In 2006, Congress enacted a law allowing Texans and other Americans who turn in alleged tax cheats to reap a percentage of what the Internal Revenue Service ultimately could collect, a reward for extending the power of the IRS, and which could cause normal taxpayers undue stress. It hasn't been … [Read more...] about Texas whistle-blower case yields no payout from IRS
IRS lien can hinder home sale
When the Internal Revenue Service places tax liens on homes in Texas and around the country, those liens could keep the homeowners from being able to sell their properties. It is an overly burdensome process designed to make sure people stay current on their taxes. A homeowner can have a tax lien … [Read more...] about IRS lien can hinder home sale
Proposed bill could link taxes, passports
The power of the IRS may one day extend to Americans' summer vacations. Congress is pondering a proposal that, if approved, would keep Americans from getting a passport or revoking current passports if they owe $50,000 or more in back taxes. With the federal government desperate for revenue, members … [Read more...] about Proposed bill could link taxes, passports
Release of debt for a disability can lead to taxable income
Texas residents and Americans across the country are always looking for financial breaks. However, what if a financial break meant thousands of dollars in tax liability? This is exactly what happened to one woman who is now struggling to pay off her tax obligations, which resulted from a release of … [Read more...] about Release of debt for a disability can lead to taxable income
Follow expert tips if you fear an audit
When the Internal Revenue Service employees review tax returns from Dallas and around the nation, there are some sure signs they look for that will trigger an audit. To make sure the IRSdoesn't clamp down on your return, experts recommend following these steps to try to audit-proof your … [Read more...] about Follow expert tips if you fear an audit
Audits of millionaires’ tax returns spike
Millionaires in Texas and throughout the United States should be on alert for the IRS to come calling. The federal tax agency is reaching auditing these wealthy individuals more than ever. Data recently released by the IRS showed that millionaires last year were audited almost twice as much as … [Read more...] about Audits of millionaires’ tax returns spike