On May 16, 2022, the Supreme Judicial Court of Massachusetts (SJC) ruled against the Massachusetts Department of Revenue Commissioner in the VAS Holdings & Investments LLC v. Commissioner case. This ruling was a reversal by SJC of the Appellate Tax Board's...
All American taxpayers need to report their income, employment and other tax obligations to the IRS. Federal law expects you to file accurate taxes every year and failure to do this leads to severe consequences. Below are penalties for failing a false tax return and...
Many people hire a tax preparer to make sure their taxes are done quickly and on time. Unfortunately, hiring a professional does not guarantee that your income tax return will be completed error free. Even if the error in your taxes is the fault of your preparer, the...
Paying taxes is inevitable, but if you receive a notice from the Department of Revenue (DOR), you might feel a sense of anxiety or fear. In some cases, you may be able to dispute DOR notices or create a more manageable payment program if the tax amount is...
Businesses that collect sales and use tax in Massachusetts were not required to file or make payments to the Department of Revenue (DOR) between March 2020 and October 30, 2021. Collection of the tax was still required on qualified sales during the period. The taxes...
Any businesses or corporations that try to hide their tax obligations behind other entities will not be successful under the IRS' alter ego theory. The following will explain what the alter ego theory is and how it could be established that third-party business...
In recent times, subscription services, in addition to products, have become the source of additional monthly or annual business income for entertainment and software services. However, recent litigation with the Massachusetts Commissioner of Revenue on whether sales...
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...
If you have a foreign account, the government will likely find it. Hopefully, your foreign account will have already been reported annually to the Internal Revenue Service when they do. However, if you have decided not to report these accounts, or did not report them...
With lots of bills being signed during March, new tax changes will take effect in April 2021. This tax year will be different from what we have seen in the past and alter timelines like last year. Below are what you can expect when filing your 2020 taxes this year....
