A new report from the Internal Revenue Service suggests that budget cuts have drastically reduced the amount of delinquent taxes the agency is able to collect, with enforcement efforts collecting a total of $50.2 billion in the 2012 fiscal year, a 9 percent drop from the previous year. However, … [Read more...] about IRS warns budget cuts will affect collections
Tips for dealing with an IRS audit
The threat of an audit from the Internal Revenue Service can be frightening and stressful, even for those who file accurate tax returns. The IRS can enforce harsh penalties against individuals who are found to have purposefully misreported their earnings. The power of the IRS includes placing liens … [Read more...] about Tips for dealing with an IRS audit
IRS ruling could eliminate automatic gratuities
Hundreds of Texas restaurants could be forced to tweak the way they calculate tips for large groups when the Internal Revenue Service starts enforcing a new rule in 2014. Eateries around the country have long added automatic gratuities to the bills of large groups of diners, but the IRS's move to … [Read more...] about IRS ruling could eliminate automatic gratuities
IRS unveils new tax regulations for same-sex couples
Married same-sex couples who were legally married in a state that recognizes such unions will now be able to file joint federal tax returns, even if they live in Texas or other states that have not legalized same-sex marriage. The IRS teamed with the Department of the Treasury to develop clear and … [Read more...] about IRS unveils new tax regulations for same-sex couples
Seeking assistance with tax problems
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