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August 2020 Archives

Yes, the IRS can garnish your wages

Many Massachusetts residents are behind on their tax payments. It happens, and its nothing of which to be ashamed. If you find yourself in this position and you fail to take steps to rectify the situation promptly, you may find the Internal Revenue Service taking the matter into its own hands. One way it may collect taxes owed is by garnishing your wages. What makes the IRS unique is, unlike other creditors, it does not have to obtain a court order to issue a wage levy.

How the crucial skills of a tax attorney help your business

Entrepreneurs rely on a team of third-party professionals when they operate their businesses. And while creating or building a business, they go through an important checklist. Create a business plan? Check. Line up investors? Check. Secure office space? Check. Business structure? Check. A tax audit? Um … now what do I do?

Tax audits do not have to scare taxpayers

Many Massachusetts residents likely let out a sigh of relief when they finally filed their tax returns. For some, that relief may have been short-lived as they received a notice from the Internal Revenue Service about an audit. Before panicking, it is important that individuals understand that not all tax audits are the same and that some can be easy to resolve.

What you need to know about an Offer in Compromise

The stress that comes along with having tax debt one cannot pay can be overwhelming. Unfortunately, that stress is something numerous Massachusetts residents are feeling right now as many are struggling financially -- for various reasons. The last thing anyone wants is to increase how much they owe the government by accruing interest, fees and other penalties for failing to pay their taxes. Thankfully, relief options are available to those who end up with tax bills they cannot afford to pay at all or all at once. An Offer in Compromise is one such option. 

Scams the IRS says to watch for after filing tax returns

Even during the current circumstances plaguing the country, there are still people out there who would take advantage of others for financial gain. Each year, the IRS identifies certain tax scams to watch for, and some of them come into play after Massachusetts residents file their tax returns. Below are just a couple of the scams people may want to be aware of.

Understand federal rules regarding offshore accounts

It is not a good or realistic idea to use an offshore bank account as a tax shelter. It is illegal, and the IRS always has had a penchant for cracking down on tax evaders. The government agency requires U.S. citizens to report ownership of foreign assets or have financial interest or signature authority for financial accounts in foreign countries. Failure to do so may lead to the IRS confiscating up to half of the account balance.

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