State legislatures continue to increase the tax on cigarettes. Alcohol comes up in the sin tax discussion occasionally. The latest in Massachusetts is a proposed tax on sugary drinks, which health advocates argue will lower the rate of type 2 diabetes.
A group of several Americans living abroad - who call themselves "Republicans Overseas" - have vowed to continue their fight against the Foreign Account Tax Compliance Act (FATCA) in spite of a recent dismissal of their claims by the Sixth Circuit Court of Appeals.
Certain IRS rules sound rather simple. Here is one: Alimony is deductible and the deduction does not have to be itemized. It is a so-called above-the-line deduction.
Anyone with assets diversified in foreign accounts with balances that total $10,000 or more at any time in a given year needs to file a disclosure (FinCEN Form 114 of previously referred to as a FBAR). Fail to file this disclosure and the penalties are draconian.
Getting mail from the IRS or Massachusetts Department of Revenue (DOR) is usually not a good thing. It can be tough to open the letter.