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...
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....
In the coming months, the IRS will proceed with its focus on high-income taxpayers who have yet to file their tax returns. The potential for significant penalties, limited voluntary disclosure options, and possible criminal prosecution is abounding. The IRS issued...
Restaurants and other businesses have struggled to remain in business during this pandemic. But this has also led to tax shortfalls and budget deficits for state and local governments. In this environment, restaurants can anticipate audits and aggressive tax...
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...
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...
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...
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...
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,...
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...
