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
Texas whistle-blower case yields no payout from IRS
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
Clock ticking on gift-tax exemption for Texans
We have recently touched on the topic of gift taxes, but it warrants a longer and more detailed look for Texans who have considerable wealth and must consider asset protection. Congress has yet to pass an extension to current law, which allows individuals to give a gift of $5.12 million to an … [Read more...] about Clock ticking on gift-tax exemption for Texans
Businesses criticize Texas over assessments
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
Know tax laws when planning an estate
There's no such thing as an idle retirement for those who have assets to leave to their children, grandchildren or associates. Retirement, in fact, is the time when Texans and others across the United States should solidify their estate tax planning. There are things people can do in their estate … [Read more...] about Know tax laws when planning an estate
IRS audits Texas universities, others
The University of Texas at Austin is among the more than 30 universities nationwide recently audited by the Internal Revenue Service. The IRS is trying to enforce effective tax administration, meaning it wants to make sure that the schools are properly reporting taxable income. The IRS is … [Read more...] about IRS audits Texas universities, others