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Internal Revenue Service Archives

Surprise, surprise! The IRS makes a taxpayer-friendly announcement

The Internal Revenue Service (IRS) is not an agency that is liked by most. But when the IRS revises its rules to clearly benefit the taxpayers, one has to give the agency credit where credit is due. And credit is due, because two months ago, the IRS made a surprise but very welcome announcement.

IRS requires discloure of foreign bank accounts and assets (FBAR)

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.

IRS tax audit leads to revelation for financial columnist

It's very rare to meet a person who would welcome an audit from the Internal Revenue Service (IRS). In fact, the majority of people fear the idea of an audit so much, that they will do their very best to avoid such circumstances. Unfortunately, the IRS notifies a large number of people about impending tax audits every year. Recently, a Massachusetts financial columnist shared his own experience.

Chelsea Neighborhood Developers helps low-income families prepare IRS returns

It's hard to overstate the importance of filing a timely and accurate tax return with the IRS, but many low-income individuals and families are often hard-pressed to afford good tax advice. Yet according to the community organization Chelsea Neighborhood Developers (CND), on average, IRS tax refunds represent 9 percent of low-income households' total income for the year.

Man accused by IRS of hiding payments charged

The Internal Revenue Service do not take infractions of their rules lightly. Even unintentional or minor violations are punishable with heavy fines and a potential jail sentence. Under IRC Section 6050I, any person or business that receives $10,000 or more in a single transaction is required to file Form 8300 within 15 days of receiving the funds. All bank deposits made in the US are monitored, and banks are required to report cash deposits in excess of $10,000 to the IRS. The owner of a recycling business in Somerville has been charged by a federal grand jury in Massachusetts with structuring payments in order to avoid detection by regulators.

IRS investigation leads to head of a crime syndicate

Police have charged a businessman from Dartmouth for income tax evasion. Investigation has revealed that he may be associated with money laundering and drug trafficking activities. On April 20, he pleaded not guilty to four counts related to tax evasion in a U.S. District Court in Boston.

FBAR requirements crucial for U.S. taxpayers

The standard tax season has ended for Boston tax payers, but FBAR season has just begun. FBAR stands for Foreign Bank Account Report, and filings are required to be completed by June 30, 2011. FBAR requirements are critical for taxpayers in the U.S. who hold one or more foreign financial account.

IRS settled with Massachusetts-based ThermoEnergy Corporation

The Internal Revenue Service has agreed to an offer presented by ThermoEnergy Corporation of Massachusetts to settle tax requirements on its payroll that led to a $2.3 million gain. The multimillion-dollar gain was recorded during the fourth quarter of 2010.

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