The concept of willfulness in the context of non-compliance with tax reporting and payment regulations concerning offshore accounts has been a popular topic in legal circles lately. So much so that the American Bar Association recently held a conference dealing...
The Offshore Voluntary Disclosure Program (OVDP) is not a given. You must apply to take part and then be accepted into the program.The FBAR – electronically filed with the BSA on FinCen Form 114 – must be submitted for each year that overseas account...
With the year end quickly approaching, you generally have until December 31 to take actions to impact your 2016 tax return. If you missed the April and extended October tax return filing deadlines for tax year 2015, now is also a good time to finally clear up...
Owning a restaurant or pizza place in Massachusetts requires good record keeping. The Massachusetts Department of Revenue takes sales tax compliance seriously. Fail to report sales, collect the proper tax or pay the DOR in a timely manner and the penalties can be...
The IRS officially announced that tax season will begin on January 23rd when it starts accepting returns. You will have a few extra days to get your returned filed with a due date of Tuesday, April 17 in 2017.But for those with offshore accounts and those who file a...
While most IRS audits are completed via written correspondence, the agency still utilizes in person audits. When an IRS agent requests to come to your home or business, the situation is serious.Generally, experienced agents are assigned these cases and they can seek...
For the length of nearly two full presidential terms, the IRS has been pushing hard on enforcement of foreign account disclosure requirements.Tens of thousands of taxpayers have chosen to enter voluntary disclosure programs, seeking to minimize their liability...
This summer the city council in Philadelphia passed a measure approving a 1.5 cent per ounce tax increase on beverages with added sweeteners. Last week, voters passed ballot measures in three California communities adding a penny per ounce by overwhelming majorities....
The Massachusetts Department of Revenue works closely with the IRS. The information sharing between federal and state or within state agencies is frequently a trigger. This means what seemed like a problem related to the classification of workers could be something...
Almost all higher-income taxpayers itemize deductions on their tax returns. The Massachusetts Department of Revenue reports each year on the number of million-dollar earners in the state.The Boston Globe reported on the most recent data from the 2014 tax year. There...
