Welcome to 2024! If you find yourself as the “beneficial” owner of a business, whether it’s an LLC, corporation, or a similar entity, it’s time to gear up for the crucial task of filing your first beneficial ownership report with FinCEN. The primary mission of FinCEN is to safeguard the financial system from illicit activities, such as money laundering and…
Tag: Taxes
Some thoughts on Gift Taxes To Anyone other than your Spouse
Gift-giving is a time-honored tradition that allows us to express our love, appreciation, and generosity towards the people we care about. Whether it’s a token of gratitude, a gesture of support, or simply a way to make someone’s day brighter, gifts hold immense significance in our relationships. However, when it comes to giving substantial gifts to individuals other than our…
Maryland Tax Code vs. Federal Tax Code
Each year, most of us file a federal income tax return and a Maryland income tax return. Some different rules and statutes determine how much money we owe to the Federal government and the Maryland government.
Some Depressing News About the IRS
The troubles at the IRS for taxpayers are worse than I thought. It is more important than ever that you take action and file your taxes electronically. I recently spoke with an accountant that I work with frequently. He attended a tax preparation seminar in which he was told some shocking information.
The IRS and You in 2022
The 2021 tax season created chaos for the IRS as they were both overloaded and understaffed. This resulted in substandard telephone service and delayed refunds. This year things will be even worse. Deadlines to Note April 18, 2022, is the deadline for tax returns. This date will only change if the President and the Secretary of the Treasury decide a…
What’s going on with the IRS?
Here are some truths about tax season this year that are very helpful but at the same time very disheartening: The IRS is very behind on its work and can’t keep up. This is particularly troublesome for people who file paper returns and pay with paper checks. Presently there are over 7 million individual returns and 2.3 million business returns…