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September 2019 Archives

When to revisit a business return for depreciation deductions

Final and additional proposed regulations pertaining to the 100% first-year depreciation deduction were recently released by the Treasury Department and IRS. In short, this allows a business to write off the full value of a capital asset during the first year of use rather than through a multi-year depreciation schedule.

Judge decides to make example at tax evasion sentencing

Accusations of cheating the IRS can result in criminal charges in addition to any consequences levied by the agency. Those who end up facing criminal penalties for tax evasion will often find themselves standing before a U.S. District Court judge. If convicted, an individual could face a wide range of penalties that may not include incarceration. Of course, that assumes that a judge does not decide to make an example of him or her.

There is another IRS deadline Boston residents might need to meet

Depending on their professions, certain Boston residents may need to keep track of more than one date to pay their taxes. Independent contractors, investors, business owners and those with side jobs may be on a different payment schedule with the IRS. They may need to make quarterly tax payments in order to stay off the agency's radar.

Some foreign bank accounts violate the law

Like people across the country, many people here in Massachusetts do what they can to avoid paying too much in taxes. Some of them may consult with self-styled financial gurus in order to make that happen. Many times, those consultants end up involving otherwise innocent taxpayers in offshore tax schemes that end up getting them in trouble with the IRS. Many of these foreign bank accounts violate the law.

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