Our tax system is based on the expectation that taxpayers pay their tax bills. A failure to voluntarily comply with tax obligations can result in fines, penalties, and even potential imprisonment. Those who have failed to comply in the past and want to come into...
Year: 2022
What Business Owners Need To Do When Closing Their Doors For Good And The IRS
When Your Client is Closing its Doors for Good & the IRS: File a final tax return and related forms are Required for the year everything is closed. Employees Must be paid their final wages/compensation and federal tax deposits must be made in the year of last...
2022 Sales Tax Holiday Reminder
Maryland Comptroller Peter Franchot reminds taxpayers that this year's sales tax holiday for back-to-school items occurs from Sunday, August 14, 2022 through Saturday, August 20, 2022. Any single qualifying article of clothing or footwear priced $100 or less,...
I can’t pay my tax bill: What are my options?
The Internal Revenue Service (IRS) reports that millions of Americans fall behind on their tax obligations. According to recent data, as of 2020 taxpayers currently owe the feds over $114 billion in back taxes, penalties and interest payments. So, what’s a taxpayer to...
Attorney Chaya Kundra Will Present at Tax Webinar on Form 5472
Attorney Chaya Kundra will present at Tax Webinar on Thursday, July 7, 2022. The webinar is titled 'Mastering Form 5472: Filing Requirements for Foreign Individuals, LLCs, and Companies.' This course will provide tax advisers with a thorough and practical guide to...
Benefits of making a voluntary disclosure with unpaid sales tax
If you are confused about your sales tax obligations, know that you are not alone. The Small Business Administration notes that questions about sales tax are some of the most frequent inquiries it receives from business owners throughout the country. These questions...
Haven’t heard from the IRS in a while? You will.
Those who owe the Internal Revenue Service (IRS) a large sum of money may believe that they are in the clear if they do not hear from the agency about that bill for a couple of years. If they haven’t reached out, they must have lost track of the bill, right?...
Benefits of making a voluntary disclosure with unpaid sales tax
If you are confused about your sales tax obligations, know that you are not alone. The Small Business Administration notes that questions about sales tax are some of the most frequent inquiries it receives from business owners throughout the country. These questions...
Does trading cryptocurrency on foreign platforms create an income reporting requirement?
The Internal Revenue Service (IRS) treats cryptocurrency as property. This means that when it comes to tax obligations, the agency treats cryptocurrency much the same way as it treats stocks. Just like with stocks, if you buy cryptocurrency but do not do anything with...
What do I need to know about taxes if I live abroad?
The Internal Revenue Service (IRS) is looking for high wealth taxpayers who are not meeting their tax obligations. There are many different legal tools to help reduce one’s tax bill. Even when used wisely these tax saving strategies can catch the eye of the IRS. As a...