It just is not always possible for many Massachusetts residents to meet their financial obligations. Medical emergencies, job losses and other catastrophic events can quickly drain any monetary resources a family may have. Another event that can result in an adverse financial event is owing taxes. Fortunately, more than one way exists to deal with tax collection cases.
For some time, cryptocurrencies such as bitcoin were all the rage. People here in Massachusetts and elsewhere made a good deal of money on this new type of currency. For this reason, in 2014, the IRS announced these assets are to be taxed as capital gains when people make money from them.
New York prosecutors brought charges for conspiracy and tax fraud against four men across the globe. One was a Massachusetts accountant arrested in Boston. Counts against him included wire fraud and willful failure to file a Report of Foreign Bank and Financial Accounts (FBAR).
Many Massachusetts residents find themselves in dire financial circumstances due to IRS obligations. Whether they can pull themselves out of the situation depends on a variety of factors, and some will find that their best debt relief option involves much more than tightening up the budget or trying to work out a deal with creditors. In many cases, the best way to resolve the situation is to file bankruptcy. However, many people believe that taxes and bankruptcy just do not mix.
December is the time of year when many Massachusetts residents give their first thoughts to the coming tax season. While many are only thinking about their 2018 tax liabilities, the IRS is already releasing information about 2019. Having this information should help many people make better financial decisions for the coming year.