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
IRS accused of using social media to identify audit targets
According to a prominent international news outlet, the Internal Revenue Service is slated to begin using social networking services to find and track individuals suspected of cheating on their taxes. A taxpayer found to have submitted an inaccurate or fraudulent return can face heavy penalties from … [Read more...] about IRS accused of using social media to identify audit targets
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
IRS offers tax tips for late filers
Tax season is one of the most stressful times of the year for many Texas taxpayers, with complicated paperwork and filing deadlines often representing a threatening obstacle. In an effort to help taxpayers better handle these issues and file accurate tax returns quickly and easily, the Internal … [Read more...] about IRS offers tax tips for late filers
Dealing with a tax audit
April can be a stressful month for Texas taxpayers as they struggle with the complexity of their taxes and rush to file their returns for the IRS's deadline; however, tax audits can strike at any time of year. While only about 1 percent of returns are targeted for audits by the IRS, this amounts to … [Read more...] about Dealing with a tax audit
Catholic professor accuses IRS of politically motivated audit
A King's College sociology professor says an audit by the Internal Revenue Service may have been politically motivated. The New York professional says she believes it was an attempt to discourage her from writing criticism about President Barack Obama. The professor said she continued to write … [Read more...] about Catholic professor accuses IRS of politically motivated audit