Boston, already full of historic places and American treasures, can now officially add one more to the tour; Fenway Park. The hundred-year-old ball park will forever be protected with its new designation on the National Register of Historic Places. As a thank you for all the preservation work done on the stadium the federal government will return at least $40 million in tax credits to the team.
Some Massachusetts businesses that hire independent contractors may soon find themselves in hot water with the IRS.
The Internal Revenue Service has its hands full conducting investigations into tax evasion. Until recently, any investigation into this area was made harder because many tax evaders would hide their assets overseas. Unless declarations were made of these assets, the Internal Revenue Service would not be able to track them. However, in Massachusetts and elsewhere in the United States, the Internal Revenue Service is using a more direct strategy by providing reduced penalties and no jail time for tax evaders to come clean.
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.