Tax Controversy and Litigation
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Demystifying Life Estate Deeds in Maryland

By Craig A. Enck, Esq., Partner, Rosenberg Martin Greenberg, LLP and Richard (Ricky) Adams, Associate, Rosenberg Martin Greenberg, LLP In Maryland, you can make a beneficiary designation on your real property. This type of transaction is called a Life Estate Deed. It can be a very useful tool to avoid probate while also preserving tax…

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When Will You Get Your 2018 Tax Refund?

The extended government shutdown is adding to the anxiety that some taxpayers feel with respect to when they will get their refund. The tax attorneys at Rosenberg Martin & Greenberg LLP cannot answer that question with any degree of certainty. We can, however, provide some guidance that will help taxpayers avoid the problems that can…

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Collection – Pre-Notice Levies: When the IRS Can Levy Before Notifying Taxpayers of Their Right to a Hearing

This article was originally published in the Journal of Tax Practice and Procedure, December 2018 – January 2019 edition. A. Introduction One of the most important rights a taxpayer has during the Internal Revenue Service (“IRS”) administrative collection process is to be notified of their right to a collection due process hearing before the IRS…

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What are some of the monetary penalties and other consequences of failing to properly report my foreign real estate and other foreign financial assets?

Depending upon how foreign real estate is owned and/or controlled, a number of different tax reporting regimes may be implicated.  Each of these has its own corresponding penalties and generally applies to United States persons – U.S. citizens or those residing in the U.S.  A selection of these provisions and the attendant potential penalties are…

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Can a Prenuptial Agreement Executed Before January 1, 2019 Preserve Deductibility of Alimony Payments Relating to Divorce Decrees Entered After That Date?

The Tax Cuts and Jobs Act of 2017 (“TCJA”) did away with the long-standing provision allowing for deductions of alimony payments by the payor.  Specifically, the TCJA adopted the prior definition of “alimony and separate maintenance payment” under the Internal Revenue Code but eliminated deductibility for any “divorce or separation instrument” executed after December 31,…

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Are Owners of Cannabusinesses Eligible for the Qualified Business Income Deduction Under Section 199A?

Section 199A of the Internal Revenue Code, introduced by the Tax Cuts and Jobs Act (“TCJA”), created an opportunity for business owners to substantially lower their income taxes.  Subject to many qualifications, beginning in 2018, business owners were potentially eligible for up to a 20% deduction on “qualified business income” (“QBI”).  For those owning a…

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Loughman Case Illustrates Potential Impact of Entity Choice on Income Tax Liability for Cannabusinesses

Recognition of Internal Revenue Code (“I.R.C.”) § 280E and its potential to limit deductions can have a material impact on the ongoing operation of a cannabusiness.  While operational concerns require attention, improper tax classification of an entity can result in unnecessary additional tax being owed.  In Loughman v. Commissioner, T.C. Memo 2018-85, the United States…

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Section 280E Remains a Problem for Maryland Cannabusinesses: How to Minimize Taxable Income through Proper Classification of Business Costs

The Maryland Medical Cannabis Commission (“the MMCC”) recently reported to the Maryland legislature on “the deleterious effects of the federal tax code on medical cannabis businesses.[1]”  As stated in its report, I.R.C. § 280E creates significant additional tax costs not faced by other industries and limits the industry’s ability to offer discounted supply to veterans…

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Recent Report from Maryland Medical Cannabis Commission on Compassionate Use Fund Highlights Disparate Tax Treatment of Cannabusinesses

In a December 2018 letter to Governor Hogan, the President of the Senate, and the Speaker of the House, the Maryland Medical Cannabis Commission (“MMCC”) discussed plans to fund the Compassionate Use Fund.[1]  As medical cannabis is categorized as a Schedule I drug and is not recognized for medical use by the federal government (more…

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Rosenberg Martin Greenberg

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Phone: 410-727-6600
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Rosenberg Martin Greenberg

705 Melvin Avenue Annapolis, MD 21401
Phone: 410-727-6600
Map & Directions