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News and Events

Category: Offshore Account Update - Page 4

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.

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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, Managing Partner of US International Tax Advisors, 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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Failure to Pay Quarterly Estimated Taxes Can Lead to Trouble with the IRS for Maryland Taxpayers

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

Maryland taxpayers must make quarterly estimated tax payments to the Internal Revenue Service (IRS) (and the Comptroller of Maryland) under various circumstances. While the most common scenario involves working as a sole proprietor or independent contractor, there are numerous other scenarios that can trigger an obligation to make quarterly tax payments as well. In this article, US International Tax Advisors provides an overview of the IRS’s quarterly estimated tax payment rules and the consequences of failing to file quarterly returns.

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IRS Publishes Tax Reminders Regarding Home Sales

Posted in News, Offshore Account Update on May 31, 2022

With prices climbing dramatically due to inventory shortages and historically low-interest rates early in the year, many U.S. residents have chosen to sell their homes in 2022. In response, the IRS recently published a Tax Tip reminding us of the tax implications of selling a residential property. In this article US International Tax Advisors covers some of the highlights:

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