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Tax Planning 101 with 529 Plans: How Marylanders Can Reduce Annual Private School Costs by $895 Per Child*

As a result of the tax reform of 2017, the application of qualified tuition programs (“529 Plans” has been broadened dramatically.  By coupling the federal tax benefits of 529 Plans with existing Maryland tax provisions, Marylanders may be able to use these plans to reduce the cost of private secondary education by roughly $895 per…

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Will the New Tax Plan Result in More Divorces in 2018? Eliminating Deductibility of Alimony Payments May Fast-Forward Some Divorces

One of the many changes contained within the Tax Cuts and Job Act of 2017 (“the Act”) may prove to be a boon for divorce (and tax) attorneys in 2018.  As explained in more detail below, section 11051 of the Act does away with the long-standing provision that allowed for the deductibility of alimony payments. …

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How the New Tax Bill Will Affect Maryland

The recently-enacted Tax Cuts and Jobs Act will impact taxpayers throughout the United States, but it will have unique local effects that will vary across the country. The tax attorneys at Rosenberg Martin Greenberg in Baltimore have watched the progress of the bill, and are now studying how it will alter tax filings and payments…

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For Those Solicited for Tax Saving Schemes, Heed Your Parents’ Advice: If It Sounds Too Good to Be True, It Probably Is!

With the end of the year approaching and tax changes on the horizon for 2018, many business owners and investors are seeking creative ways to minimize their current and future tax burdens.  While some plans are legally sound and others may appear aboveboard, at least on their face, taxpayers should remember the age-old adage: “If…

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Estimated Tax Payments: What You Need to Know

If you receive income during the year which does not have tax withheld from it, you may be required to pay estimated taxes. This type of income includes funds from your own business, a job that does not withhold taxes, capital gains, dividends, alimony and more. You may also pay estimated taxes if you have…

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Coinbase and the IRS: The Takeaway for Virtual Currency Investors (Comply with Tax Obligations or Face Real Consequences)

On November 28, 2017, a federal judge in California ordered Coinbase, Inc. (“Coinbase”), a major virtual currency exchange, to provide the Internal Revenue Service (“the Service”) with account information for thousands of individuals trading virtual currency through its exchange.  (A copy of the entire Order in United States v. Coinbase, Inc., et al., No. 17-cv-01431-JSC…

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As If! Restitution Order Does Not Permit the IRS to Collect Penalties and Interest without First Assessing a Tax Liability

On October 3, 2017, the United States Tax Court issued an opinion in Klein v. Commissioner, 149 T.C. No. 15,[1] which creates a potential roadblock for the Internal Revenue Service (“the Service”) in civil cases stemming from criminal matters.  In particular, the Tax Court held that the Service cannot use a criminal order of restitution…

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Thread Count and Tax Reform

The term “thread count” refers to the number of horizontal and vertical threads per square inch of fabric.  Per the marketers of bedsheets: the higher the thread count, the softer and more luxurious the product.  Envision how some high thread count sheets would look under a microscope: that is the current tax code.  It is…

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Rosenberg Martin Greenberg

25 South Charles Street, 21st Floor MD 21201
Phone: 410-727-6600
Map & Directions

Rosenberg Martin Greenberg

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