by Levins Tax | Sep 26, 2022 | Uncategorized
The Internal Revenue Service conducts different types of audits. This means that individuals often face different examinations when flagged for suspicious activity. Below, we take a comprehensive look at the four primary types of audits: Correspondence audits This...
by Levins Tax | Sep 22, 2022 | Uncategorized
Understanding the tax laws surrounding offshore accounts is vital, but it can be as confusing and overwhelming as it is important. There are many ways a person can commit tax crimes in relation to offshore accounts, often without knowing. Unfortunately, in the eyes of...
by Levins Tax | Sep 13, 2022 | Uncategorized
Tax deeds and tax liens are both tied to unpaid taxes. While they are grouped in the same category, each works differently from the other. Here is a quick look at the differences between the two. What does a tax lien mean? Tax liens are legal claims concerning unpaid...
by Levins Tax | Sep 13, 2022 | Uncategorized
If you employ individuals to work for you full-time, you must hold back part of their paycheck for income tax. The government requires all employers to collect and pay taxes in accordance with the Federal Insurance Contributions Act (FICA). Failure to abide by...
by Levins Tax | Sep 2, 2022 | Uncategorized
On May 16, 2022, the Supreme Judicial Court of Massachusetts (SJC) ruled against the Massachusetts Department of Revenue Commissioner in the VAS Holdings & Investments LLC v. Commissioner case. This ruling was a reversal by SJC of the Appellate Tax Board’s...
by Levins Tax | Aug 25, 2022 | Uncategorized
The government tries to find ways to prompt its citizens to pay pending taxes. Since 2018, one of the ways the IRS has recouped money owed to them is by restricting passport privileges. However, not all tax debt qualifies for passport denial. Only when you have what...
by Levins Tax | Aug 16, 2022 | Uncategorized
All American taxpayers need to report their income, employment and other tax obligations to the IRS. Federal law expects you to file accurate taxes every year and failure to do this leads to severe consequences. Below are penalties for failing a false tax return and...
by Levins Tax | Aug 15, 2022 | Uncategorized
With a spending plan heading towards a House vote, many are looking at one specific hot topic. That’s IRS funding of $80 billion with a little over half of that set for “enforcement,” the audit process. Many worry about increased “audit security on small business or...
by Levins Tax | Aug 10, 2022 | Uncategorized
Many people hire a tax preparer to make sure their taxes are done quickly and on time. Unfortunately, hiring a professional does not guarantee that your income tax return will be completed error free. Even if the error in your taxes is the fault of your preparer, the...
by Levins Tax | Aug 10, 2022 | Uncategorized
Federal law requires American taxpayers to report their employment, income and other tax obligations to the Internal Revenue Service (IRS) annually. Intentionally failing to satisfy these filing requirements can have severe consequences. In this post, we look at the...
