by Longman & Van Grack, LLC | Jan 24, 2025 | Blog, Business Law, Securities and Corporate Law, Tax Planning
The Corporate Transparency Act is a law that was passed to address ownership transparency, and it became effective January 1, 2024. The Corporate Transparency Act requires a business to file a a Beneficial Ownership Information Report (BOIR) to report beneficial...
by Longman & Van Grack, LLC | Jun 28, 2024 | Business & Corporate Issues, Business Law, Tax Controversy, Tax Planning
While the Internal Revenue Service (“IRS”) is continuing to process thousands of the Employee Retention Credits (“ERC”), the IRS has recently announced that it will begin to deny the highest risk claims while processing the lower risk claims....
by Longman & Van Grack, LLC | Mar 1, 2024 | Blog, Business & Corporate Issues, Tax Controversy, Tax Planning
The IRS has launched a new initiative targeting high-income individuals who have not filed tax returns since tax year 2017. This IRS initiative is being funded by the Inflation Reduction Act. Currently, there are 125,000 taxpayers in the purview of the IRS (25,000...
by Longman & Van Grack, LLC | Oct 19, 2023 | Blog, Business & Corporate Issues, Business Law, Tax Controversy, Tax Planning
Employers are required to notify employees if they qualify for the Earned Income Tax Credit. The Earned Income Tax Credit is a credit that a working taxpayer can receive from both the IRS and the State of Maryland. The amount the employee can receive is based upon the...
by Longman & Van Grack, LLC | May 1, 2023 | Blog, Tax Controversy, Tax Planning
Maryland law now requires that all homeowners in Montgomery County must file an application with the State of Maryland for a “Homestead Tax Credit” in order to continue to receive Montgomery County’s $692 “Income Tax Offset Credit” on Montgomery County...
by Longman & Van Grack, LLC | Nov 21, 2021 | Blog, Estate Tax, Tax Controversy, Tax Planning
Winning or settling a lawsuit that results in a large cash payout may require the winning party to pay taxes on the judgment or settlement proceeds. However, the taxable nature of these types of payments are not simple and involve a series of questions to address....
