IRS Updates on Treatment of Virtual CurrencyWhile continuing to treat virtual currency as a capital asset, in Notice 2014-21, 2014-16 IRB 938, the IRS speaks to its equivalent value in real currency and its treatment. On October 9, 2019, the IRS issued Rev Rul...
Year: 2019
Recent Tax Law Updates: September 2019
Repeated Bankruptcies Extend Length Of Non-Dischargability. A bankruptcy court in Oklahoma found that the three-year look-back period during which tax debts are not dischargeable extended for the times a taxpayer filed previous bankruptcies. (Nachimson, (Bktcy Ct OK...
Recent Tax Law Updates: August 2019
IRS Enforces Stock-Based Compensation Rule. The Large Business and International Division formally withdrew its Cost-Sharing Arrangement Stock-Based Compensation Directive dated January 12, 2018 and provided new instructions for examiners on transfer pricing issue...
Reminder: Maryland Sales Tax Holiday Is Sunday, August 11 – Saturday, August 17
Maryland's sales tax holiday for back-to-school items this year is from Sunday, August 11 through Saturday, August 17. Any single qualifying article of clothing or footwear priced $100 or less will be exempt from Maryland sales tax, regardless of how many items are...
Recent Tax Law Updates: July 2019
New IRS Commissioner Promises Increased Enforcement There is a new sheriff in town, and at the American Institute of CPAs June 10 conference in Las Vegas, Commissioner Charles Rettig announced that there will be a much greater emphasis on enforcement. He also made it...
Tax considerations for business partnerships
A great deal of responsibilities lay on the shoulders of individual business owners operating in partnerships, including tax liability. Their professional decisions can have major personal financial impacts, and therefore, must be chosen carefully. Business owners...
Taxpayers may receive leniency on mistakes this year
Changes to tax laws have left many Americans unsure about their own tax liability. Taxpayers with complex assets typically face a more complicated filing process, but this year’s filing season may be even more confusing with new rules in place. Without help from...
How likely are you to be audited?
You often hear of people being audited, but how likely are you to actually receive an audit notice from the Internal Revenue Service (IRS)? According to a recent report, your chances are around one in 160.After the recent 35-day government shutdown, the IRS is facing...
Does a government shutdown affect your tax filing?
After 35 days, the longest-ever government shutdown in the United States is over. However, there could still be significant effects on the 2019 tax season, especially as the possibility of another government shutdown looms.Over the past month, the Internal Revenue...
What are the penalties for filing a late tax return?
The deadline to file taxes this year is Monday, April 15, 2019, but Maryland residents receive an extra two days to file. While this might seem like plenty of time to get your tax documents in order, thousands of people across the United States will miss the deadline....