Taking Your Taxes To A Boston Tax Lawyer
When tax time rolls around and you are doing business in Massachusetts, you want to take your taxes to a Boston tax lawyer. He is an expert. He specializes in the business of business taxes in your area. He knows the ins and outs and how to fill in forms correctly for your business, so that it is not in jeopardy.
There are certain shams that are occurring frequently in Massachusetts, and therefore business owners need to know that they are filling out the proper forms in the correct way so that they do not become victims of the IRS. Your Boston attorney can protect you from this.
If a business claims a loss that is false, that never occurred, for the simple reason of gaining a tax benefit, this is one example of that kind of scam. It is against the law to do so, and if the IRS catches on, the business owner could face civil or criminal charges. Instead of earning a profit, the business has scammed to benefit from tax money.
Sometimes the business owner gets away with just a slap on the hand. In other words, the IRS may just need to adjust the taxes that are due. In other cases, they are criminally tried.
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.
Your Boston attorney can help you with all of this. He is the expert at the forms needed by the IRS, and he can help you fill them out and protect your company. It would be wise to consult your Boston tax lawyer in these matters.
When dealing with complex tax issues, your business will benefit by talking to a qualified MA business tax attorney. A MA business tax lawyer can help guide down a successful path.