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July 2012 Archives

Massachusetts joins coalition to tax online purchases

As e-commerce sales continue to increase at double-digit rates, state governments are asking Congress for a little help to generate revenue from sales tax. An estimated $20 billion in sales taxes slip through the fingers of state governments each year because online merchants do not have to collect or pay state sales taxes if they do not have a physical presence in that state.

How divorce can throw a wrench in your tax returns

The IRS has some very interesting rules when it comes to reporting the income and assets of divorcing couples. Before you check the "married" or "single" box on your tax return, keep in mind that the IRS wants to know what your marriage status was on Dec. 31. If your divorce became final on Jan. 1, you must check the married box.

Massachusetts tax revenue up over last fiscal year

The Massachusetts Revenue Department announced that tax revenue for the fiscal year that ended June 30 was up $600 million over last year. Total 2012 tax collections throughout the state were more than $21.1 billion, up 2.9 percent over 2011. Those numbers exceeded projections by about $107 million thanks to sales taxes, corporate and business taxes and motor vehicle sales taxes.

Homeowners losing homes over property tax pittance

A new study by the National Consumer Law Center said outdated state and local municipality laws are making it possible for people who are delinquent on their property taxes to lose their homes. For as little as $400 owed in property taxes, local governments are placing tax liens on the houses, seizing the property, then selling the tax liens to big banks and other investors.

Organizational umbrella decisions crucial to tax requirements

A New England charity aimed at helping to keep the local dairy economy going is having to clean up a little spilled milk. Improper business formation and planning has forced the group to reorganize as s 501C3 Corporation and pay more than a third of its earnings in taxes. However, because it was a self-imposed audit that recognized the mistakes, the IRS is not seeking any punitive tax collection actions.

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