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July 2020 Archives

What to do if you receive notice of delinquent tax return

Anytime you receive a letter from the IRS you feel your stomach drop. This initial anxiety can turn to panic if the IRS is informing you of a delinquent tax return. However, it’s important to take a breath. Receiving this type of notice does not mean the end of the world. There are some steps you can take to help resolve this type of issue.

When does using tax shelters turn into tax crimes?

Most Massachusetts residents would agree that they would not want to pay more than is owed on any financial obligation. For this reason, people look for as many ways as possible to avoid paying too much in taxes. Tax shelters are one way to make that happen, but when taken too far, it could turn into tax crimes.

Terms of the IRS People First Initiative ended July 15

So many unprecedented events occurred in the first part of 2020. One of them was that the IRS postponed tax day to July 15 to give people affected by current events extra time to deal with their tax situations. However, few people here in Massachusetts -- or elsewhere for that matter -- anticipated the scope and far-reaching ramifications, especially to people's financial situations.

Gearing up for a worrisome IRS audit

You expected the IRS to come a-knockin’, and the notice arrived in the mail. A painstaking tax audit awaits you and your business. The worries tumble out as deadlines and conversations with IRS agents await you. This is a sensitive matter.

How to handle an IRS audit

You may have done everything by the book. Nonetheless, the IRS has taken issue with your tax returns, resulting in an audit. You may even have to meet with someone from the agency to address any discrepancies.

What the IRS may do about unfiled tax returns

Most Massachusetts residents would agree that they do not want to owe money to the government. Some people will avoid that possibility by not even filing their taxes. The problem with that is that when people have unfiled tax returns, they could fail to receive refunds or end up on the IRS's radar for unpaid taxes. While one of those options may not be so bad, failing to meet this financial obligation could prove expensive.

Issues with estimated taxes that could affect July 15 filings

Few Massachusetts residents would argue with the assertion that it has been a tough year so far. With everything that has been going on, many people have struggled financially. This could certainly affect what they do come July 15 when income tax returns and estimated taxes are due, and the IRS is expecting those payments.

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