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Category: Offshore Account Update - Page 3

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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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

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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Companies That Improperly Claimed the Employee Retention Credit Can Face Steep Penalties in IRS Audits and Investigations

Posted in News, Offshore Account Update on July 22, 2022

As part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), Congress established a new refundable tax credit for qualifying companies that kept their employees on staff in 2020. Congress extended this credit for 2021 through the Taxpayer Certainty and Disaster Tax Relief Act, albeit with revised eligibility criteria. Read More

Year-Round Tax Planning Tips for High-Income Taxpayers: How to Avoid a Tax Audit in 2023

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

For business owners, investors and other high-income taxpayers, tax planning is a year-round process. These taxpayers must take steps to ensure that they remain current on their federal and state tax obligations, and they should implement tax strategies designed to minimize their liability to the greatest extent possible. In this article, Maryland federal tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, discusses some ways high-income taxpayers can—and should—plan to minimize their tax liability and avoid a tax audit in 2023.  

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