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Some expatriates living abroad tire of paying income taxes to a country they no longer live and have no plans to return to. The simple solution would seem to be renouncing citizenship and be done with the tax obligation. However, renouncing citizenship does not...
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...
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...
All U.S. citizens and resident aliens must pay federal income taxes. It generally does not matter where they lived when earning their income. It applies even if the citizen did not receive a Form W-2 or Form 1099. Taxable sources of income include earned and unearned...
As businesses grow, new opportunities often arise across seas and borders. From manufacturing plants to shipping and distribution centers to administrative offices, international expansion can open doors. Taxes, of course, will differ between countries. The tax law of...
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...
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...
The Internal Revenue Service (IRS) pushed back the tax deadline to July 15, 2020. The deadline is fast approaching, and as taxpayers finalize their returns, they may find themselves wondering “what triggers a tax return?”Although invasive audits have declined, audits...
