Navigating Federal & State Taxes: A Practical Guide for Businesses

Description

I. Federal Tax Compliance & Updates: Gain insights into crucial federal tax matters, including:

• Proposed Trump Tax Code Changes: Understand potential impacts on your business.
• Navigating Employee Retention Credit Developments and Audit Preparation: Get the latest updates and prepare for potential scrutiny.
• Preparing for Maryland Sales & Use Tax Audits: Understand the process and how to best prepare for state-level sales tax audits.
• The Critical Implications of Worker Misclassification: Learn the crucial distinctions between Independent Contractors and Employees at both federal and state levels.
• Collection Statutes of Limitations: Understand the non-aligning IRS and Maryland timelines for collecting tax debts.

II. Resolving Federal & Maryland Tax Liabilities: Explore options for addressing outstanding tax obligations with both the IRS and the state of Maryland, including:

• Offer in Compromise: Learn about settling tax debt for a lower amount.
• Installment Agreements: Understand payment plan options.
• Currently Not Collectible Status (Federal & Maryland): Explore temporary relief from collection actions.
• Penalty Abatement (Federal & Maryland): Discover opportunities to reduce penalties.

III. Understanding Federal & Maryland Enforcement Actions: Be prepared by understanding potential enforcement actions at both federal and state levels:

• Federal Tax Liens: Learn about the IRS's claim against your property.
• Levy of Assets (Federal & Maryland): Understand the seizure of your assets to satisfy tax debt.
• Wage/Payment Garnishment (Federal & Maryland): Know how the IRS and Maryland can collect from your income or payments owed to you.
• Federal Revocation/Suspension of U.S. Passport: Understand this serious federal consequence of tax debt.
• Maryland Hold Placement on Drivers License, Vehicle Registration(s), and/or Professional License(s): Learn about potential state-level actions for tax non-compliance.
• Collection Statute of Limitations (Federal IRS vs. Maryland State): Understand the differing timelines for federal and state tax collection.