As the U.S. struggles to recover from long-lasting economic downturn and deal with a record-breaking national deficit, the Internal Revenue Service has become increasingly aggressive in pursuing audits against taxpayers suspected of misreporting on their returns in order to avoid taxes. While the … [Read more...] about Common IRS audit triggers
Common filing mistakes can lead to IRS audits
The American Taxpayer Relief Act of 2012 was passed in order to ease the financial burden federal taxes pose for U.S. citizens, but finding the best way to reduce the amount of taxes one pays can still be difficult. Many Texas taxpayers are likely preparing their financial documents and developing … [Read more...] about Common filing mistakes can lead to IRS audits
Texas tax firm charged with identity theft, tax fraud
Texas's Attorney General has filed criminal charges against a Texas-based tax services company, accusing the firm of wrongfully falsifying tax returns for a number of elderly individuals after illegally securing their personal data. The Attorney's General Office announced the alleged scam after … [Read more...] about Texas tax firm charged with identity theft, tax fraud
Court rules against company that settlement was business expense
The U.S. Tax Court has ruled against a Texas corporation that attempted to deduct a $2.3 million wrongful death settlement from its tax returns. The company's sole shareholder and CEO argued that the company's "direct exposure to the risk of a monetary judgment" allowed it deduct the settlement as a … [Read more...] about Court rules against company that settlement was business expense
Airlines claims Texas wrongfully took $12M in taxes
Continental Airlines is requesting that the $12 million in sales taxes it paid to Texas be returned, arguing that the taxes were incurred on improvements that should have been considered tax exempt. According to lawsuit the airline filed against Texas's Attorney General and Comptroller of Public … [Read more...] about Airlines claims Texas wrongfully took $12M in taxes
Taxes that may be deductible
Many Texas residents are targeted by IRS audits every year. Some may even be finding themselves at the center of audit fraud cases and facing severe penalties. In order to avoid such a downfall, it is important to know precisely what may be deducted from your federal income taxes. In some cases, you … [Read more...] about Taxes that may be deductible