In a typical year, Texas residents must file their personal income tax returns by April 15. The consequences for failing to comply with the deadline depend on whether you are owed a refund or owe the government money. However, there may be benefits to filing your tax...
Our client was a well-known streamer on the Twitch platform. The IRS issued a Notice of Deficiency against her for 2017 claiming she owed $16,524 in unpaid taxes, plus an accuracy penalty of $4,443, for underreported income. The IRS believed that our client had failed...
The term "back taxes" refers to tax payments that were due to the government but went unpaid. If their tax payments are not kept current, taxpayers in Texas could be liable for back taxes at the local, state or federal level. The consequences of letting back taxes...
If a recent 9th Circuit decision stands, any doubts in Texas about whether or not the IRS can force a person's hand to disclose their financial information with foreign governments have been put to rest. This decision reaffirms the IRS's power to seek out information...
Our client owned two successful companies that provided jobs for many and a steady income for our client and his family. He came to our office after being contacted by a local IRS Revenue Officer attempting to collect past due penalties - in excess of $627,000 - for...
Owing over $250,000 to the IRS can be daunting, but at David Coffin PLLC, our attorneys strive for the best resolution possible for each client. We take a team approach with our clients, who often are struggling to make ends meet. Recently, one of our clients was...
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,...
