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Fort Worth Tax Law Blog

Options for paying Uncle Sam, even when you lack the cash on hand

There is perhaps no better day than Tax Day - the day federal income taxes are due - to take note of your options for paying them.

You probably know you need to file, because the penalty for failure to do so is significant. As we noted in our March 26 post, it can be up to 25 percent of your tax liability.

But what if you end up owing more taxes than you are currently able to pay?

Indian Tax Authorities Pursue Nokia with New Tax Claim

The southern state of Tamil Nadu filed a lawsuit seeking what it claims are unpaid taxes for phone sales from Nokia Corp. The new court filing, separate from an earlier Indian tax claim against the Finland-based company, alleges that Nokia failed to pay appropriate sales taxes for devices made at its phone factory in Chennai. The state is seeking roughly €300 million.

Procrastinators unite! Form 4868 gives you extra time to file

There's not much time left before Tax Day. In fact, as of this writing, you have four days left until your tax return has to be in the mail to the Internal Revenue Service. However, what happens if you aren't ready for the April 15 deadline? What if you lost some crucial tax documents, or what if your W-2s were never mailed to you? What if you have a complicated tax situation that simply doesn't get completed before April 15?

These types of situations happen every year to millions of people, and many millions more simply procrastinate to the point that they don't have enough time to file their tax return in time. The late fees associated with late returns are pricey, usually running at about 5 percent per month of whatever your balance is. It can add up quickly, and the late return can make you susceptible to action by the IRS.

Tax treatment of IRAs, part 1: traditional v. Roth

The proper use of retirement accounts is an important part of tax planning for many people.

In part, this is because there are some very specific rules that apply to the tax treatment of individual retirement accounts (IRAs). In order to use IRAs effectively to benefit from tax-deferred investments, it is necessary to know the basics about how those rules work.

In this two-part post, then, will take note of some of the issues taxpayers can face regarding IRAs and how they relate to individual income taxes.

Gentle reminder: tax-filing deadline is less than 3 weeks away

The due date for filing individual income taxes is now less than three weeks away.

Many people have of course already filed their taxes. But what if, for whatever reason, you are struggling to meet the April 15 deadline?

In this post, we will discuss some of the considerations and possible consequences involved in being unable to comply with the April 15 date.

Personal ATM, Banker's Plea Outlines Tax Evasion Plan

Andreas Bachmann, former banker at Credit Suisse Group, pleaded guilty on Wednesday, March 10th, of helping Americans conceal their money in offshore Swiss accounts. Offering his services to dozens of Americans with Swiss bank accounts, Bachmann carried around large sums of cash on flights between the United States and Switzerland. Bachmann acted as a "personal ATM" for these Americans, often taking deposits of one client and using them to fund a withdrawal for a different client. Bachmann testified that it was all to help his customers avoid U.S. taxes, however, he agreed to cooperate fully with the U.S. government as they investigate the banks and their employees for aiding tax evasion. 

DOJ Increases Efforts to Prevent Fraudulent Tax Returns

Federal authorities are increasing their efforts to battle what they say is a growing problem of fraduluent filings seeking tax refunds based on stolen identities. Even those not normally associated with white-collar crime are being attracted to the simplicity of the scam which involves repeatedly filing false tax returns electronically and receiving refunds within days.

Real Housewives Stars Face Real Trouble for Alleged Fraud

The Real Housewives of New Jersey stars Teresa and Joe Giudice are facing very real trouble after pleading guilty to several charges of their 41-count indictment on various fraud and tax charges, according to US Weekly. Originally, the couple had pled not guilty to two charges in November.

Tax aspects of Obamacare implementation: businesses and headcount

It's been awhile since we devoted a post on this blog to tax issues relating to implementation of the Affordable Care Act (ACA, also known on Obamacare).

As we noted in our December 17 post last year, the IRS is deeply involved in this implementation. This involvement goes well beyond imposing tax penalties on people who do not comply with the individual mandate to buy health insurance.

The IRS is also intimately involved in such Obamacare aspects as tax credits for small businesses to help them provide affordable insurance policies to their employees. The IRS is also responsible for assessing penalties on businesses that do not meet their ACA obligations.

 In this post, let's look at how the IRS is now scrutinizing employer decisions to cut the size of their staff because such decisions could conceivably be motivated by an intention to avoid ACA requirements