Local Massachusetts Law Firm With Global Ties
Tax season naturally pushes financial matters to the forefront, making it an ideal moment to revisit your estate plan. Reviewing your documents while organizing tax information can help identify outdated provisions, overlooked details, or opportunities to improve your...
Demystifying Tax Controversies: Navigating the Complex Terrain Tax controversies can be a labyrinthine journey, weaving through a myriad of rules, regulations, and disputes between taxpayers and tax authorities. In this blog post, we’ll delve into the world of tax controversy matters, shedding light on the complexities, challenges, and strategies involved in resolving disputes with tax authorities. Understanding Tax Controversies: Tax controversies…
1031 Tax Exchanges For real estate investors, a 1031 tax exchange offers a strategic advantage by allowing the deferment of capital gains taxes when exchanging qualifying properties. This mechanism can significantly aid in portfolio growth and diversification without the immediate tax expense. With that in mind, we’re sharing an overview of 1031 exchanges and their benefits. HOW IT WORKS A…
Offers In Compromise I want to share a potential solution for individuals facing overwhelming tax debt.An offer in compromise is an agreement between a taxpayer and the Internal Revenue Service (IRS) that allows the taxpayer to settle their tax liabilities for less than the full amount owed. This program is designed to help taxpayers who are unable to pay their…
Does My Bankruptcy Mean the IRS Will Audit Me? Recently, I’ve had a few clients ask if their ongoing bankruptcy case means they are likely to be audited by the IRS next tax season. The good news is that the IRS doesn’t require people who have filed for bankruptcy to be audited as a matter of routine. That said, it doesn’t…
Avoiding Small Business Tax Audits The last thing any small business owner wants is a run-in with the IRS. After all, you try hard throughout the year to run your business with integrity and best practices. So, is there anything you can do to avoid a small business tax audit? There most certainly is. Here are seven tips that should help…
Are Personal Injury Settlements Taxable? One question our office often hears is whether or not personal injury settlements are taxable. Like most tax-related issues, the answer is it depends–especially after the significant changes made in 2017 under the previous administration. Here are a few things to keep in mind: In general, funds from a personal injury settlement or jury verdict are not…