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 […]
Getting to Know FATCA
The Foreign Account Tax Compliance Act, better known as FATCA, has been around since 2010. It has been hailed as one of the Treasury Department’s greatest successes and, despite being a global undertaking, you still may never have heard of it. The full force of FATCA went into effect on July 1, 2014. Starting […]
IRS Budget Cuts: Do they cost more than they’re worth?
The Internal Revenue Service is hitting a bit of a low point. But, if you’re the average American, you may be finding it difficult to summons the ability to feel sympathy for the agency. According to the Pew Research Center, the IRS ranked last out of 13 government agencies in a study gauging public opinion […]
Maryland’s Newest Tax Amnesty Program
With the new governor comes a new tax amnesty program. Maryland’s newest Tax Amnesty Program, recently signed into law by Governor Hogan, aims to reduce penalties and interest on unpaid tax obligations for certain taxpayers and under certain circumstances. They word “certain” is a critical part to the Amnesty Program. As the bill states, the […]
Major Changes to the Offshore Voluntary Disclosure Program
Important news for U.S. taxpayers with foreign accounts and assets: The IRS has modified its current Offshore Voluntary Disclosure Program (OVDP) to enable more taxpayers to participate in the streamlined procedures, but has increased the penalties and requirements associated with the OVDP itself. The OVDP has seen great success in eliciting voluntary disclosures from U.S. […]
Swiss Banks Participating in DOJ Program Given One Month Extension
The recent guilty plea by Credit Suisse was the result of a government crackdown on overseas tax evasion, particularly in Switzerland. Credit Suisse was a Category 1 bank, meaning it was currently under criminal investigation. Category 2 banks, those that have reason to believe they may have committed criminal tax offenses, were invited to participate […]