FBAR from an Examiner’s Viewpoint: A Quick Look at How the IRS Assesses Penalties
For the Internal Revenue Service, the difference between tens of thousands of dollars all comes down to three letters that make up one important prefix: non. As the IRS looks at untimely filed Reports of Foreign Bank and Financial Accounts (FBAR), the question that determines how much tardy reporters will be penalized boils down to […]
A Grim Outlook for Michael Grimm
Twenty years, to three years, to eight months. That was the time that former U.S. Representative Michael Grimm faced for tax related charges originally outlined in a 21 count indictment brought against him in April 2014 that he promised to “fight tooth and nail” until his eventual exoneration. Grimm, a Republican from New York, managed […]
Uber: Driving the Discussion on Worker Reclassification
Remember a world without the accessibility and ease of Uber? Founded in 2009, Uber has brought the convenience of ridesharing to consumers in cities around the world. At the same time, Uber has grown into a giant thorn in the side of two very distinct entities: your local taxi company, and the tax system that […]
The Intersection of FIFA and FBAR
As far as Americans and sports are concerned, it is a safe bet that most people associate the word “football” with the National Football League, or NFL. However, the recent debacle surrounding the Fédération Internationale de Football Association, or FIFA, has brought the “other” game of football (better known in the U.S. as the sport […]
Taxing Marijuana: How one obscure law can cost business owners thousands
As of today, 23 states have legalized marijuana in some form. Some, like Oregon and Colorado, permit recreational use of the drug; others, like Maryland and Delaware, have only legalized marijuana for medicinal purposes. While the possession limits vary from state to state, there is one sticking point that exists across the span of states […]
Comptroller of the Treasury v. Wynne: Are you eligible for a refund?
Over the past few weeks refunds have been appearing in the mail, signaling that yet another tax season has come full circle. However, due to a recent Supreme Court ruling, Maryland taxpayers may be eligible for yet another refund. To understand the Court’s ruling, it is important to know that Maryland’s personal income tax structure […]