The restrictions on investment products available to Americans make it difficult to invest in markets outside of the U.S. So much so, that it's causing some Americans to renounce their citizenship. Nearly 2,000 gave up their U.S. passports in 2011, compared with only 235 just three years ago.
Happy small business week! The IRS changed a few deductions this year, so now that we've wrapped up 2011, let's look ahead to what 2012 will bring us. Here's a little reminder of what you can and cannot deduct if you are self-employed in Boston under the new IRS allowances, including Social Security.
A Cape Cod film director was convicted of tax fraud in Massachusetts Superior Court last week. The man illegally obtained $4.7 million in tax credits from the state Department of Revenue for filming two motion pictures set on Cape Cod. He was sentenced to two to three years in state prison and ordered to pay $4.4 million in restitution. He also faces 10 years of probation after his release.
The IRS files federal tax liens against taxpayers in Suffolk County whom they believe are dodging their tax obligation. This action usually comes after years of letters and warnings have failed to get the money. According to the IRS, a federal tax lien is a legal claim against all your property including your real estate, financial assets and other personal property.
A man who ran a Malden chiropractic clinic was charged in federal court on multiple counts of impeding the Internal Revenue Service and tax evasion. The investigation into the clinic was organized and announced by the U.S. attorney's economic crimes unit and the Boston IRS criminal investigation field division.