Explore the complexities of the statute of limitations in employment tax law through the case of U.S. vs. Fecondo, highlighting crucial timelines and legal consequences for non-compliance.
Almost four years ago, the Department of Treasury called upon the Internal Revenue Service (IRS) to increase its federal tax audits of taxpayers with income of $10 million or more. Such audits were on the decline, likely, partly because audits of high earners are...
President Joseph Biden recently signed the Inflation Reduction Act into law, which, along with many other changes, led to an influx of funding for the Internal Revenue Service (IRS). Treasury Secretary Janet Yellen states that the agency is set to get almost $80...
Once January rolls around every year, people shift gears from talking about the holidays and New Year's resolutions to planning for the inevitable tax season. The vast majority of Americans pay their taxes in full and on-time.It might surprise most people to learn,...
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...
Spring is almost here, which means the deadline to file your tax return is quickly approaching. Now is the time to start gathering the appropriate documents you will need in order to file your taxes.However, things can sometimes get missed. As hard as you might try to...
You might have a new friend request on social media: The Internal Revenue Service (IRS). According to a recent article, the IRS is currently looking for a way to catch tax cheaters through social media platforms. In December, the IRS submitted a Social Media Research...
Those in Maryland or anywhere else who receive an IRS audit notice may feel anxious or scared. The first step that a taxpayer should take is to read the notice to determine what the IRS is asking for. It is also important to note that a person should not automatically...
If the IRS suspects that a Maryland taxpayer or anyone else isn't being honest on a tax return, the agency may initiate an audit. In 2016, 0.7 percent of all returns were selected for audit. In some cases, audits may be initiated on a random basis. There are seven...
Each year, Maryland residents and others are free to gift up to $15,000 per person to as many people as they would like. If an individual makes gifts in excess of $15,000, he or she is generally required to file Form 709. This is true even if a person owes no tax on...
