The passage of the 2017 Tax Cuts and Jobs Act (TCJA) brought many changes to the way that most Americans handle their income taxes. Most of the changes for middle-class earners comes with the loss of personal exemptions and an increase in the standard deduction. There are also new tax brackets, which may allow some people to pay less even while maintaining their same salary.
One of President Trump’s campaign promises involved simplification of the tax return process for most filers; he specifically mentioned being able to file on a postcard-sized tax form. While that particular goal still hasn’t really come to fruition, Form 1040, the tax form used by most individual and married households throughout the country, has indeed undergone an overhaul.
Most Massachusetts residents know that the IRS has quite a bit of power when it comes to collecting the taxes it believes an individual owes. If you have been subjected to the agency's collection efforts, you may have a bank levy or wage garnishment filed against you. More than likely, these collection efforts put you in a precarious financial position. You may be able to stop these actions with the proper support.
Many Massachusetts residents find themselves unable to pay their taxes. They file their tax income tax returns with the IRS knowing that at some point, the agency will come looking for payment. They may receive a bill in the mail, not understanding that this constitutes the opening gambit of the collection process.
Offshore banking is an appealing way to invest for many individuals. Despite common misconceptions fueled by the cinema, having an offshore bank account isn’t as scandalous as portrayed. On the contrary, offshore banking is completely legal – and oftentimes beneficial – if done the proper way.
Especially since 9/11, the federal government keeps a close eye on monies, assets and accounts held by American citizens that come from foreign countries. In order to determine whether a Massachusetts resident or entity must file a Report of Foreign Bank and Financial Accounts and/or IRS Form 8938, a party must review the FBAR requirements and the reporting requirements of the IRS. Having to file one may not mean having to file the other, depending on the circumstances.