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Fort Worth Tax Law Blog

Will “record-setting” number of tax extensions impact tax pros?

On behalf of Brown, PC posted in IRS on Wednesday, June 19, 2019.

Tax preparation and accounting offices throughout the country reported record-setting extension requests for tax filings this year. The increase was the result of many different factors, including:

  • New tax law. The Tax Cuts and Jobs Act (TCJA) was, arguably, the biggest reason for the jump in extension requests. The new law was the biggest change to our tax structure in decades. Navigating the changes was not an easy task. As a result, many taxpayers and tax professionals required an extension just to figure out how to properly file tax returns.

IRS reminds tax professionals to report foreign accounts

On behalf of Brown, PC posted in IRS on Monday, June 10, 2019.

The American Bar Association's taxation section recently held their annual meeting. This group of legal professionals from throughout the country met with representatives from the Internal Revenue Service (IRS) to discuss the agency’s focus in coming months. One of the main take away lessons from the meeting: representatives encouraged tax professionals to bring all foreign accounts into compliance with applicable tax law.

This reminder shows the IRS continues to crack down on those who attempt to avoid their tax obligations through the use of foreign bank accounts.

Citizens and resident aliens must file taxes by June 17

On behalf of Brown, PC posted in IRS on Thursday, June 6, 2019.

United States citizens and resident aliens living abroad may still need to file taxes for the 2018 tax year. Tax obligations are broad and the reach of the Internal Revenue Service (IRS) is long — often extending past the country’s borders.

If you do need to file and missed the April 15 deadline, there is good news. The IRS applies an automatic extension. This two-month extension results in a deadline of June 17. As such, if you can complete all necessary forms and paperwork and get the filing mailed within the next week you can likely avoid any late fees.

Uber faces IRS scrutiny: Could this impact drivers?

On behalf of Brown, PC posted in IRS on Tuesday, June 4, 2019.

The recently public Uber Technologies Inc. is currently under investigation by the Internal Revenue Service (IRS). Bloomberg reports the agency is reviewing two years of the ride sharing company’s tax filings. The company has stated the agency is simply conducting an “examination” in light of its recent initial public offering. Skeptics have voiced concern the investigation is really a deeper look into the company’s tax strategies. For example, its use of “transfer pricing positions.”

Small business tax audits: A primer

On behalf of Brown, PC posted in Audits on Tuesday, May 21, 2019.

Business owners must balance their passion for their market with business logistics. Owners must manage their budgets and, at times, navigate human resources issues. In some cases, the owner may even need to navigate a discussion with the Internal Revenue Service (IRS). This conversation would occur if the agency decides to conduct an audit on your business.

Did your business get an audit notice? Tips to deal with the IRS.

On behalf of Brown, PC posted in Audits on Wednesday, May 15, 2019.

The Internal Revenue Service (IRS) is reviewing tax returns and preparing to move forward with audits.

How will I know if the IRS is auditing my business? First, it is important to note that the audit notice will most likely come in the form of a letter. Any phone call from an individual who identifies as an agent of the IRS is highly suspect and likely a scam. Do not provide personal information during one of these calls.

Texas lawmakers take aggressive approach to online sales tax

On behalf of Brown, PC posted in Tax Controversy on Wednesday, May 8, 2019.

Not located in Texas? Then your business does not need to pay a state sales tax if a Texas resident buys your product, right? In the past, this was true. The application of a state sales tax to online transactions was essentially limited to those businesses that had a physical presence within the state. No physical presence, no sales tax.

Times have changed.

Make a mistake on your taxes? Consider filing an amended return.

On behalf of Brown, PC posted in Tax Controversy on Friday, April 26, 2019.

The Tax Day deadline of April 15 has passed. Some taxpayers got their taxes in order and sent in early while others rushed to make the deadline. Regardless of which group you found yourself in, you may have put that return in the mailbox only to realize you made a mistake.

Is tax evasion really a problem in the United States?

On behalf of Brown, PC posted in Tax Evasion on Tuesday, April 23, 2019.

Tax evasion. It sounds like the type of crime that is used by the government to prosecute heinous offenders who have otherwise hidden evidence and appear innocent of wrongdoing. When people think of tax evasion crimes they may think of Al Capone and other mafia leaders or drug lords. In reality, tax evasion is a crime on its own. One the Internal Revenue Service (IRS) can use to recoup funds from any taxpayer that fails to meet their tax obligations and potentially put the accused behind bars.

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