Every year, thousands of Texas residents are targeted by audits for failing to file tax returns or make payments as required by the Internal Revenue Service. Many of these individuals do not withhold their return in order to hide their assets or skirt their liabilities, but rather succumb to the … [Read more...] about Seeking assistance with tax problems
IRS serves Michael Jackson estate with $702M tax bill
The IRS recently targeted the estate of late performer Michael Jackson with a bill for $505.1 million in taxes with $196.9 million in tax penalties, citing millions of dollars worth of Jackson's assets and holdings, including his 50 percent share in the massively successful Sony/ATV music catalog. … [Read more...] about IRS serves Michael Jackson estate with $702M tax bill
Small businesses to face increased IRS scrutiny
The Internal Revenue Service has announced plans to crack down on small businesses accused of under-reporting their annual income. The IRS has identified and contacted 20,000 such businesses since 2012. This could spell trouble for some Texas businesses, particularly those that conduct a large … [Read more...] about Small businesses to face increased IRS scrutiny
Tax tips for non-filers
The Internal Revenue Service can be severe in the penalties it levies against individuals who fail to file accurate tax returns or those who attempt to illegally lower or avoid their obligations. The agency is generally welcoming to those who have simply failed to submit filings in recent years. Of … [Read more...] about Tax tips for non-filers
Tips for addressing tax problems
Income tax is notoriously complicated for many people. The various laws, codes and regulations dictating the filing of taxes can make it difficult for Texas residents to resolve issues with the IRS by themselves, particularly when they wish to dispute specific fees or penalties. A number of … [Read more...] about Tips for addressing tax problems
Protecting assets from estate taxes takes planning
For individuals and families in Texas with substantial financial assets, estate tax planning is an important concern. A new federal law passed earlier this year, referred to as the American Taxpayer Relief Act, has established that the amount excluded from federal estate taxes is $5 million, and … [Read more...] about Protecting assets from estate taxes takes planning