A recent rule introduced by the Internal Revenue Service could cost Texas-based financial institutions as much as $25 billion, according the Texas Bankers Association. The rule requires any American banks to send account information about international deposits to the home countries of their account … [Read more...] about New IRS rules affecting Texas businesses
Consider taxes before relocating your business
Congressional reformers passed a new set of tax provisions just before America plunged off the so-called fiscal cliff in early 2013. As a result, many high-wage earners found themselves overwhelmed by relatively large tax hikes. Especially affected were many U.S. businesses, whose owners now find … [Read more...] about Consider taxes before relocating your business
Employers: Be aware of new tax law after fiscal cliff change
Recently, legislators came through at the last minute, passing a comprehensive tax relief act just in time for the new year. The tax implications of the relief act were among the first issues addressed, with tax agencies like the Internal Revenue Service issuing new guidelines for … [Read more...] about Employers: Be aware of new tax law after fiscal cliff change
Major tax increase imminent unless Congress takes action
According to Senator Orrin Hatch, top Republican on the Senate Finance Committee, Americans are in for a brutal tax increase unless legislative action is taken soon. In just over five months, taxes will be raised to an unprecedented degree unless President Obama and Congress can come to an … [Read more...] about Major tax increase imminent unless Congress takes action
Governors: IRS powers could expand
A group of governors has warned Texans and all Americans that the U.S. Supreme Court's decision to uphold President Barack Obama's Affordable Care Act will lead to the expansion of the power of the IRS. The justices' recent ruling means that the court upheld requirements in the act that Americans … [Read more...] about Governors: IRS powers could expand
Old tax bills could result in foreclosures
Despite the filing of accurate returns and paying their income taxes, Texans can still find themselves in big trouble with the tax man. Americans who fail to pay the other tax bills -- whether property taxes or other city-issued bills -- could find themselves losing their homes over an unpaid … [Read more...] about Old tax bills could result in foreclosures