January 2019 Archives

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.

The end of the OVDP: What it means for taxpayers going forward

The IRS brought the Offshore Voluntary Disclosure Program (OVDP) to a close on September 28th, 2018. This program allowed U.S. taxpayers to bring foreign assets into U.S. tax compliance, pay for civil tax and penalties while avoiding harsh criminal referrals. This caused uncertainty for taxpayers with offshore assets, including savings accounts, businesses, trusts and estates who missed the deadline.

2019 tax questions for business owners

Small business owners wear many hats, including management, human resources and finances. It is not uncommon for small business owners to exclusively pay attention to tax brackets without considering other important issues. Without a dedicated tax professional, they may overlook important tax law changes. Neglecting changes in tax law can result in a costly 2019 filing season. Business owners should consider these questions in the new year.

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