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Fighting against a bank levy or wage garnishment by the IRS

Most Massachusetts residents know that the IRS has quite a bit of power when it comes to collecting the taxes it believes an individual owes. If you have been subjected to the agency's collection efforts, you may have a bank levy or wage garnishment filed against you. More than likely, these collection efforts put you in a precarious financial position. You may be able to stop these actions with the proper support.

The first steps in the IRS collection process

Many Massachusetts residents find themselves unable to pay their taxes. They file their tax income tax returns with the IRS knowing that at some point, the agency will come looking for payment. They may receive a bill in the mail, not understanding that this constitutes the opening gambit of the collection process.

Extended filers: Watch out for mistakes

Not everyone filed their federal income taxes back in April. For example, you may be among the many individuals who requested an extension. For individuals who filed for an extension, an important deadline is coming up in a little under three months. This is the extended tax filing deadline. This year, this deadline is Oct. 15.

Obligations to the IRS don't end with retirement

Unless a Massachusetts resident worked as an independent contractor, he or she probably received a paycheck that negated the need to worry about taxes but once a year. Now that the opportunity to retire has arisen, it is important to know that obligations to the IRS continue, but in a different way. How tax payments are made and how much is owed depends on whether funds come from a pension, Social Security benefits, a retirement account or a combination of the three.

Is that person demanding payment really an IRS agent?

Perhaps the only thing worse than owing taxes is not being able to pay them. Many Boston residents find themselves in this predicament, and they wonder what the IRS will do to collect. Some people receive phone calls, emails or personal visits from people claiming to be agents, but taxpayers need to be cautious. Scammers take advantage of people every day.

How to avoid penalties for underpayment of estimated taxes

The second-quarter deadline for all estimated tax payments just recently passed. This means we are officially in the second half of fiscal year 2018, so it’s the perfect time for an internal tax analysis and self-audit. This will allow time before the end of the year to adjust to avoid bigger headaches down the road.

Three ways an attorney can help with tax audits

For many small businesses, getting their state and federal tax returns filed before the filing deadline is a feat in itself. But for an unfortunate chosen few, the task with taxes is not over just yet. These businesses, when they are chosen for an audit, may have to experience a new gauntlet that could threaten the future of their enterprise.

Moving expense deduction to be suspended next year

If you are poised to move because of a new job, or transfer within the same company, you may be curious about what expenses may be tax deductible in the next tax year. After all, moving expenses have been a long-standing deduction that employees and small business owners have traditionally taken advantage of.

Student loan discharges may come with strings attached

For those considering bankruptcy because of the weight of student loan debts, they likely have unfortunately learned that discharging such debt is notoriously difficult. Essentially, bankruptcy debtors seeking to eliminate student loan debts must follow a rigid standard and show that their financial situation is going to persist and that they have made a good faith effort in paying them. However, courts have held this bar so high that few debtors actually qualify.

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