In Dallas, as in other parts of Texas, the Texas Comptroller of Public Accounts conducts tax audits. Although the state does not generally require these audits, they ensure compliance with state laws, deter tax evasion, educate taxpayers and promote voluntary...
Tax
Why was my offer in compromise request rejected?
Getting behind on paying your taxes can cause considerable problems for your business. Working with your attorney, you consider your options and decide to take advantage of the offer in compromise program offered by the IRC. It is a massive benefit for you as it takes...
Consequences of ignoring a CP504 notice
Life gets busy, and sometimes, important notices slip through the cracks. However, you can face serious consequences when you ignore a CP504 notice from the IRS. One day, you might receive a letter stating that the IRS plans to seize your car. Can they do that? Yes,...
What happens when you underreport your small restaurant’s income?
Starting a small restaurant can be a thrilling venture, but it can also be overwhelming. As the owner, you are likely juggling multiple roles – from chef to accountant and everything in between. However, when it comes to reporting income, precision is crucial. Even...
From entrepreneur to tax debtor: Common business owner mistakes
Starting a business can be a thrilling venture, but it can suddenly turn into a nightmare if you are not careful with your taxes. As an entrepreneur, you wear many hats and juggle different tasks, and it is easy to overlook tax obligations. However, the Internal...
Amending your tax returns: What you need to know
Have you ever filed your taxes only to realize later that you made a mistake? Don't worry; it happens to many people. The good news is that you can amend your tax return in Texas. Why should you amend your tax return? You might need to amend your tax return for the...
What should you do after receiving a notice of deficiency?
Receiving a letter of deficiency from the Internal Revenue Service (IRS) can cause significant concern for taxpayers. This formal communication indicates a discrepancy in your tax return, potentially leading to additional taxes owed. If you receive this notice, you...
The differences between correspondence and field audits
To check if taxpayers are reporting their income and deductions correctly, the Internal Revenue Service (IRS) employs various methods, such as audits. However, the complex world of tax audits can be daunting. The two primary types of audits are correspondence and...
Who is eligible to apply for an offer in compromise?
Receiving notice of federal tax liability from the Internal Revenue Service (IRS) can be stressful. Failure to address this crucial issue may lead to the agency imposing fines and penalties. If you struggle to pay your tax debt in full, consider applying for an offer...
How to handle inherited tax debt
Losing a loved one is never easy. The emotional burden can be overwhelming, and dealing with their financial affairs might be the last thing on your mind. However, it is crucial to understand that you could be inheriting more than just cherished memories – you might...