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June 2011 Archives

Avoid tax evasion in Massachusetts

For the majority of Americans, tax season brings about a sense of urgency and feelings of stress. Once your tax return is completed, however, it can often feel like a relief. That is, unless a mistake has occurred. Finding a mistake on a tax return may leave you wondering what to do and where to turn next. Through The Wall Street Journal, a Massachusetts expert offered some advice recently on how to avoid a serious situation that could lead to an audit, fines and even charges of tax evasion.

Chelsea Neighborhood Developers helps low-income families prepare IRS returns

It's hard to overstate the importance of filing a timely and accurate tax return with the IRS, but many low-income individuals and families are often hard-pressed to afford good tax advice. Yet according to the community organization Chelsea Neighborhood Developers (CND), on average, IRS tax refunds represent 9 percent of low-income households' total income for the year.

Man accused by IRS of hiding payments charged

The Internal Revenue Service do not take infractions of their rules lightly. Even unintentional or minor violations are punishable with heavy fines and a potential jail sentence. Under IRC Section 6050I, any person or business that receives $10,000 or more in a single transaction is required to file Form 8300 within 15 days of receiving the funds. All bank deposits made in the US are monitored, and banks are required to report cash deposits in excess of $10,000 to the IRS. The owner of a recycling business in Somerville has been charged by a federal grand jury in Massachusetts with structuring payments in order to avoid detection by regulators.

Massachusetts man accused of tax evasion through foreign accounts

The Internal Revenue Service has been working hard to collect the taxes that are owed to it. It takes tax evasion extremely seriously, and even seemingly minor violations can result in substantial fines and jail time. For anyone with foreign banking and financial accounts, it is important to report them on your tax return. Failure to do so can lead to accusations of tax evasion, as a Massachusetts bank director found out recently.

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