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Category: News

Should Your Business Withdraw Its Employee Retention Credit (ERC) Claim (and What If It’s Already Too Late)?

Posted in Hot Topics, News, Offshore Account Update on October 31, 2023

The Internal Revenue Service (IRS) is giving business owners the opportunity to withdraw invalid Employee Retention Credit (ERC) claims before they trigger audits and investigations. If you have concerns about your business’s ERC claim and think it might be best to withdraw, you should consult with a Maryland tax lawyer promptly. While withdrawing your business’s claim might be the best option, there are other options as well—and the IRS has made clear that withdrawing ERC claims will not insulate business owners from prosecution for attempted tax fraud. Read More

Crowdfunding and Taxes: What Maryland Residents and Business Owners Need to Know in 2023

Posted in News, Offshore Account Update on June 12, 2023

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).

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Are You (or Is Your Business) Eligible for Federal COVID-19 Tax Relief in 2022?

Posted in News, Offshore Account Update on September 30, 2022

As the economic impacts of the COVID-19 pandemic continue to linger, the Internal Revenue Service (IRS) is reminding individuals and businesses that they may still qualify for pandemic-related tax relief in 2022. In a recent News Release, the IRS highlights some of the programs that remain available. Read More

What Should You Do if You Receive a Letter or Notice from the IRS?

Posted in News, Offshore Account Update on September 16, 2022

When the Internal Revenue Service (IRS) sends a letter or notice to a taxpayer, there is usually a specific reason why. While some of these are purely notices—informing taxpayers that the IRS has received a communication or verified certain information—others can have far more significant implications.

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IRS: “Nearly 90%” of Criminal Tax Cases Result in Convictions

Posted in News, Offshore Account Update on July 29, 2022

The Internal Revenue Service (IRS) recently released its Strategic Plan FY2022-2026. While the IRS’ new five-year plan provides U.S. taxpayers with several important insights, one of the most notable lines in the plan appears buried in the plan’s “Enforcement” section:

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