Most of us experience, or have experienced, payroll tax withholding but with more recent discussions about the topic, what exactly are payroll taxes? It is helpful for any taxpayer who is seeing their hard-earned dollars withheld every month to understand what payroll...
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Tax News
MAILBOX RULE For COVID & Beyond? According to the IRS, with the July 15 filing and tax returns possibly sitting in mail facilities for several days because of COVID-19, by following IRC §7502 Mailbox Rule, a return will be treated as filed on the date of the...
A strong incentive to avoid or resolve serious business tax fraud problems
A new business tax case enforcement office In the spring of 2020, the Internal Revenue Service (IRS) opened a new division devoted primarily to investigating tax fraud involving small businesses. Heightened vigilance by the IRS Any small business or self-employed...
The IRS will need to recoup lost revenue from somewhere
In recent months, the United States has come up with a number of solutions to help taxpayers and corporations keep their heads above water. With tens of millions of families losing their stream of income and businesses shut down, the revenue stream is at a critical...
Do IRS diminished resources mean reduced enforcement?
You may have heard recently that a lack of staff resources has led to reduced tax compliance. From 2010 to 2017 there has been a significant decrease in IRS personnel used for audit examinations from 13,138 to 8,205, representing a 38 percent decrease in just seven...
Are you eligible to take a foreign tax credit?
The IRS just recently announced the final regulations that can aid taxpayers in determining their eligibility and calculations for foreign tax credits. The changes have come in response to the Tax Cuts and Jobs Act as well as the need to develop regulations for...
Filing and paying company withholding taxes
The government requires that all employers file and pay their taxes in a timely manner. This includes making federal tax deposits and filing an annual 940 or 940EZ, filing quarterly 941 forms, filing annual 945 forms, and filing annual W-2 wage and tax statements for...
Reminder: Maryland Sales Tax Holiday Is Sunday, August 11 – Saturday, August 17
Maryland's sales tax holiday for back-to-school items this year is from Sunday, August 11 through Saturday, August 17. Any single qualifying article of clothing or footwear priced $100 or less will be exempt from Maryland sales tax, regardless of how many items are...
Tax considerations for business partnerships
A great deal of responsibilities lay on the shoulders of individual business owners operating in partnerships, including tax liability. Their professional decisions can have major personal financial impacts, and therefore, must be chosen carefully. Business owners...
Taxpayers may receive leniency on mistakes this year
Changes to tax laws have left many Americans unsure about their own tax liability. Taxpayers with complex assets typically face a more complicated filing process, but this year’s filing season may be even more confusing with new rules in place. Without help from...