Tax Law Changes

The Houston City Council, in its role as a tax agency, has voted unanimously to extend a tax break to a billionaire businessman for the second time. Now, city officials are on the defensive, trying to explain to angry Texas residents why his company, which failed to honor a previous commitment, has … [Read more...] about Texas city wipes away tax bill of major business

Texans and other Americans who have offshore financial accounts have paid $5 billion in taxes after disclosing their holdings to the Internal Revenue Service. In 2010, Congress passed a law requiring financial institutions outside the U.S. to pass on information about their American account … [Read more...] about US collecting taxes on offshore accounts

No tax law will ever make any taxpayer happy, and the laws are confusing to follow. That is certainly true for a group of mostly small business owners, who told state lawmakers that Texas tax agencies do not apply laws consistently to all businesses. They said that some of their competitors received … [Read more...] about Businesses criticize Texas over assessments

The tax agency in Travis County, Texas, has kept millions of dollars that taxpayers overpaid and should have returned, according to a published report. Over the past three years, a variety of people and agencies from homeowners to developers have overpaid about $21 million in property taxes. The … [Read more...] about Texas tax agency owes refunds

Beginning in July, tax agencies in Texas will begin to collect tax revenues on sales made by the online retailer Amazon.com, meaning the tax will be passed on to Texans who order books and other merchandise on the company's website. Texas-based online retailers should be prepared to face tax bills … [Read more...] about Texas online shoppers to see tax added to purchase

A change made by the Internal Revenue Service will alter the way the tax agency requires a reporting of interest payments, which could affect the depositors of Texas banks. Under the rule, which takes effect on Jan. 1, 2013, the IRS will mandate that interest paid to depositors who do not live in … [Read more...] about IRS rule change could affect Texas banks