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November 2019 Archives

Could the IRS penalize retirement distributions?

Many Massachusetts residents spend years building their retirement accounts. For those who did so through employment, the funds put into the account received tax-deferred status. That is, until withdrawn. Most people understand that the IRS could penalize them for withdrawing funds too early, but that may not be the only source of potential penalties.

The IRS doesn't accept the anti-tax arguments

Do those living in the United States, including Massachusetts residents, have to pay federal income taxes if owed? Do they even have to file federal income tax returns at all? Some people would say that the answer to these questions is no. They believe submitting those forms each year and paying taxes is voluntary, but -- and no surprise here -- the IRS does not agree.

Cryptocurrency owners may want to watch out for the IRS

Technological advances have made it a challenge for taxing authorities to pursue those they believe are hiding money in order to avoid paying taxes -- until recently, that is. The IRS has worked diligently to find ways to track people who own cryptocurrency in order to make sure they pay taxes on it. For this reason, some cryptocurrency owners, including some here in Massachusetts, could find themselves facing allegations of tax crimes.

Retirement & Taxes: Five tax friendly states

Planning for retirement takes more than savings accounts and stock portfolios. A successful retirement plan takes costs into consideration and works to reduce those costs wherever feasible. One option that can result in significant savings: the location you chose to retire.

Does the IRS immediately file a tax lien when people can't pay?

Fortunately, the easy answer to that question is no. The IRS will not immediately file a tax lien against an individual who cannot pay his or her taxes. Boston residents who cannot financially meet this obligation may find a way to avoid such liens as the collection process proceeds.

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