With today's technology, it can be difficult to determine if something is real or just a good imitation. This is often the case when you receive a call from someone claiming to be with the IRS - demanding payment for tax debt. You may think you would be too smart to...
Back Taxes or Tax Debt
Apple Inc. owes billions in back taxes to Ireland
Technology giant Apple, Inc. is in some tax trouble with the European Union (EU), which will end up costing the company billions. On Tuesday, August 30, Apple was ordered to pay up to $13 billion Euros ($14 billion) to Ireland in back taxes.The ruling is due to an...
When a deceased student’s loan is forgiven, the IRS comes calling
Under state and federal tax laws, a debt that the creditor forgives the debtor generally is considered taxable income for the debtor. The thinking is that having the debt obligation removed is a financial benefit, even though there is no direct increase in...
Audited? Here’s why you should consider an appeal
With April 15 behind us, many persons are feeling relieved, knowing that their returns have been filed. However, for a certain group of persons, their business with the IRS has only begun. For a few, a tax audit may be in store, which is something that most people...
No income tax relief for Maryland this year
Maryland Gov. Larry Hogan has a message for residents hoping for a lower income tax bill: wait ‘til next year.The state General Assembly closed its 2016 session last month without passing an income tax cut. The Baltimore Sun reported that the state Senate and the...
Couple’s injury award in limbo over back tax controversy
Among other things, having the IRS after you for a tax bill can affect your ability to use funds awarded to you in a lawsuit verdict or settlement. Such money is meant to compensate you for some wrong done to you by another party, not enrich you. Being deprived of...
Two reasons for choosing a tax attorney over a CPA
If you are facing tax problems, there are generally two types of professionals you can turn to for help: certified public accountants (CPAs) and tax attorneys. Although both professionals can potentially help with a given tax issue, if the issue involves a legal issue...
6 secrets about the IRS tax extension
It’s the 11th hour: income taxes are due Apr. 18. That’s just four days from the date we wrote this post.People who have yet to file may be dreading having to spend the weekend filling out their tax return to avoid late penalties. But there is another option. The IRS...
Are they employees or independent contractors?
Tax law often touches on other legal subjects, such as employment law. A Maryland business must be careful to avoid missteps in hiring workers, or state tax authorities could strike.A big issue for employers is how to classify its workers. Many businesses try to keep...
Obtaining “innocent spouse” relief from joint tax liability
Many married taxpayers opt to file jointly because of the many benefits this filing status offers them. However, filing jointly also makes both spouses jointly and severally liable for any tax, interest and penalties. This is true even after the spouses divorce....