Category: Uncategorized

Avoid These Common Tax Errors in 2020

Juda Gabaie March 23, 2020 No 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…

Coronavirus 90-Day Tax Filing Extension

Juda Gabaie March 18, 2020 No Comments

In response to the coronavirus or COVID-19, the IRS will defer 2020 tax payments by 90 days. This will likely come as welcome relief for the many taxpayers stressing about the…

Failure to Take Required Minimum Distributions (RMD)

Juda Gabaie February 28, 2020 No Comments

After years of saving in an IRA or other retirement plan account, workers are used to the idea that their retirement savings should be untouched until retirement. However, at a…

Taxation on Video Game Virtual Currency

Juda Gabaie February 17, 2020 No Comments

According to the IRS, “virtual currency” is “a digital representation of value that functions as a medium of exchange, a unit of account, and/or a store of value.” Virtual currency…

Tax Audits Are Falling But That Doesn’t Mean You Don’t Have to Worry

Juda Gabaie January 13, 2020 No Comments

The likelihood of individual tax audits by the IRS continues to fall. In 2019, the IRS examined 0.45% of individual tax forms. This number is lower than the year before and less…

Are Alimony Payments Tax Deductible in Maryland?

Juda Gabaie December 12, 2019 No Comments

After a divorce, individuals will likely see significant changes in their tax filings. This includes single filing and deciding who claims children for tax purposes. When a spouse is awarded…

Can the IRS Come After Me for Tax Problems Caused by My Ex?

Juda Gabaie November 27, 2019 No Comments

Divorce can be a financially difficult time for a separating couple. In addition to the costs of divorce lawyers and litigation, each spouse will likely deal with changes in assets…

IRS Tax Compliance Rates and Enforcement

Juda Gabaie October 8, 2019 No Comments

The Internal Revenue Service (IRS) has released tax gap estimates for tax years 2011-2013. According to those estimates, the nation’s tax compliance rate has changed little from prior years. The majority…

Your Tax Day Extension is Almost Up

Juda Gabaie September 23, 2019 No Comments

The 2018 filing deadline for most taxpayers was April 15, 2019. However, many taxpayers needed a little more time and filed for an extension. The extension allowed these individuals a…

Is Your Notice From the IRS Real or a Scam?

Juda Gabaie August 6, 2019 No Comments

Scammers are using the threat of tax penalties or arrest to trick taxpayers by pretending to be from the IRS. There have been reports of telephone scams, email scams, and…

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