More and more Americans are earning a significant portion of their income in foreign countries. Individuals who earn foreign income in 5- and 6-figure (or more) amounts are often concerned about whether this income is taxable in the United States. Citizens of foreign...
Year: 2021
What to know about cryptocurrency and taxes
Cryptocurrency has become an extremely popular way to buy and sell goods and services. It has also become an enticing investment opportunity for many new investors. However, as the world becomes more and more interconnected, cryptocurrency has taken center stage. Many...
Cryptocurrency and taxes should be understood when filing
Bitcoin and other forms of cryptocurrency are growing in popularity in Maryland, Washington D.C. and across the world. People who are using this new form of currency may be excited about being involved in a potential game-changer that will be prominent in the future....
Latest updates from the IRS
Employers to Defer WH Tax DEPOSITS(Notice 2020-65, 2020-38 IRB 1). Employees who earned less than $4,000 in wages every two weeks between 9/1/20 and 12/31/20 are able to use this deferral. With this deferral, the employer is required to pay all applicable taxes...
What is an offer in compromise?
Federal taxes are a regular and unenjoyable occurrence that Americans deal with every year. As spring approaches, individuals who live in the DC metro area pull together their income documents to file their taxes, receive their refunds, or pay their tax bills. For...
Types of relief available for ‘innocent spouses’
Tax season is stressful for many Washington D.C. residents, but can be even more stressful for couples going through a divorce. Couples whose divorces are not finalized on or before December 31 of the previous year may choose to file a joint tax return. There are many...
Maryland Sales Tax Holiday
For years, ENERGY STAR appliances have been a worthwhile investment for homeowners. Many Maryland residents have wanted to invest in new appliances that not only work better, but also run more efficiently. These unique appliances are designed to use less energy while...
February, 2021 – IRS Tax Law Update Report
IRS Small Business/Self-Employed Division (SB/SE) temporarily modifies levy procedures for Paycheck Protection Program loans whereby employees are to (1) if the taxpayer secured a PPP loan, the amount; and (2) where and when the funds were deposited. Further, SB/SE...
Tax filings and liability of a sole proprietorship
Owning your own business is a major accomplishment; however, it is a task that requires much planning and preparing for. Not only does a business owner in Washington, D.C. and elsewhere need to form the business and create a business plan so it operates properly, he...
When the IRS comes calling
Getting a letter from the IRS can shake the toughest entrepreneur or financial professional. No one wants to hear the government's most powerful collections agency is reaching out to them. At those times, you should find a lawyer knowledgeable in tax law. They're...