Imagine receiving a notice from the Internal Revenue Service (IRS) about a tax audit or finding out that you owe a significant amount in back taxes. Navigating the complex world of tax laws and regulations can be overwhelming, but there’s one professional who can help you through these challenges: a tax attorney. In this post, we’ll explore the crucial role tax attorneys play in your financial success, including guiding you through the maze of tax laws, advocating on your behalf, and providing valuable advice on what a tax attorney does. Key Takeaways A tax attorney provides legal advice and ..read more

When a person dies in Maryland, their property becomes subject to Maryland inheritance law. Understanding Maryland inheritance law and how it impacts property distribution is essential to ensure your wishes are fulfilled after your death. Our Maryland estate planning attorney provides this comprehensive guide to understanding how inheritance works in our state to help you decode Maryland inheritance law. Factors That Influence Estate Division The most significant factor influencing estate division is whether you have a Will when you die. If you have a Will, your Will dictates how your property ..read more

Are you self-employed? Being self-employed has many benefits. You can set your own hours and decide what jobs you take. However, you cannot escape paying federal income taxes. Our Maryland tax attorney discusses self-employment tax in this article, including ways to prepare for and minimize self-employment tax. What Are Self-Employment Taxes? In addition to income tax, you need to pay self-employment (SE) taxes. Your self-employment tax supports the Social Security and Medicare programs, just like tax withholding for an employee. The self-employment (SE) tax is the equivalent of the FICA (Fede ..read more

As a small business owner, understanding the impact of federal withholding tax on small businesses is crucial. Not only does it affect your employees’ paychecks, but it can also have significant implications on your business’s financial health and compliance with tax laws. Are you aware of your responsibilities and the potential consequences of mismanaging this essential aspect of your business? This comprehensive guide provides you with valuable insights into the impact of federal withholding tax on small businesses: what you need to know. You’ll learn about the key components, your responsib ..read more

As person-to-person (P2P) payment apps, such as Venmo, become increasingly popular among businesses, it is essential to understand their tax implications. Do you know how personal versus business transactions on these apps can be taxed differently? In our comprehensive guide, Maryland tax attorney Steve Thienel explains all there is to know about payments via Venmo and taxes so companies remain compliant with taxation regulations. We’ll provide a thorough overview of the tax status of Venmo payments, from general information like income thresholds up to individual reporting requirements regard ..read more

As an employer, when you onboard a new employee, you often include various documents in their initial paperwork. One important document you may present is an arbitration agreement. This agreement is a contract that outlines how disputes between the employee and the company will be handled, usually outside of the traditional court system. So, what is an arbitration agreement for employment from an employer's perspective, and why is it significant?  In this post, we aim to clarify the idea and utility of employment arbitration agreements. We'll examine their advantages and disadvantages and ..read more

The Internal Revenue Service (IRS) conducts roughly a million tax audits each year for the federal government. The purpose of an IRS audit is to review and examine an individual’s or organization’s financial information and accounts. The IRS wants to determine if the information reported on a federal tax return is accurate and complies with tax laws. The agency also verifies if the tax obligation on the tax return is correct to close the “tax gap” between the expected taxes paid and what it collects. Our Maryland tax lawyer at Thienel Law has significant experience assisting individuals and co ..read more

You’ve made the difficult decision to close your business. Depending on the company, winding down a business can take several weeks or months. If you have a plan and a checklist for closing a business, it can make the process easier. Our Maryland business lawyer explains how to dissolve a business in Maryland in ten steps. Steps to Close a Business in Maryland Each business is unique. So discussing how to close a business with an experienced Maryland business lawyer is always a good idea. However, these steps are a good guide for winding down a business. Step 1: Develop your exit strategy It i ..read more

Some states permit employers to perform credit checks on applicants for employment. However, Maryland enacted the Job Applicant Fairness Act (the “Act”) on April 12, 2011. The law dictates when an employer can run or use credit history-related information for employment purposes. Let’s review some of the important aspects of the law and how Maryland employers can avoid violating the law during the hiring process.  What is the Job Applicant Fairness Act in Maryland? The Job Applicant Fairness Act restricts the use of credit reports by employers in making employment decisions. The law appli ..read more

Tidying up financial affairs and documenting one's final wishes are essential tasks that everyone should take care of sooner rather than later. Increasingly, estate attorneys are meeting with clients seeking to control their legacies by creating a trust in Maryland and using advanced estate planning tools. If you are concerned about protecting your assets and providing for your heirs, consider setting up a trust as part of your estate plan. Trust assets are protected from the probate process and creditors. However, regulations governing trusts vary between states, so it's essential you se ..read more