Best Tax Lawyers in Flint

FAQs

• Where does the Tax Court hold trial sessions closest to Flint, Michigan?

  The Tax Court that holds trial sessions closest to Flint is Room 1031 of the Levin U.S. Courthouse at 231 W. Lafayette Boulevard in Detroit.

• Where is the low-income taxpayer clinic that is closest to Flint, Michigan?

  The low-income taxpayer clinic closest to Flint is the Accounting Aid Society LITC. It is located at 3031 West Grand Blvd., Suite 470, in Detroit.

• Is a child's scholarship taxable in Flint?

  If your child receives a scholarship, fellowship grant, or other grant, all or a portion of the amounts received may be considered tax-free in Flint if your child meets certain conditions. If the payment is used to pay for tuition and fees required for enrollment or attendance at an educational institution, and your child is a degree candidate, it may be tax-free. However, the scholarship becomes taxable if the funds are used for incidental expenses or remuneration for teaching, research, or other services.

• Do you need to file an FBAR (Report on Foreign Bank and Financial Accounts) in Flint?

  If you are a resident of Flint and have a financial interest in or signatory authority over foreign financial accounts and the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year, then you have to file an FBAR. This form is for accounts that are possessed directly, indirectly, or constructively. US citizens, US corporate entities, and US trusts must all file FBAR.

• Is there a deadline for filing an FBAR (Report on Foreign Bank and Financial Accounts) in Flint?

  Yes. The date for filing an FBAR in Flint coincides with the deadline for filing tax returns in the United States. The Department of the Treasury should be able to receive FBAR filings on or before April 15 of the year immediately following the calendar year being reported.

• Is tax fraud a criminal offense in Flint?

  Tax fraud in Flint has two categories in which the penalties are determined based on intent. If someone accidentally fails to pay their taxes, the government classifies this as unintentional tax fraud and a civil case. However, if an individual or business intentionally does not pay their taxes, they may face criminal offense charges. An Intentional tax fraud case may result in jail time and other serious consequences.

• What are the penalties associated with committing tax evasion in Flint?

  The penalties that come with tax evasion in Flint depend on intent. The penalty for accidental tax fraud is based on the amount owed, while intentional tax fraud is considered a felony. Guilty parties may face up to five years of jail time and $250,000 worth of fines for individuals and $500,000 for corporations. The law may also require convicted people or businesses to pay for the cost of prosecuting the case. Further, there may be restitution orders and other corresponding penalties.