Making sure American-held accounts in foreign lands are taxed properly by the IRS is the focus of the 2011 Offshore Voluntary Disclosure Initiative. The deadline for American taxpayers to own up to accounts outside U.S. boundaries is Aug. 31. Until the end of the month, the Internal Revenue … [Read more...] about Taxpayers rushing to meet OVDI deadline
IRS tax scammers targeting Dallas residents
Elderly and low-income tax payers in Dallas may be among the targets of scams promising tax relief. The Internal Revenue Service is warning that companies promising rebates and tax refunds for a fee are conning seniors and financially strapped families out of cash. So-called "no documents" tax … [Read more...] about IRS tax scammers targeting Dallas residents
Innocent spouses granted more time to file with IRS
Pressure from congressional members, taxpayer advocacy groups and innocent spouses with back tax appeals has prompted the Internal Revenue Service to change a nearly 10-year-old rule that could affect some married individuals in Dallas. The two-year window for victims of spousal tax abuse has been … [Read more...] about Innocent spouses granted more time to file with IRS
Avoiding tax pitfalls in pension distribution
To avoid unnecessary taxes, those experienced in estate tax planning advise paying close attention when pension funds are transferred and where those funds end up. Moving funds outside the 60-day window allotted by the IRS often carries severe tax consequences. Failing to transfer money from a … [Read more...] about Avoiding tax pitfalls in pension distribution
Derek Jeter’s 3,000th hit could create tax headache for fan
A 23-year-old New York Yankees' fan probably wasn't thinking about the IRS when he retrieved the ball Derek Jeter hit to tally his 3,000th career hit. However, the tax repercussions the fan could face for gifts received upon returning the ball to the Yankee club have garnered some curiosity. In … [Read more...] about Derek Jeter’s 3,000th hit could create tax headache for fan
Texas properties charged for unbilled back taxes
From 2005 to 2007, multiple properties in Parker County, Texas, were somehow left off appraisal lists for Willow Park and Aledo. After the county's appraisal district noticed its mistake, it billed the property owners for the taxes owed during those years. Now, however, the property owners are … [Read more...] about Texas properties charged for unbilled back taxes