Recent figures showed that U.S. residents owed around $414 billion in overdue taxes plus interest for 2021. Most Texas residents don't want to owe money to the IRS. However, the IRS offers U.S. citizens a way to pay tax debt through an offer in compromise. Overview of...
The Chief Counsel of the Internal Revenue Service (IRS) has announced a few changes to its itinerary. Chief among these will be an increase in the level of its tax enforcement measures. This is bound to affect businesses in Texas as in the rest of the country....
Taxpayers face major consequences for not paying their back taxes on time. In Texas, the IRS has the right to apply a federal tax lien on your property from a house to a car. There are different causes and effects of a lien for unpaid tax debt. The definition of a...
The IRS audits, investigates and prosecutes all kinds of taxpayers and account holders. They cannot accomplish any of their goals without using the expertise of tax accounting professionals. Accountants work with criminal investigators who find errors that are too...
When you file a joint tax return with your spouse, it's human nature to trust that they're not hiding anything. Unfortunately, that isn't always the case. Fortunately, there is hope for people in Texas when their spouses try to avoid paying taxes. It's called innocent...
The Internal Revenue Service takes criminal tax evasion seriously. While the IRS does not prosecute tax crimes, the agency performs initial investigations that may receive a referral to a U.S. attorney's office. Texas residents concerned about these suspicions might...
Operating a business in Texas is ideal because there are no income taxes. Employers are required to withhold payroll taxes from their employee's paychecks. Texas mainly follows the federal laws about business taxes and fees. There are certain guidelines to help new...
Keeping in mind the ways you can give to charity is a way to protect your estate. The amount you give is a real tax incentive in Texas. You might have used deductions before, but if you error here just a bit, you’re sure to get penalized. There are only a few ways to...
Governor Greg Abbott has signed a number of significant bills. These concern taxpayers in the Dallas and Fort Worth area. SB 903 will allow people claiming a tax refund to go to district court without an administrative hearing. HB 2080 lets them file suit without...
No one ever wants to face an audit of their company tax returns, but it's a reality that many business owners must face at some point. If you're about to get audited by the IRS, don't panic. There are things you can do to prepare yourself and make the process as...
