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).
The general answer is no. How broad in the definition of uniform?
April is right around the corner, which means the tax filing deadline is almost here. If you owe this year, you are probably just starting to think about your options.
Every so often the tax court rules on a case with interesting facts. The distinction between a business and a hobby is often the topic in these cases. A business loss can be deducted, but a hobby loss cannot. Get this wrong and you could owe a large tax bill.
At the height of tax filing season, we wanted to address two common tax myths. Making either of these mistakes could result in an Internal Revenue Service audit and significant back tax bills.
Do you have a health savings account (HSA) through your health insurance? many types of policies now come with HSAs to cover out-of-pocket medical costs.