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.
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.
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.
One of the threads we've been following in this blog is the impact of the ever-increasing sharing economy on taxes.
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.
The IRS has long taken the position that cancelled or forgiven debts are generally taxable income.
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.
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.
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.
If you had one or several accounts outside the U.S. that had more than a combined amount of $10,000 at any time over the year, you probably need to file. The Report of Foreign Banks and Financial Accounts (FBAR), FinCEN Form 114 needs to be electronically filed with the Treasury Department's Financial Crimes Enforcement Network (FinCEN).