Category: Tax Insights
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This Simple Mistake Could Lead to a $2 Million Penalty – Importance of FBAR Compliance
The Supreme Court has declined to review a taxpayer’s request to review her $2 million penalty assessed by the IRS. This case demonstrates the importance of FBAR reporting, which requires taxpayers to disclose foreign bank accounts if the highest aggregate balance through the tax year exceeds $10,000. Failure to do so might land you in…
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Maryland Releases Questions & Answers to Cannabis for Businesses and Individuals
With the onset of legalization of cannabis in Maryland. The state has released a list of Q&A for businesses as well as individuals. The official date of sale of adult-use cannabis is July 1, 2023. Additional details can be found on the state websites below. https://www.marylandtaxes.gov/forms/Tax_Publications/Tax_Alerts/SUT_Tax_Alert_QnA_Business_June2023.pdf https://www.marylandtaxes.gov/forms/Tax_Publications/Tax_Alerts/SUT_Tax_Alert_QnA_Individual_June2023.pdf
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Streamlining Quarterly Tax Deadlines: Proposed Legislation Gains Support from Professionals to Simplify Payment Schedule
Legislation proposing uniform quarterly estimated tax due dates has resurfaced in the House and has garnered support from professional tax and accounting organizations. In the tax world, quarterly sometimes does not necessarily mean quarterly. Introduced on May 25 in the House by Representatives Debbie Lesko (Republican of Arizona) and Brad Schneider (Democrat of Illinois), the…
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Connecticut Enacts New Personal Income Tax Cuts and Extending Corporate Surcharge
Connecticut Governor Ned Lamont has officially signed the state budget bill for fiscal years 2024 and 2025, introducing several significant changes to the tax landscape. The key provisions of the bill encompass a personal income tax cut, an extension of the corporate surcharge, revised regulations for pass-through entity tax, and the establishment of new tax…