The Internal Revenue Service has announced plans to crack down on small businesses accused of under-reporting their annual income. The IRS has identified and contacted 20,000 such businesses since 2012. This could spell trouble for some Texas businesses, particularly those that conduct a large … [Read more...] about Small businesses to face increased IRS scrutiny
Tax tips for non-filers
The Internal Revenue Service can be severe in the penalties it levies against individuals who fail to file accurate tax returns or those who attempt to illegally lower or avoid their obligations. The agency is generally welcoming to those who have simply failed to submit filings in recent years. Of … [Read more...] about Tax tips for non-filers
Tips for addressing tax problems
Income tax is notoriously complicated for many people. The various laws, codes and regulations dictating the filing of taxes can make it difficult for Texas residents to resolve issues with the IRS by themselves, particularly when they wish to dispute specific fees or penalties. A number of … [Read more...] about Tips for addressing tax problems
Protecting assets from estate taxes takes planning
For individuals and families in Texas with substantial financial assets, estate tax planning is an important concern. A new federal law passed earlier this year, referred to as the American Taxpayer Relief Act, has established that the amount excluded from federal estate taxes is $5 million, and … [Read more...] about Protecting assets from estate taxes takes planning
Magnate’s estate disputes IRS assessment of baseball team value
The surviving family of billionaire businessman Carl Pohlad is arguing that the Internal Revenue Service's valuation of a Major League Baseball team he owned is inaccurate and has subjected his son to wrongfully inflated estate tax payments. The late magnate's heir, Jim Pohlad, argues that the IRS … [Read more...] about Magnate’s estate disputes IRS assessment of baseball team value
Dealing with the IRS and unaffordable taxes
Millions of people across Texas and the rest of the United States face a serious problem every year; they are ordered to pay income taxes that they cannot afford. It is common for a citizen to owe more than they can afford or even more than they possess, particularly given the lingering effects of … [Read more...] about Dealing with the IRS and unaffordable taxes