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Internal Revenue Service Archives

IRS not offering much guidance for married same-sex tax payers

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.

IRS targets Sherwin-Williams

If the Sherwin-Williams Company was not already aware, it is finding out now that dealing with the IRS can be difficult, as many Massachusetts residents surely know. In late October, the company said that it will log a $75 million charge in the fourth quarter. The charge is linked to a settlement Sherwin-Williams reached with the IRS over federal tax deduction claims related to the company's employee stock ownership plan. According to Sherwin-Williams, the charge amounts to 72 cents per share and will lessen shareholders' equity by about $51.2 million in the fourth quarter. The IRS took issue with the tax deductions Sherwin-Williams claimed, demanding that the company pay sizable penalties and excise taxes.

IRS revokes nonprofit status on historic Massachusetts museum

Massachusetts residents may be interested in a case involving the revocation of an organization's nonprofit status. The Marine Museum, which was established back in 1968, has lost its nonprofit status with the IRS for not complying with federal regulations pertaining to filing. The museum initially exhibited items that had been donated to it, including models from the original U.S.S. Titanic 1953 film and replicas of the Fall River Line steamers.

Victim of identity theft now facing IRS trouble

As many Massachusetts residents know, it can be easy to make a mistake on your tax forms. Not only are the forms difficult to comprehend, but the rules for tax deductions are changing frequently as well. However, one Florida woman received a letter from the IRS regarding her tax return that people in Massachusetts and elsewhere may find interesting.

Identity theft leads to IRS problems for Grey's Anatomy star

An Internal Revenue Service (IRS) investigation is a daunting experience and it can be maddening when identity theft is at the core of the problem.. Identity theft is usually accomplished by someone assuming the identity of another for the purpose of obtaining credit or some other financial benefit. But what happens when, rather than applying for a credit card, the thief uses the identifying information to get a job? When income taxes are not paid on the amount earned, the victim can expect a visit from the IRS.

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.

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