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September 2012 Archives

Audit reveals federal agencies delinquent, IRS can't collect

Money is the topic of the year for most people, agencies, states and the federal government as the economy sluggishly recovers from the recent recession. Bills are hard to pay for everyone, and many find themselves in serious debt. In fact, one of the biggest topics of the current election is the country's outstanding debt and what should be done to fix it.

Worcester trial: 3 guilty of tax crimes

A Worcester, Massachusetts, jury found two men and a woman guilty of multiple tax crimes. The Internal Revenue Service and Justice Department worked together to convict the trio of multiple tax crimes based on fraud. The charge stemmed from a payroll scheme in which the three paid employees with cash. The people also worked together to hide certain income and assets of employees as part of a so-called warehouse banking scheme. The three were also convicted because of taxes filed incorrectly in regard to their own income tax returns. One of the defendants received an additional conviction for tax evasion.

IRS passes new laws for dual citizens

The IRS recently announced new tax laws that would provide relief to dual citizens. However, the new laws have both positive and negative aspects. The new tax laws are for non-residents, including dual citizens who lived outside the United States beginning in 2009. Furthermore, the non-resident must not have filed a United States tax return for at least three years and be considered low risk by the Internal Revenue Service. If you are currently under an IRS investigation or haven't disclosed all your income in the country where you live, you are generally considered high risk. The benefit of using the new tax laws is a reduction in the possible penalties that you could wind up paying.

Downtown Boston landlords could be on the hook for new taxes

Changes in the law regarding tax liens are coming to the Boston, Massachusetts, area. Landlords in downtown Boston's Business Improvement District used to have a choice if they wanted to pay a voluntary tax that was based on their real estate assessment or if they preferred not to pay it. However, new changes now require landlords to pay this tax. Additionally, the tax will now be charged on a retroactive basis. Landlords who chose not to pay into the BID program will now have to pay the tax or face stiff consequences in the form of a tax lien being placed on their property in 2015. The relevant area that applies to the tax lien situation includes an area of 34 blocks in the Downtown Crossing and adjacent areas. It also includes areas of the Theatre District and the Financial District. There are currently 308 property owners.

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