Is Maryland ready for another tax amnesty?

Senate Bill 763 (SB763)

As we all have heard many times: History has a way of repeating itself. Too many times this has an ominous undertone. But today, I am rejoicing at the possibilities this cyclical occurrence may bring to my fellow Maryland Taxpayers.

Many of us can recall the most recent Tax Amnesty of 2009. Fortunately it’s back again. You may now be eligible to participate in Maryland’s 2015 Tax Amnesty. Bill 763 was signed in April 14, 2015. It is set to become law June 1, 2015. The State of Maryland will start accepting eligible Amnesty applicants as early as the fall. The new amnesty applies to individuals as well as corporate taxpayers. You may be eligible to take part in this fantastic opportunity and drastically reduce the penalties and interest you owe, as well as avoid criminal prosecution. Read more

What does it cost to hire a Tax Attorney?

In today’s world most of us have run into the need for an attorney at one time or another, or at least know someone who has. Maybe you received a speeding ticket you need to fight, or help with preparing your will, perhaps you were starting a new company and needed the paperwork prepared. These days there are attorneys who offer a multitude of services. What people have come to know is, when you want something handled the right way you need a professional. Not just a professional but someone who is skilled in the area you are seeking assistance. An attorney that specializes in one particular type of law and practices in it day in and day out. Would you hire a dentist to represent you in court, or a plumber to fix your roof? Well Taxes, Tax Problems, and Tax Controversies are no different. You want an experienced attorney that knows all the ins and outs, all the rules, and regulations. Read more

New Year’s Resolution: No More Tax Problems

With an Internal Revenue Service now more aggressive than ever, it’s not a good time to be cheating Uncle Sam or living with tax problems. Fortunately, you don’t have to have IRS problems.

Are you scared of the Tax Man?

Well, if you have any tax problems or are cheating Uncle Sam in any way, you should be.

The Internal Revenue Service, once the butt of late-night television jokes, has changed. It’s now an aggressive agency with the tenacity and bite of a pit bull.

The IRS’s enforcement numbers in 2005 were up substantially compared to the year before — 20 percent more people were audited, including 221,000 taxpayers who earned more than $100,000 per year. All across the board, audits were up and enforcement was iron-fisted.

It’s not a good time to be cheating on your taxes. Just ask a few of these folks:

Singer-songwriter Ronald Isley, of the Isley Brothers, was convicted on five counts of tax evasion and one count of willful failure to file a tax return. He faces up to 26 years in the Big House.

Richard Hatch, the first winner of the reality television show Survivor, was charged with a 10-count indictment that alleges fraud and tax evasion. Prosecutors claim Hatch tried to avoid paying taxes on the $1,010,000 he won on the 2000 TV show. If convicted, he faces up to five years in the hoosegow.

Adrian K. Karsten, a former ESPN sportscaster and winner of a 1991 Emmy Award, received 11 months of home confinement after pleading guilty to two counts of failing to file income tax returns.

Lee Mroszak, a Gulf War veteran who is best known as “Crazy Cabbie” on the Howard Stern Show, received one year behind bars after pleading guilty to tax evasion.

And the list goes on and on and on.

Get the picture?

Uncle Sam means business, and for the past three years, the IRS has been getting more and more aggressive. There’s no tolerance for tax cheats and tax-avoidance schemes.

What’s more, 2006 will likely bring even more activity. Congress has already approved funding to allow the IRS to be as aggressive as it was in 2005, if not more.

If you’re one of the thousands of Americans with tax problems, you now have an ultimatum: consult with a qualified tax professional and resolve your problems once and for all or the roll the dice and take your chance.

You might not get caught this year. You might not get caught next.

But you will get caught. This year, make a wise New Year’s Resolution.