Owing taxes is a very personal thing. Most of my clients would never dream of telling their neighbors, family members, and sometimes even their spouse that they owe taxes. The flip side to that coin is the State of Maryland is all too happy to announce to the world that you owe a tax debt. […]
I written many times about IRS Offer in Compromise or (OIC) but not everyone knows that the State of Maryland also has their own OIC. The rules are a bit different but in theory the plans are the same. The taxpayer is unable to pay their full balance and they make an offer. What types […]
The collection statute expiration date (CSED), or the COSED are the time limits the IRS has to collect on your debt. Yes, Federal taxes do expire but Maryland State taxes do not. Federal taxes expire after a ten-year period from last assessment. Meaning that back taxes from 2006 and the IRS’s ability to collect on […]
Before you get too excited about winning a small jackpot, striking it rich on Jeopardy, or getting your “free” car from Oprah, we want you to think for a moment about the possible tax implications of gambling winnings and prizes.
No, an audit is by no means the final word or decision on your tax year in question. There are many alternatives when it comes to getting what is fair in the eyes of the law and the Internal Revenue Manual (IRM). Some other possibilities are listed below.
The IRS and State are notorious for losing things. You may have sent them your W-2s but they lost them. You may have sent your return but they never put it in the system and force-filed you. There have been many “mix-ups” at the IRS but one thing is for sure; if something is missing […]
If you are like millions of other Americans, you have had to deal with an IRS matter once in your life. If that is the case you may have asked the question: How do I get the feared IRS off my back? The answer is not a simple one and is different for every taxpayer. […]
Most of us have made it past tax time and are looking forward to the summer. Some of us are still gathering last minute tax items and trying to finish up before October. I thought I would share a few off season tax tips that can help prepare you for a profitable 2016 Tax Year. […]
We live in a pay as you go tax system. If you are a W2 employee, your taxes are taken out with each paycheck. If you receive 1099s or own a business you should make estimated tax payments quarterly. However, things do not always work out this way. This year we have an expected 28-million […]
If you are like many taxpayers you are bombarded day in and day out with ads targeting a select group of individuals. You may hear “Settle for pennies on the dollar” , The “Fresh Start” Program, or most commonly known the Offer in Compromise. But what does all of this mean?
