by Longman & Van Grack, LLC | Nov 12, 2014 | Blog, Tax Controversy, Tax Planning
U.S. citizens and residents are required to report all of their worldwide income. In addition, taxpayers are required to report information regarding their foreign bank accounts and foreign owned assets. In recent years, the IRS has been enforcing these laws more...
by Longman & Van Grack, LLC | Oct 23, 2014 | Blog, Business & Corporate Issues, Business Law, Tax Controversy, Tax Planning
A taxpayer with income from an out-of-state S-corporation often has to pay out-of-state taxes. The taxpayer’s home state usually gives the taxpayer a tax credit for those tax payments. But, that is not quite what happens in Maryland. The constitutionality of...
by Longman & Van Grack, LLC | Sep 29, 2014 | Blog, Tax Planning, Wills & Estate Planning
[vc_row][vc_column][vc_column_text] For families saving for college529 Plans are extremely popular. These allow families to invest savings without taxation, as long as the proceeds are used for their children’s education. Though 529 plan contributions are not...
by Longman & Van Grack, LLC | Aug 8, 2014 | Blog, Tax Controversy, Tax Planning
[vc_row][vc_column][vc_column_text] A recent report by the Government Accountability Office stated that 83,000 Defense Department employees or contractors owed more than $730 million in unpaid taxes. Although not paying taxes does not prevent an individual from...
