As we have noted in prior posts, small business owners must be vigilant in keeping good records not just for tax season, but throughout the year. Not only is this a practice that is vital to business success, but mistakes and inaccuracies can lead to audits.
You may hear the radio advertisements for tax relief companies that can alleviate your burdens after you make a phone call to engage their services. Indeed, different tax relief companies have different strategies depending on the client and situation. But the better questions are: can such a company really help me and which one should I choose?
For some people, this week’s snow storm will be a unique opportunity to hunker down and complete their federal income tax returns. For some people, it may take only an hour or two. For others, it may be a project that takes the entire week and then some.
During tax season you are likely focused on properly chronicling your income, expenses and applicable exemptions. You are probably not worried about the possibility of your tax information being stolen en route to the IRS.
Running a business is more than just monitoring and ordering inventory, managing employees and finding ways to stay competitive in the marketplace. It also takes knowledge of accounting principles and a sound grasp of the U.S. Tax Code.
In what seems to a recurring theme, a mass data release - this one known as the "Paradise Papers" - has disclosed the identities of high-profile users of offshore accounts. It is vitally important to note prior to discussing the content of the Paradise Papers that there is nothing inherently wrong with having offshore or foreign accounts. The IRS even recognizes the validity of these accounts, which is why it established protocols for reporting income from them via the FATCA and FBAR.
As national tax reform has focused on cuts and simplification of the tax brackets, Massachusetts has been discussing the “Fair Share Amendment.” The measure would create an additional 4 percent state tax on income over $1 million.
Getting mail from the IRS or Massachusetts Department of Revenue (DOR) is usually not a good thing. It can be tough to open the letter.
The Internal Revenue Service (IRS) does not hold back punches. The federal agency is currently attempting to gather late tax payments from one of the world's best fighters. Floyd Mayweather Jr. reportedly owes the federal agency $7.2 million in taxes from 2010 as well as $22.2 million from 2015.
As online sales continue to grow - estimates are 15 percent a year - many states worry that millions of dollars in sales tax are being lost. Massachusetts is one of them.