Boston taxpayers are required to report all of their income, which includes any virtual currency owned. The problem is that it is easy to forget about it and that could draw the attention of the IRS. In fact, the federal taxing authority recently announced that it has...
Month: July 2019
The IRS has a new tax form for those over age 65 for 2019
After spending a lifetime working and preparing for retirement, people over the age of 65 -- here in Massachusetts and elsewhere -- often end up living on fixed incomes and others continue to work well after this birthday. Even so, many of them must still pay taxes on...
IRS flexes its muscles, suspends taxpayer’s passports
The Internal Revenue Service (IRS) has an array of tools it can use to force taxpayers to pay their taxes. One tool: the IRS can suspend your passport. Taxpayers who face such a suspension will receive a Notice CP508C from the IRS. How can they do this?Lawmakers...
Tax audits don’t have to mean large financial setbacks
When the IRS comes knocking and asking questions about your income and the returns you filed, you probably experience a myriad of emotions ranging from shock to anxiety and everything in between just like other Massachusetts residents in your position. One of your...
Foreign Account Reporting Compliance After the Close of the OVDP
About a decade ago, the IRS implemented an amnesty program that allowed taxpayers to pay back taxes, penalties and interests resulting from income earned through foreign accounts without fear of criminal persecution. In the decade that followed, about 56,000 Americans...
Have you heard of he IRS’s Information Returns Processing System?
Most Massachusetts taxpayers fill out their yearly tax forms, and they make sure they include every dollar of income in order to avoid any adverse repercussions for not doing so. Perhaps it's because they know, or at least suspect, that when it comes to collection...
Tax evasion is not just about income taxes
When it comes to settling the bill with the IRS, the first thing that pops into most people's heads is personal and business income. While that is the case, the agency does collect other taxes as well. A Massachusetts small business owner who has employees needs to...