Every year Americans are required to file their federal income taxes by the stipulated annual deadline. This year, that deadline was extended due to the unprecedented circumstances of the worldwide pandemic. Individuals living in the District of Columbia metro area...
Tax Law
Multistate nexus issues during a recession
States are becoming increasingly aggressive in their tax collection efforts as potential budget shortfalls loom during the current recession. In the world of interstate commerce, this becomes problematic on several fronts, particularly in the trucking industry....
Tax News Tidbits
We hope that you are all continuing to stay safe and healthy out there and taking advantage of the many IRS and Maryland relief programs available. We are resuming meetings via Zoom and look forward to seeing you there! Our last meeting was informative and fun—with...
September Tax Law Updates
Portions of this content are available on the IRS website and elsewhere. We have reposted it here for your information and convenience. Layoff & Rehire During COVID & Qualified Plan Partial Termination Rules IRS advises that employees laid off because of...
The role of knowledge in a request for innocent spouse relief
Each year households throughout Maryland prepare and file tax returns. While some individuals choose to file separate and apart from their spouses, others elect to file jointly. The responsibility of filing annual tax returns can often fall to one spouse when the...
What is the difference between tax avoidance and tax evasion?
As we gear up for the tax filing deadline coming up on July 15, 2020, just a few days away, some taxpayers may find themselves wondering whether moves they are taking in their tax filings are legal. What is the difference is between tax avoidance and tax evasion? One...
Do you owe the IRS if you win the lottery?
It was a big payday for a lottery ticket buyer from Arizona. The patron entered a local store, purchased a Mega Millions ticket, and left to soon become a millionaire. Later that evening, the ticket holder won the $410 million jackpot.The winner will not,...
Can I lose my passport if I do not pay my taxes?
Paying your tax bill is not just a suggestion, but a requirement. A failure to do so can lead to all sorts of problems. This can include financial penalties, interest payments, jail time and even loss of one’s passport.How can the government take away my passport if I...
Owe taxes from 2019? Tips to reduce penalties.
Generally, taxpayers who owe from previous tax years can file an amended return and send a check to cover the missed bill. The harm that taxpayer faces depends on the details, but generally equates to a relatively small interest penalty. Unfortunately, in light of...
Tax crime and punishment during the coronavirus pandemic
The coronavirus is shutting down businesses throughout the country. Health care experts are recommending precautions to help curb the spread of the disease. One recommendation: social distancing.This safety measure is not always possible, especially for those who are...