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Rockville Tax Law Blog

Understanding alter ego liability

Partnerships and sole proprietorships are not separate legal entities from their owners. Therefore, the IRS treats the business and the owner as the same person for tax purposes. On the other hand, corporations are separate entities from their owners. However, the IRS...

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2021 Tax Season Updates

2021 Tax Season Begins 1/24: IRS says it has updated its programming to accommodate recipients of advance child tax credit (CTC) payments and those eligible for “recovery rebate credit.” (IR 2022-8, 1/10/22) US Supreme Court & Timing of USTC Petition: Petitioner...

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Understanding IRS tax audits

The IRS may decide to audit your small business to check whether the reported taxable loss, income, deductions, and expenses comply with the federal tax laws. If there was a mistake, your business could be liable for interest or penalty. Most business owners and...

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December 2021 Tax Updates

Tax Professionals & Data Safeguards. It is part of Circular 230 and in a Tax Tip, the IRS restates that data security measures should be reviewed before year end and provides a data security check list with basic steps they to be taken for their and their client’s...

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