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....
The global pandemic has extended itself into 2021, presenting numerous tax challenges. While the Commonwealth of Massachusetts provided many breaks to individuals and business owners, some may face upcoming challenges when filing their taxes in 2021. Business taxes...
Not being able to pay a bill can easily trigger a panic response in any Massachusetts resident. For some individuals, the bill that they cannot pay is their tax obligation, and unfortunately, this could lead to serious issues with the Internal Revenue Service. If a...
Very rarely do tax audits result in taxpayers receiving refunds or having no change to their tax filings. Usually, Massachusetts residents who go through the audit process get word that they owe more in taxes and have to pay interest and penalties on top of it....
One of the biggest fears Massachusetts residents have when they submit their tax returns is that they'll end up being audited. No one wants to go through that, but, without fail, every year, a small percentage of people get the news that they have been selected for...
Many Massachusetts residents likely let out a sigh of relief when they finally filed their tax returns. For some, that relief may have been short-lived as they received a notice from the Internal Revenue Service about an audit. Before panicking, it is important that...
The stress that comes along with having tax debt one cannot pay can be overwhelming. Unfortunately, that stress is something numerous Massachusetts residents are feeling right now as many are struggling financially -- for various reasons. The last thing anyone wants...
At tax time, individuals here in Massachusetts and across the country are required to report all income received for the particular tax year. The IRS refers to this as voluntary disclosure. It applies not only to domestic accounts but also to foreign bank accounts.If...
