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It is tax time again, and if you own a business in Massachusetts, you should take your tax issues to a Boston tax lawyer. He will be able to keep you out of hot water with the Internal Revenue Service. You need to know how to fill out certain forms, what type of corporation you have, and what the ramifications are to filling out forms incorrectly. He can help you with all of this, and get you in the clear.
When there are certain scams going around, you as a business owner need to know about them to protect yourself. Your attorney can help you to make sure all of your ducks are in a row, so that you are not accused of such illegal activity.
When business perform only for tax motives, rather than the objective being that of earning profits, it becomes a concern for the Internal Revenue Service. The business owners could be faced with criminal penalties and also perhaps civil tax penalties, as well. One example of this sham is the claiming of a loss that is not real. This is created for tax motives only and is against the law.
While some businesses just need to adjust their taxes accordingly, and this is the way the IRS may handle some scams, other businesses are criminally charged.
There is a form used by the IRS called the “substance over form.” It is used to analyze transactions that are self-serving between, for example shareholders and the corporation. One example of this kind of sham is when the company sells some of its assets to shareholders. If a shareholder does not pay, it is written off as a loss. This is a criminal case.
There are Boston lawyers that are experts in these types of shams. He will dissect the form needed for his Boston clients. You can see if your tax case qualifies with your local Boston tax lawyer.
When sorting through complex tax issues, your business will benefit by speaking to an experienced Massachusetts business tax law firm. A MA business tax lawyer can help lead down a successful path.
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