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...
Most Massachusetts residents would agree that they do not want to owe money to the government. Some people will avoid that possibility by not even filing their taxes. The problem with that is that when people have unfiled tax returns, they could fail to receive...
Massachusetts residents probably do not like owing money to anyone, but unfortunately, it seems to be a fact of life, especially during the current circumstances. If you find yourself in this predicament, you may owe back taxes along with other debt you cannot...
Many Boston residents have a difficult time meeting their financial obligations, especially during these uncertain times. One of those obligations may include the inability to pay taxes. It may be possible to receive relief from this burden through tax amnesty.Even...
