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.

Some of these activities that go on involve doing business to benefit from taxes, instead of earning a profit. This is a red flag for the Internal Revenue Service, and a business owner could face criminal charges. At the least, he will face civil penalties. One sample of this type of activity is claiming a false loss. These false claims are made for the tax motive is they are against the law.

Some business owners may be tried as criminals, and others the IRS lets go by simply adjusting the taxes for that year.

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.

Why not consult with your local Boston tax lawyer in these matters to protect your corporation? You will be happy you took that step.

When dealing with complex tax issues, your business will benefit by talking to an experienced Massachusetts business tax law firm. A MA business tax lawyer can help guide down a successful path.

Tagged with: • • • • • • • • •

Filed under: Lawyer

Print This Post Print This Post

Like this post? Subscribe to my RSS feed and get loads more!