Deadline Expires for MD Tax Credit Applications for Homeowners, Renters

The September 1st deadline has arrived for homeowners and renters to file applications for Maryland tax credits based on property taxes they have paid. The Homeowner’s Property Tax Credit Program and the Renters’ Tax Credit Program alleviate some of the tax burden for lower income Maryland residents who meet program requirements. Tax relief for Maryland…

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Day Trading: Understanding Common Issues and Pitfalls Can Increase Return on Investment

Technological advances have greatly improved access to financial information and likewise improved the ability for many Americans to trade for their own accounts.  While most casually trade a few securities for pleasure, a growing number engage in high-volume trading.  These traders may perform adequate research on their investments before engaging in these transactions; however, not…

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Marijuana in Maryland: Tax Considerations for Businesses as Legalization of Medical (and Recreational?) Use Become a Reality

With the creation of the Maryland Medical Cannabis Commission and the dispensary permitting process moving forward, Marylanders will soon have access to marijuana for medical use.  Many anticipate that the legalization of the recreational use of marijuana is not far behind.  In the most recent session of the Maryland General Assembly, multiple bills calling for…

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Deductions Up in Smoke?

In 2014, Maryland followed the path of many other states and passed legislation to legalize the sale of marijuana for medical use. Aside from the Maryland Medical Cannabis Program, some speculate that this action may usher in the legalization of marijuana for recreational use in the near future in Maryland. Given that monthly marijuana sales…

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ALERT: New Wave of Maryland Tax Audits Appears to Target Restaurants and Caterers

As Marylanders prepare for warmer weather, the Maryland Comptroller’s Office is targeting caterers and restaurants for what appears to be an industry-wide tax audit initiative. At the start, the audits appear to be a routine examination focused on four different areas of a taxpayer’s business: Assets; Expenses; Sales; Reconciliation of Tax Remittances. Generally, the auditor…

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In the Crosshairs: IRS Stepping Up Enforcement of Employment Taxes

Federal employment taxes amount to over one-third of all revenue collected by the Internal Revenue Service (IRS).  Therefore, it is no surprise that the IRS has recently increased enforcement actions against employers that fail to withhold employment taxes from its employees and remit those taxes to the federal government. Employers with outstanding employment taxes are…

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Owe $100,000 or Less to the IRS? Immediate Action Needed! Limited-Time Pilot Program Ends September 30, 2017

The IRS recently announced the expansion of its Streamlined Processing of Installment Agreements (“Streamlined Processing”), which could potentially benefit thousands of taxpayers.  While Streamlined Processing has been around for some time, the new pilot program will extend to taxpayers who owe up to $100,000 in total taxes, interest, and penalties.  Those qualifying for Streamlined Processing…

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What is an IRS CP2000 Notice?

Shortly after tax returns are processed by the IRS, many taxpayers unfortunately receive an IRS CP2000 Notice from the IRS.  These are computer-generated notices that are sent automatically when an item or items reported on a tax return either does not match or does not include items received from third parties by the IRS or…

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