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May 2018 Archives

Three ways an attorney can help with tax audits

For many small businesses, getting their state and federal tax returns filed before the filing deadline is a feat in itself. But for an unfortunate chosen few, the task with taxes is not over just yet. These businesses, when they are chosen for an audit, may have to experience a new gauntlet that could threaten the future of their enterprise.

How to avoid Massachusetts restaurant sales tax issues

The Suffolk County District Attorney’s Office recently accused the owner of an East Boston diner of failing to report sales. In a lengthy complaint, the state argues the diner failed to properly report $850,000 in sales between 2012 and 2015. Failure to report the income, allegedly resulted in unpaid taxes of roughly $60,000. The owner framed the issue as a misunderstanding.

Moving expense deduction to be suspended next year

If you are poised to move because of a new job, or transfer within the same company, you may be curious about what expenses may be tax deductible in the next tax year. After all, moving expenses have been a long-standing deduction that employees and small business owners have traditionally taken advantage of.

Student loan discharges may come with strings attached

For those considering bankruptcy because of the weight of student loan debts, they likely have unfortunately learned that discharging such debt is notoriously difficult. Essentially, bankruptcy debtors seeking to eliminate student loan debts must follow a rigid standard and show that their financial situation is going to persist and that they have made a good faith effort in paying them. However, courts have held this bar so high that few debtors actually qualify.

Common tax fraud defenses to be asserted

In prior posts, we highlighted the difference between an honest mistake that results in the incorrect amount of taxes paid, and outright fraud where a taxpayer affirmatively tries to avoid paying taxes. Indeed, it is easy to point out the difference between fraud and mistakes in the abstract, but what defenses are actually available when the IRS thinks that you cheated on your taxes?

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