Identity Theft Tax Fraud

Identity Theft, Tax Fraud, and Protecting Your Anonymity

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If someone has stolen your identity, there are several outcomes, and none of them are pretty. Identity theft can decimate your credit, empty your bank account, and rack up your bills — fast!

Not only that, but identity thieves also sometimes use their victims’ identities to file fraudulent returns and steal their refunds. In fact, according to the IRS, identity theft has become the most common form of tax fraud in the United States.

Keep reading to learn more about this growing problem, as well as some proven methods to protect yourself from identity thieves. Read more

Common Tax Scams

Protect Yourself From These 5 Common Tax Scams

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Tax scams are one of those misfortunes that most people believe they’ll never have to deal with. Unfortunately, these scams are far more common than you might think, and they can affect many aspects of your life, such as your bank account, your credit score, and even your personal property and business assets — among several others.

Every year, the IRS releases a list of the 12 most common current tax scams, which they refer to as “The Dirty Dozen.” In this article, we’ll review the top five scams on their list for 2018, explain how they work, and provide helpful tips to keep you, your family, and your business safe and secure. Read more

Misconceptions About Tax Lawyers

Great Expectations: What Your Tax Attorney Can and Can’t Do for You

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When individuals and small business owners get in over their heads with their taxes, they often contact a tax resolution attorney to help them square their problems with the IRS or their state government — and with good reason!

Most tax resolution lawyers have years of specialized training and experience working with clients just like you, but that doesn’t mean they can solve all your problems overnight. However, if you choose the right firm, they may be able to help you reduce or even eliminate your tax issues within a reasonable time frame. But it’s important to set reasonable goals from the start and follow your attorney’s instructions to the letter if you want them (and by extension, you) to succeed. Read more

History of Taxes

The True Cost of Independence — An S.H. Block Retrospective

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America’s tax history might be the most complicated of any modern nation. To celebrate our Independence Day, we decided to delve into that history and explore some of the historic moments that helped shape our modern income tax system. Read on to learn more. Read more

Substitute Return

Did You Know the IRS Can File a Substitute Return on Your Behalf?

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If you fail to file your tax returns for one or more years, you might get an unpleasant surprise and find that the IRS has filed a substitute tax return on your behalf. When the IRS or State of Maryland decides to do this, they simply base the substitute return on whatever information they have at their disposal.

Unfortunately, when a taxation entity, the IRS, or State of Maryland files your return for you, they won’t bother to look for the best deductions and write-offs. And in some cases, their computer programs might even overstate your tax liability. Read more

tax fraud

What Is the Difference Between Tax Fraud and Negligence?

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Every year, millions of Americans feel a twinge of worry and doubt when they finalize their tax returns with their signature and e-file or mail them to the IRS and their state government.

Their anxiety is justified, as seemingly minor mistakes can land taxpayers in serious hot water, even after filing an amended return. These errors, omissions, and typos could potentially lead to an audit, severe fines, or even jail time, so it’s important that you fill out your taxes accurately and file them on time. Read more

Estate Administrator Responsibilities

What Are the Tax Responsibilities of an Estate Administrator?

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Losing a close friend or loved one is always a heartbreaking event, but when that loss is coupled with the responsibilities of managing their estate, the ensuing stress and grief can feel overwhelming.

If you have been named as the administrator for a loved one’s estate, the following information should alleviate some of that stress, and it can help you achieve a smooth financial transition for the deceased person’s beneficiaries. Read more

How to Secure a Home Loan When Dealing With a Tax Lien

How to Secure a Home Loan When Dealing With a Tax Lien

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In most cases, mortgage lenders are willing to look past certain types and amounts of debts. However, when it comes to tax liabilities, things can get complicated in a hurry. If you’re behind on your federal income taxes, the IRS might place a lien on your property and assets, which can be especially concerning for lenders.

Thankfully, there are certain actions you can take to eliminate your tax issues and move forward with the home of your dreams. Read on to learn more. Read more

9 Tax Audit Consequences for Business Owners

9 Tax Audit Consequences for Business Owners

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This post was written by our friends at Larry L. Bertsch, CPA & Associates, a top certified public accountants firm that has been offering quality accounting and tax preparation services to the entire Las Vegas market since 2003. For help with your business accounting and tax prep needs, please contact them to schedule a free consultation by calling (410) 872-8376 or completing this brief form. 

Reporting taxes for your business is usually more complicated than reporting taxes for your personal life. Unfortunately, this means you’re more liable to err in your reporting, which might cause the IRS to slam you with expensive penalties and other consequences you might not have known existed.  

With the help of an experienced tax accountant, however, you may be able to avoid some of the more common and severe consequences if you do overlook something.  Read more

How to Determine and Pay Estimated Quarterly Taxes

How to Determine and Pay Estimated Quarterly Taxes

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Individuals who work for themselves — freelancers, S corporation shareholders, etc. — make income that isn’t subject to income tax withholding from the IRS or the State of Maryland. However, these people still have to pay income taxes on their earnings.

Unfortunately, every year, millions of these individuals find themselves totally unprepared when they receive their tax bill from Uncle Sam, and many of them wind up paying additional penalties and fees as a result.

The best way to avoid these unpleasant surprises: making estimated quarterly tax payments. Read more