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Fort Worth Tax Law Blog

Internationalize Corporate Income Tax or Remove It

Eric Toder of the Tax Policy Center and Alan Viard of the American Enterprise Institute wrote a recent article questioning whether the corporate tax reforms being debated in Congress will address the widespread problems with levy. Toder and Viard suggests that President Obama's aim of merely lowering rates and tinkering with tax rules for U.S. -based multi-national corporations falls short. Instead, the men argue that the corporate system needs "major surgery."

Caterpillar Inc. Gets Caught Evading Taxes

American-formed manufacturing organization, Caterpillar Incorporated, has been charged with evading taxes by giving revenue to an associated corporation located in Switzerland. Caterpillar invested $55 million and executed a plan that allowed income to be transferred into an offshore account in Switzerland.

Same-sex marriage and state income taxes: an update

This is a follow-up to a post we did a couple of months ago on the crazy-quilt world of same-sex income tax issues.

As we noted in our February 26 post, the Supreme Court’s ruling against the federal Defense of Marriage Act was a game-changer. It led to a decision by the IRS to require same-sex couples who were married in one of the states where that form of marriage was legal at the end of last year to make the same type of filing choice faced by heterosexual couples.

In essence, this choice involves the question of whether to file singly or jointly.

But what about state income taxes for same-sex couples? In this post, we will update you on some of the aspects of that issue.

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.