News and Events

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.

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).

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.

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.

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.