Maryland residents may be in the process of collecting information to complete their tax returns. Ideally, an individual will take as many deductions and credits as possible. However, it is also important to understand what happens if the IRS decides to audit a...
The odds of a Maryland resident being audited are relatively low. According to the IRS, only .7 percent of returns were selected for review in 2015. However, there are steps that one could take to help further reduce the risk of coming under IRS scrutiny. It is...
A majority of taxpayers in Maryland and the rest of the country normally do not have to go through an audit. However, there are certain issues on a tax return that may compel the Internal Revenue Service to take a second look.Because of the increased likelihood of...
The last thing that a small business owner in Maryland wants is a tax audit. While the chances of being audited by the IRS are relatively small, this fact is cold comfort to an entrepreneur who is faced with an investigation. Fortunately, there are several things that...
In Maryland, some taxpayers are audited every year. While some people may believe that they do not need to worry about being audited, it is important for them to realize that the Internal Revenue Service can audit anyone that it chooses.Some people believe that the...
In Maryland, some taxpayers may either fail to file their tax returns by the filing deadline or they may fail to pay all of the taxes that they owe when they are due. Failures to file and failures to pay may both result in penalties in addition to the balances that...
Maryland residents may recall the controversy surrounding conservative groups that may have received extra scrutiny from the IRS. However, other groups had also drawn scrutiny from the IRS as well. An audit revealed that groups seeking tax-exempt status with words...
People living in Maryland know the importance of being prepared for natural and man-made disasters. Despite one's best efforts, however, there is still often a flurry of activity as individuals and families attempt to reestablish their lives after life-changing...
New rules for audits contained in the Bipartisan Budget Act of 2015 will become effective on Jan. 1, 2018, but officials at the Internal Revenue Service acknowledge that procedural questions still need to be settled. Business partnerships in Maryland therefore could...
Maryland businesses that operate as partnerships or as limited liability companies will face new IRS rules starting with all tax years commencing on or after Jan. 1, 2018. In some cases, this may require changes to an existing partnership or member agreement. It may...
