If you’re thinking of selling real property that will result in a gain, there are a number of issues that impact the amount of taxes you will owe, and you should be aware of the tax planning steps that can be…
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Individuals as well as corporations, partnerships, and trusts that have financial interests in or authority over one or more foreign financial accounts need to report these relationships to the U.S. Treasury, provided that the aggregate value of those accounts exceeds…
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The recent tax law changes eliminated the deduction for personal casualty losses for tax years 2018 through 2025, but did retain a deduction for losses within a federally declared disaster area. As a result of the wild fires in the…
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For many individuals struggling with overwhelming debt, bankruptcy can be an attractive option that allows the individual to start over with a “blank slate,” as it were. However, not all debts can be discharged through bankruptcy, and some are easier…
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As a result of an accident a Plantation resident received a significant personal injury settlement and asked one of our tax consultants whether it is taxable. (more…)
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Do you know that if you receive a gift or bequest from a family member, friend or estate who is considered a foreign person you may have a reporting requirement with the IRS? (more…)
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If you have an interest in or have signature authority over a foreign bank account or other financial accounts you may be required to file a Report of Foreign Bank and Financial Accounts (“FBAR”). (more…)
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In unrelated cases two businessmen were recently sentenced to prison for evading Federal Income Taxes. (more…)
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Has the The Massachusetts Department of Revenue (DOR) notified you that your Massachusetts personal income tax return will be audited? The DOR continues to increase the number of correspondence tax audits it conducts each year. (more…)
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Past due financial obligations can affect your current federal tax refund. The Department of Treasury's Financial Management Service, which issues IRS tax refunds, can use part or all of your federal tax refund to satisfy certain unpaid debts. Here are…
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