New Year, New Approach to Filing Your Taxes

With the holidays now over and the new year upon us, we become grudgingly aware of the impending tax season and commence plotting how to best assemble the documents critical for accurate filing. Though the prospect of preparing a return seems daunting, taxpayers can adopt a few resolutions and profoundly simplify the task. The Baltimore tax…

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Maryland Education Credit Proposal Sparks Debate

Recent polling reveals significant support among Maryland voters for the Maryland Education Credit, a proposed piece of legislation which would offer substantial tax credit to business entities that donate funds to nonprofit organizations providing financial help to K-12 students, including tuition at private schools. The concept has stirred controversy, however, with teachers unions characterizing the idea as…

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How To Request Penalty Abatement

Filing a tax return is a burden we all face every April 15th, but about 7 million taxpayers skip the deadline each year. That move is a costly one; those who fail to file their taxes on time can face a penalty of up to 25%. Luckily, Maryland tax attorneys at Rosenberg Martin Greenberg know the ins and outs of penalty…

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Facts About Resolving Unfiled Tax Returns

The April 15 tax filing deadline is now well in the rear view mirror, but many U.S. taxpayers remain burdened with the stress and anxiety that can come from having one or more unfiled returns outstanding. The Internal Revenue Service estimates that approximately ten million taxpayers, for one reason or another, fail to get their…

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Common Post-Deadline Tax Concerns

April 15 has come and gone, and while millions of taxpayers are feeling a great sense of relief, numerous individuals and business owners continue to have outstanding tax questions which may have prevented them from timely filing their returns. As a result, these taxpayers may face onerous fines and penalties if they do not take active…

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Automatic Tax Filing Extensions for U.S. Citizens and Resident Aliens

As the majority of Americans are scurrying to gather documentation and finalize their federal tax returns before the April 15 deadline, U.S. citizens and resident aliens living abroad can breathe a temporary sigh of relief. This is because while most of the income tax rules applicable to their situations are the same as for everyone…

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Tax Extension Help for Maryland Taxpayers

TAX DAY: you feel it looming and are beginning to fear you might not be able to gather the documents and records you need to accurately and timely file your state and federal income tax return on time.  With just a few short weeks until the dreaded April 15th deadline, you can rest easy knowing…

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I was just informed that our partnership failed to file tax returns for a number of years. All partners received pro forma Schedules K-1, timely filed our individual tax returns, and reported all of our income from the partnership. What should we do?

Even though partnership tax returns are furnished for information purposes, i.e., no tax is due with this return, substantial penalties can apply for failure to timely file these returns.  Aside from potential criminal penalties for willful failures to file, see Internal Revenue Code (“I.R.C.”) § 7203, a simple late filing can result in substantial civil…

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New Laws, Tax Rules for 2015 Underscore Importance of Compliance

The start of the new year has brought Maryland, Virginia and D.C. metro area residents a host of new laws ranging from a hike in the state’s minimum wage, an increase in the gas tax, as well as the tax provisions relating to the Affordable Care Act, with which taxpayers across the nation must now…

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I haven’t filed returns in several years, but I want to come into compliance. Should I file my 2013 return before the April 15 deadline? What should I do about my unfiled returns?

The IRS can identify a taxpayer who failed to file required returns by reviewing information returns filed by third parties, including Forms W2, Forms 1099, Schedule K1s, Forms 1098, and other information.  If the IRS determines that a taxpayer’s income exceeds the filing threshold, and no corresponding return for that year has been filed, the…

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