The first advance child tax credit (CTC) payments will be made on July 15, 2021, as part of Joe Biden's American Rescue Plan. The credit may be a helpful boost for families who lost income in 2020. But, as is the case with any tax overhaul, logistics may seem a bit...
In the wake of the COVID-19 pandemic, state and federal offices remain short-staffed. The Coronavirus pandemic has impacted nearly every aspect of our lives. This year, tax time is no different. Per the Massachusetts Department of Revenue (DOR) website, the...
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....
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...
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...
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...
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...
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...
