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Archive by Month: August 2022

Does Your Maryland Business Use Independent Contractors? What to Know about Nonemployee Compensation Tax Compliance

Posted in Offshore Account Update on August 31, 2022

While most business owners know that there are tax advantages to using independent contractors, many business owners are not aware of the federal tax rules governing nonemployee compensation. Paying independent contractors can still trigger annual reporting obligations, and businesses that use independent contractors are still required to make withholdings in some cases. Read More

Crowdfunding and Taxes: What Maryland Residents and Business Owners Need to Know in 2022

Posted in News, Offshore Account Update on August 12, 2022

Whether you use crowdfunding to kickstart your business, you receive support through crowdfunding after a life-altering event, or you contribute to a crowdfunding campaign, it is important to understand what this means (and doesn’t mean) for your federal income taxes. Crowdfunding has different tax implications under different circumstances, and knowing how the Internal Revenue Code applies to your circumstances is critical for avoiding unwanted scrutiny from the Internal Revenue Service (IRS). Read More

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