Recent IRS data shows that 107,658 federal employees were behind on their taxes in September 2011, a substantial 10 percent increase compared to the 98,291 federal workers listed as delinquent in 2010. Tax delinquency has risen for government employees as well. Roughly 3.6 percent of the federal … [Read more...] about Over 100,000 federal employees delinquent on taxes
IRS says mogul owes $1.1M in taxes for 1972 gift
A billionaire and media tycoon Sumner Redstone may be forced to pay over $1 million in back taxes over a gift he made to his children in 1972. According to the Internal Revenue Service, Redstone gave stock in his family's company, National Amusement, to his son and daughter without ever filing an … [Read more...] about IRS says mogul owes $1.1M in taxes for 1972 gift
Handling unaffordable back taxes
Thousands, if not millions, of Texas residents are still reeling from the recession -- an issue that for many becomes particularly apparent during tax season. Many in the state find themselves struggling to pay this year's taxes while faced with looming back taxes from previous years. Fortunately, … [Read more...] about Handling unaffordable back taxes
The effects of failing to file taxes on time in Texas
Filling out and submitting a federal tax return can be an intimidating, confusing or a simply annoying endeavor for Texas taxpayers, but the Internal Revenue Service is not known for its leniency. Individuals who fail to file accurate returns or pay the taxes they owe face significant fines or … [Read more...] about The effects of failing to file taxes on time in Texas
Innocent spouse relief now may be easier to obtain
There are various benefits and drawbacks associated with filing a joint tax return as a married couple. A Texas couple who files a joint return often enjoys a lower tax liability than if they had filed separately, but this is not true for all taxpayers. Additionally, joint filers are considered … [Read more...] about Innocent spouse relief now may be easier to obtain
Knowing your rights with the IRS
Many Texas residents who cannot or fail to pay their taxes become worried that the Internal Revenue Service will levy their bank accounts or immediately start taking similar aggressive action in order to recover delinquent payments. However, it is important to remember the IRS must follow a … [Read more...] about Knowing your rights with the IRS