A change in tax law now will require some 87,000 people who prepare tax returns in Texas to have a nine-digit number that will identify them as a tax preparer. It's all in an effort to give tax agencies better control over the people taxpayers hire to prepare their returns. In the past, Texans … [Read more...] about New rules afoot for tax preparers
IRS offers chance to disclose offshore money
Texans -- or residents of any state, for that matter -- who have chosen to keep their funds in an overseas bank can come clean about their hidden assets, then pay owed taxes, penalties and interest without worrying about the federal government prosecuting them. The Internal Revenue Services has … [Read more...] about IRS offers chance to disclose offshore money
Lower IRS budget could lessen revenues
Shrinking the Internal Revenue Service's budget could diminish the power of the IRS as a collection agency and sharply cut its ability both to discover tax cheats and to help Texas taxpayers, a tax monitor has warned. The IRS budget for the year is $11.8 billion, or a $300 million reduction from … [Read more...] about Lower IRS budget could lessen revenues
IRS audited more returns from the wealthy in 2011
The Internal Revenue Service has increased the number of audits it conducts annually on the returns of taxpayers earning more than $1 million a year. According to the IRS' own numbers, 12 percent of millionaires were audited in fiscal year 2011. That's double the 6 percent from 2009 and an … [Read more...] about IRS audited more returns from the wealthy in 2011
Tax exemption for disabled vets extended to surviving spouse
An important tax law that took effect in Texas on Jan. 1 will allow the spouses of fully disabled veterans to continue to receive property tax breaks even after the veterans die. Under the previous law, only veterans ruled to be completely disabled due to military-related injuries were not … [Read more...] about Tax exemption for disabled vets extended to surviving spouse
Same-sex couples face higher tax bill
Even though more states than ever now recognize gay marriage, the federal government and the state of Texas still do not -- and it could cost same-sex couples some serious cash. That's because the power of the IRS, when it comes to joint tax returns, is tied to the Defense of Marriage Act, a 1996 … [Read more...] about Same-sex couples face higher tax bill