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The Types of IRS Audits and What You Need to Know

Posted by Juda Gabaie | Oct 07, 2021 | 0 Comments

If you're facing an IRS audit, it's important not to panic. Not all IRS audits are the same, and you and your tax attorney can handle many audits quickly and efficiently by mail. Correspondence Audits For all IRS audits, the IRS will initially contact you by mail. Correspondence audits are the ...

Will Payroll Tax Errors Trigger an IRS Audit?

Posted by Juda Gabaie | Oct 06, 2021 | 0 Comments

For many business owners, starting a company is a lifelong dream. After all that hard work and sacrifice, it's important to ensure that you have your business ducks in a row. According to the U.S. Bureau of Labor and Statistics, about 20% of small businesses will fail in the first year, and only ...

Appealing Results of an IRS Audit

Posted by Juda Gabaie | Aug 30, 2021 | 0 Comments

Facing an audit from the IRS can be both a frightening and a frustrating experience, particularly if you sought tax advice to avoid tax disputes. After the IRS concludes your audit, you'll receive the auditor's findings in writing. If you disagree with the results, you have a couple of options, i...

Business and Personal Records During an IRS Audit

Posted by Juda Gabaie | Aug 18, 2021 | 0 Comments

Being audited can be a stressful experience, especially if this is your first audit. Whether you're facing a personal or a business audit, you probably want to know what to expect and how you can prepare. So, in this article, we'll discuss the business and personal records the IRS may examine dur...

IRS Legal Troubles may Cause Physical Pain

Posted by Juda Gabaie | Jun 25, 2021 | 0 Comments

When the Internal Revenue Service (IRS) comes knocking on your door, your anxiety and stress levels may shoot through the roof. You may not even know what, if anything, you did to deserve a visit or a letter from the IRS, but you know that your financial freedom might be on the line. You may fin...

The Consequences of Breaking IRS Rules

Posted by Juda Gabaie | Jun 17, 2021 | 0 Comments

A common question from clients is whether you can face personal liability or criminal prosecution if your business does not comply with IRS rules. As an officer of a corporation, there are some situations where you might face personal liability for the actions of a business. These situations incl...

2021 Tax Day Extended to May 17

Posted by Juda Gabaie | Apr 02, 2021 | 0 Comments

Good news for those of us still feeling the effects of the global pandemic and the economic slowdown that came with it: as it did last year, the IRS has extended the deadline for filing federal individual income taxes. While the United States has been making great strides in tackling Covid-19 ove...

What happens to tax debt when someone dies?

Posted by Juda Gabaie | Nov 17, 2020 | 0 Comments

When a person dies, there are a number of tax considerations that may exist. One is whether the person owes taxes or has tax debt. This tax debt can be federal or state debt. In general, this debt does not automatically go away at death. It is treated differently by state and federal governments....

IRS Criminal Investigation

Posted by Juda Gabaie | Oct 26, 2020 | 0 Comments

If you are the subject of an audit by the Internal Revenue Service (IRS), your case might go from a civil to a criminal investigation without your knowing. The Criminal Investigation (CI) Division at the IRS pursues these investigations and recommends prosecution to the relevant authorities. How ...

Paycheck Protection Program (PPP) Loan Forgiveness

Posted by Juda Gabaie | Oct 19, 2020 | 0 Comments

The Coronavirus pandemic has been devastating to the economies of Maryland and the U.S. According to the Pew Research Center, about half of all lower-income Americans report household job or wage loss due to COVID-19 business closings. The virus is disproportionately affecting the small businesse...

Receiving a Tax Penalty Abatement

Posted by Juda Gabaie | Sep 25, 2020 | 0 Comments

  Taxes are due every year on April 15th, and if you fail to meet the deadline, you could face interest and penalties of up to 25%. Both the U.S. Internal Revenue Service and the Maryland Comptroller use the threat of interest and penalties to ensure that taxpayers meet deadlines. But each year,...

Maryland’s Voluntary Disclosure Agreement Programs

Posted by Juda Gabaie | Sep 07, 2020 | 0 Comments

If you are behind on state tax filings or filed taxes incorrectly, but the state of Maryland hasn't contacted you yet, you may have an opportunity to fix it. You may be able to participate in Maryland's Voluntary Disclosure Agreement (VDA) Programs. The VDA program allows taxpayers who might face...

Trust Fund Recovery Penalties

Posted by Juda Gabaie | Aug 18, 2020 | 0 Comments

When a business has employees, the employer is responsible for withholding employees' Medicare and Social Security contributions from their checks. In many cases, a business will also withhold some federal and state income taxes. These withheld amounts are called trust fund taxes, and businesses ...

Withdrawals from Retirement Savings: Should You Do It?

Posted by Juda Gabaie | Jul 02, 2020 | 0 Comments

The Coronavirus pandemic and the subsequent lockdowns have financially devastated many Maryland families. If you've faced a job loss and are struggling to pay bills, you may be wondering if you can access your retirement savings to get through this rough period. While you may be able to access yo...

Can I Delay Filing my Taxes in 2020?

Posted by Juda Gabaie | Jun 04, 2020 | 0 Comments

The Coronavirus COVID-19 pandemic has uprooted so many of our daily and yearly routines. While federal income tax deadlines typically fall on April 15, 2020, you may be wondering how the pandemic is affecting deadlines for taxes in 2020. Can you delay filing your yearly or quarterly taxes? Treas...

Will SALT Deduction Caps Be Lifted?

Posted by Juda Gabaie | May 18, 2020 | 0 Comments

According to a report from the Government Finance Officers Association (GFOA), in 2014, Maryland had the highest rate of taxpayers that benefited from the SALT deductions, with 45% of tax units using the SALT deduction. The average SALT deduction in 2014 for Maryland was $5,604.  One of the big ...

Is Unemployment Taxable?

Posted by Juda Gabaie | May 04, 2020 | 0 Comments

Millions of Americans have filed for unemployment benefits since the coronavirus pandemic. For those who cannot work from home, the stay-at-home orders have closed up a lot of businesses and left a lot of people without work. From March 15 through April 3, 2020, more than 234,000 people filed for...

Are Coronavirus Stimulus Payments Taxable?

Posted by Juda Gabaie | Apr 17, 2020 | 0 Comments

On March 25, 2020, Congress passed the Coronavirus Aid, Relief, and Economic Security Act, also known as the “CARES Act.” As part of the CARES Act, many middle and lower income individuals will get a direct payment to help financially deal with the COVID-19 outbreak. The Act will also extend and ...

Tax Year 2019 Tax Brackets for 2020 Filings

Posted by Juda Gabaie | Apr 03, 2020 | 0 Comments

Tax filings opened on January 27 for individual taxpayers. The filing deadline was Wednesday, April 15, 2020. However, due to the COVID-19 outbreak, the IRS has pushed back the filing and payment deadline until July 15, 2020. If you do not need additional time to file your taxes and are expecting...

Avoid These Common Tax Errors in 2020

Posted by Juda Gabaie | Mar 23, 2020 | 0 Comments

Many taxpayers feel like they have a good grasp of the tax filing process right after filing their taxes. Unfortunately, over the course of the next year, much of that knowledge goes out the window. Either through not thinking about it anymore, updates to the tax code, or a change in financial si...

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Time is of the essence when it comes to tax-related issues. If you are uncertain as to what your next step should be, contact the reliable tax attorneys at Gabaie & Associates, LLC today.

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