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January 2012 Archives

Free tax help options in the Dallas-Fort Worth area

Once again it is tax season in the United States. While you have until April 17 to get your tax return submitted to the IRS, the sooner you file, the sooner you will see your return. Despite the monetary incentive, filing taxes is no walk in the park. It can be complicated and confusing, and with the economy still struggling, many people in Texas are trying to save money by doing their own taxes.

Foreign assets in IRS's crosshairs

Texans gearing up for April's tax return filing deadline should be aware of recent modifications made to laws regarding taxes on foreign assets. In 2010, U.S. Congress passed the Foreign Account Tax Compliance Act (FATCA), which changes how the IRS verifies tax return data. IRS agents will now have increased access to overseas financial records.

IRS announces increase in number of audits

No one in Texas hopes to get a notification telling them their tax return is being audited. The very mention of an audit is dreaded by most people. Not only that, but if an audit is not handled properly, it can be extremely stressful and sometimes result in an even bigger tax bill. The last thing people want to hear is that the IRS is increasing the number of audits it performs.

Overseas banks close U.S. accounts after IRS announces new rules

The Internal Revenue Service has announced new rules that some Texas residents may want to pay attention to. The first rule that the IRS has begun implementing requires the banks of customers who have offshore accounts to provide more details about their customers' income.

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