
IRS Plans Back-Taxes Crackdown on 1.6K Millionaires
The IRS announced on Friday it is launching an effort to aggressively pursue 1,600 millionaires and 75 large business partnerships that owe hundreds of millions of dollars in past due taxes.
The IRS announced on Friday it is launching an effort to aggressively pursue 1,600 millionaires and 75 large business partnerships that owe hundreds of millions of dollars in past due taxes.
Small businesses that have been buffeted by the pandemic, inflation and shipping woes have another challenge to add to their plate: taxes.
Tom St. Jean has spent almost 18 years focusing on a single section of the tax code: Section 1031. The code allows taxpayers who sell investment and other types of property to defer capital gains by reinvesting in real estate – as long as they follow all the rules.
The Internal Revenue Code contains numerous traps for the unwary foreigner who invests in U.S. real estate. The tax law provisions applicable to nonresident foreign investors are often quite different – and more onerous – than the tax rules applicable to U.S. citizens and foreign residents.
The co-owners of a Boston-area home health care company pleaded guilty in federal court in Boston last week for under reporting income to the IRS resulting in over $1 million in losses.
Lawmakers in Washington spent the last few months of 2017 arguing over the Tax Cuts and Jobs Act, which would eventually pass, slashing the corporate income tax and reducing the income tax, along with a host of other provisions.
Prices are up, interest rates are rising and it’s tough for a lot of people to qualify to buy a home. So what do some of them do? A growing number of them fake it.
When President Donald Trump signed into law the Tax Cuts and Jobs Act late last year, it created the most significant changes the U.S. federal income tax laws have seen in over three decades.
A previous Plainville resident was arraigned in Worcester federal court in connection with a wire fraud scheme. The victims of the scheme were told that they owed money to the IRS.
The Washington, D.C.-based Financial Accountability and Corporate Transparency Coalition last week filed a letter with the U.S. Treasury Department objecting to a recent notice from the IRS.
When lawmakers approved changes to the nation’s tax laws late last year, many banks moved quickly to invest in their workforce, offering bonuses and increasing the minimum wage.
The small-scale owners of millions of rental homes, parcels of investment land and income-producing commercial and business real estate might not know it, but one of their key financial planning and tax tools is in danger of disappearing on Capitol Hill.
A Stoneham businessman was recently sentenced in connection with under-reporting more than $800,000 in gross receipts.