Make a mistake in the filing process or offer an amount that is too low and you could have to start from scratch again. In our last post, we explained how it is necessary to be up-to-date in filing your tax returns.
How to submit an Offer in Compromise that will be accepted?
IRS collection actions: 10 year statute of limitations
The amount of the time that the IRS has to collect back taxes is generally 10 years. Certain actions can stop the clock. An offer in compromise is one of them.
What are the fees for tax installment agreements?
The IRS recently proposed a new fee schedule that would take effect at the beginning of 2017 for taxpayers who enter installment agreements. While the overall fee increases, direct debit and online options will reduce the total you pay.
Short-term rentals remain tax free in Massachusetts
This month, Airbnb starts collecting taxes from hosts of short-term rentals in Los Angeles. Massachusetts will not follow this lead. Even after Airbnb lobbied for a recent tax proposal that would have extended hotel levies to short-term rentals.
Taxes and the sharing economy: issues in play as legislative session ends
One of the threads we've been following in this blog is the impact of the ever-increasing sharing economy on taxes.
Taxes on cancelled debt, part 2: Graduate and professional students
In the first part of this post, we began discussing how forgiveness of student loan debt can lead to a big tax bill for the debtor.
Cancelled debt as income, part 1: case raises student loan issue
The IRS has long taken the position that cancelled or forgiven debts are generally taxable income.
Taxing part-year residents: What if you have a second home elsewhere?
There are a couple of different scenarios by which Massachusetts can try to tax you as a full-year resident, even if you don't live here all year round.
What you need to know about the June 30 FBAR deadline
If your investment portfolio includes funds held in an overseas account, you need to pay attention to an upcoming tax filing deadline. U.S. persons (this includes citizens and residents) with an interest, even a signature interest, in a foreign account need to pay attention.
Tax Court allows late filing caused by winter storm Octavia
The IRS allows taxpayers to appeal from agency decisions. A taxpayer petition must be filed within 30 days in a collection due process case, however.
