Hockey is not a game for the faint of heart. Speed and skill do play a role, but success often depends on aggressively challenging opponents for control of the puck.
Federal tax law recognizes that there are circumstances in which a taxpayer should not be held responsible for tax debt that arose during marriage. This recognition is reflected in relief from tax liability that is commonly called innocent spouse relief.
If your spouse or former spouse controlled the marital finances, it may not be fair to hold you responsible for tax liability incurred during the marriage. After all, he or she may have committed errors or engaged in fraudulent or otherwise questionable conduct that you had no reason to know about or were in no position to stop.
The Fourth of July is a fitting occasion to put tax law in a larger picture.
When it comes to tax noncompliance, intent can make a significant difference in terms of the penalties a taxpayer faces. When the Internal Revenue Service investigates noncompliance, there are certain things auditors will investigate to get a better handle on the intent of the taxpayer. This is where the distinction between negligence and fraud is critical.
Let's pick up the thread of a two-part post we began earlier this spring on the taxation of cancelled debt from a home mortgage.
If you are a small business owner, the bank account you use for your business is vital to you. Day by day, the transactions that occur there are like your life blood
In the first part of this post, we discussed some of the detailed rules on residency status affecting state income tax returns. We focused, in particular, on part-year residents and what state tax obligations they may have in Massachusetts.
We focus most of our pieces in this blog on federal income tax. This makes sense because state tax systems tend to mirror the federal system.
One of our recurring themes in this blog is the importance of record keeping for tax compliance.