While federal taxes take the largest bite out of most taxpayers' income, it's also important to remember that state taxes are also an important consideration for Massachusetts taxpayers. Just like with federal taxes, penalties and interest levied against...
It's no secret that the U.S. tax system is complicated and confusing to the average taxpayer. This is why, every day, thousands of taxpayers open their mailboxes to find the much-dreaded IRS Notice. You've received a notice from the IRS; What to do next? First, don't...
It's no surprise to learn that the IRS levies both late payment penalties and interest on unpaid tax obligations. Unfortunately, a quick visit to the IRS website might leave you more confused than when you began. Below, we'll provide a quick and simple summary of how...
Even for those who don't follow the stock market, it's almost impossible not to have heard about the explosion of interest in volatile securities over the last few months. Companies like Gamestop (GME), AMC Theaters (AMC), or one of the endless varieties of...
The Covid-19 pandemic brought about radical social changes. Despite its challenges, it has been a renaissance for many people. Social media users, particularly Reddit, have rallied people to invest in the stock exchange. Reddit became a platform used to give out stock...
The United States Supreme Court has rejected a tax-collection lawsuit by the State of New Hampshire against the Commonwealth of Massachusetts impacting employment tax withholding for remote workers. Here's an overview of the case and the effect of the Court's...
In 2021, the tax season was extended until May 17th, 2021. By the summer months, most tax filers that have submitted their 2020 Tax Return have already been processed by the IRS or are awaiting processing unless an extension has been filed. If your return was flagged...
The American Rescue Plan expanded and increased the Child Tax Credit (CTC) for 2021. U.S taxpayers with children under the age of 6 can this year claim a CTC of up to $3,600, and those parents with children aged between 6 to 17 years can claim up to $3,000 per child....
Imagine inheriting a sizable estate from your deceased spouse, only to have the IRS claim that you and your spouse were never legally married and that you owe millions in estate taxes. That was the situation in a tax case recently decided by the United States Tax...
On May 17, 2021, the income tax filing deadline for most Americans, the Supreme Court issued a decision that bolstered taxpayers' rights to challenge IRS reporting rules in court. Here's a summary of the decision and its practical effects on taxpayers and their...
