Money is the topic of the year for most people, agencies, states and the federal government as the economy sluggishly recovers from the recent recession. Bills are hard to pay for everyone, and many find themselves in serious debt. In fact, one of the biggest topics of the current election is the country's outstanding debt and what should be done to fix it.
State and federal revenue criminal departments have different sets of criminal codes that are completely separate from one another: separate criminal charges, separate courts and separate punishments for breaking Massachusetts versus federal criminal statutes.
The Internal Revenue Service is not known for making things easy on taxpayers. This is certainly true when it comes to same-sex couples who need to file taxes in Massachusetts. The reason the problem is so confusing for many is that the federal government does not yet recognize same-sex marriages or civil unions. And this lack of recognition applies to the IRS as well.
The IRS and federal government are concerned about the "tax gap," defined as the difference between what a particular taxpayer pays the IRS each year and what he or she should pay. Some estimates calculate the tax gap to be as much as $300 billion dollars annually. The debt crisis has shown the need to close loopholes in the tax code and elsewhere as a means of realizing revenue. To address this, recent laws now require filers in Massachusetts and across the country to report foreign financial assets which exceed $50,000.