earned varies dramatically...
The rise of online gaming means that there are many opportunities for enthusiasts to enjoy casino-like games as well as sports betting and other gambling activities. However, many of these sites are run and operated outside of the United States, even though Americans...
Although individuals in Maryland only face a low chance of getting audited by the Internal Revenue Service, not all tax returns are created equal. The IRS uses computers to analyze tax returns and flag some for closer review based on criteria meant to identify...
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...
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...
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...
