We did not believe this was a correct result, so we reached out to upper-level managers in the IRS who had the appeal reopened and reassigned to Appeals in Houston. The Houston appeals officer referred the community property issue to IRS counsel, who agreed with us and accepted the offer amount of $1,175 for the $145k tax debt, or less than 1% of the tax liability.
An audit is a comprehensive examination of an organization's financial statements. It is a process by which an entity's financial statements are checked for accuracy and compliance with applicable accounting standards. The three main types of audits are tax audits,...
No one ever wants to go through a tax audit, but if you're a small business owner in Texas, it's something that you should be prepared for. Audits can be daunting; you will have to convince Uncle Sam that your records are as honest as you have been claiming. However,...
There are specific legal requirements for business owners in Texas, and one of the most fundamental responsibilities is assessing associate relationships with the company and deducting tax withholding based on that status. Businesses effectively have two types of...
Many Texas residents think that tax evasion and tax avoidance are the same, but this is not the case. Tax evasion is illegal while tax avoidance is legal. Understanding tax avoidance Tax avoidance is the legal practice of minimizing your tax liability. People can...
Paying taxes is a fact of life for practically every business operator in Texas. Most business owners actually pay quarterly in most cases, so the IRS is always right around the corner. The IRS understands this issue for small business operators, and they accept four...
The US government considers cryptocurrency to be an investable asset, so you might need to pay taxes on it. Some states also have tax laws around cryptocurrency. Because this asset is gaining more traction, all states may soon tax it. Gains and losses IRS taxes...
Have you received your income tax refund for 2021 yet? Whether you're waiting for a refund for your Texas business or an individual return, you may get a bonus on top of the refund. The internal Revenue Service should provide you with interest if it is late. Most tax...
Everyone makes mistakes, and if you make an error while filing your taxes, you won't necessarily be penalized. The IRS will give you a chance to correct that mistake but within a limited period of time. When tax return amendment is necessary If you received an...
The complex nature of the U.S. Internal Revenue Code leaves many Texas filers seeking assistance from preparation professionals. While many tax preparers perform their services ethically, others might engage in deceptive or abusive practices. Taxpayers may not realize...
