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IRS extends more tax deadlines

With the country in a time of crisis, the IRS is stepping up, extending more tax deadlines not only for individuals but also companies, trusts, estates, corporations, and others to help provide both individuals and entities with the added time they need to file and...

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Recent Tax Law Updates: October 2019

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...

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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...

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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...

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Accountants, attorneys and audits

Maryland residents who have unresolved tax issues may benefit from using the services of both accountants and attorneys. The services that they offer complement each other. In many cases, both the client and the accountant benefit from working with an...

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What to do after hearing from the IRS

When Maryland residents have their tax returns accepted by the IRS, it doesn't mean that there weren't any errors. In a given year, millions of people will receive a notice from the IRS, and mistakes could lead to an individual paying more to the government. However,...

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