The Internal Revenue Service (IRS) respects your retirement saving efforts — to a point. In this post, we'll cover various retirement saving contribution limits as they affect your 2020 income tax returns. There have been a few minor adjustments, but no big surprises....
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Everyone files last minute: What happens when IRS computers fail?
Tax Day 2018 has almost become a live blogging event. The IRS reported that its computer systems are “experiencing technical difficulties.” The extent and the cause of the outage were not specified. The agency recommended filing as usual.The issues may...
IRS offshore account voluntary disclosure program to end
Here at ,, we advise people in Massachusetts, across the country and internationally who have offshore accounts and other assets outside of the U.S. about their federal tax reporting requirements and about how to respond to IRS inquiries...
Forest Whitaker tax case: withholding is key
Academy Award-winning actor and director Forest Whitaker is famous for his impassioned portrayal of such varied characters as ruthless dictators and obedient soldiers. He now has another – much more dubious – claim to fame: a high-profile tax collection...
Rules on passport restrictions for back taxes moving forward
It has been more than two years since legislation passed giving the IRS an additional collection tool. The tax agency will soon begin working in conjunction with the State Department to revoke, limit or deny passports of individuals with “seriously delinquent...
FAQs about reporting bitcoin transactions
Bitcoin, litecoin, ethereum and other block-chain currency have been on a run with bitcoin crossing the $10,000 threshold from a start of $997 at the beginning of the year. How do you report these transactions on your tax return? Will you receive a 1099?The IRS...