Faster, Higher, Stronger, and Tax-Free

Winning a medal at the Olympic Games comes with a number of benefits: the adulation of millions, appearances on late night talk shows and reality TV shows, lucrative endorsement contracts, and until recently, substantial federal and state tax bills. In addition to gold, silver, and bronze medals (which are worth up to approximately $600), Team…

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Continuing an Annual Trend, Comptroller Opens Tax Season by Suspending Tax Preparers

On February 2, 2018, the Comptroller issued a press release announcing that he has suspended the processing of electronic tax returns for nine additional tax preparers.  A copy of the press release can be found here.)  The Comptroller acknowledged that these preparers were suspended based upon technology designed to spot instances of fraud used by…

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Tax Changes for Nondisclosure Agreements Relating to Sexual Harassment and Sexual Abuse Lawsuits May Have Consequences for All Parties Involved

For those litigating cases involving alleged sexual harassment or sexual abuse, the Tax Cuts and Jobs Act of 2017 (“the Act”) made an important change that might easily be overlooked.  In pertinent part, Section 13307 of the Act amends Section 162 of the Internal Revenue Code (relating to the deductibility of trade or business expenses)…

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Brewing Interest: How Tax Changes Will Help to Grow the Craft Brew, Winery, and Distillery Industries

While the Tax Cuts and Jobs Act of 2017 (“the Act”) affects many small businesses, alcohol producers are among the few industries that have been specifically targeted for relief.  In addition to rate changes and additional deductions that are available many businesses, the Act benefits craft breweries, wine producers, and distilleries by temporarily reducing the…

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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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Year End Tax Preparation Tips

As the tax landscape shifts with political maneuvering in Washington, individuals and business owners might be distracted from thinking about their own taxes as the 2017 tax year comes to a close. The tax attorneys at the Baltimore law firm of Rosenberg Martin Greenberg have prepared these year-end tax preparation tips to help everyone get…

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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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