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May 2016 Archives

Sales and use taxes, part 2: Problems that businesses can face

In the first part of this post, we discussed some of the common questions that businesses often have about sales and use tax compliance.As we noted, such taxes do not only apply to sales. They can also apply to leases and rentals, and to some types of services as well. Such taxes are especially important in Texas due to the absence of a state income tax.In this part of the post, let’s look at some of the issues that can arise for businesses and how a lawyer can help resolve them.

Sales and use taxes, part 1: an FAQ for businesses

Sales and use taxes are a big deal in Texas. It could scarcely be otherwise, given that Texas leads the nation in the percentage of state revenue coming from sales taxes.The percentage is nearly 83 percent, according to the U.S. Census Bureau. Small wonder, then, that the issue of sales tax deductibility is important to Texas taxpayers. In this two-part post, we will discuss some of the issues that can arise for businesses in complying with sales and use tax requirements in Texas.

Offshore trusts: Wyly defense rejected by bankruptcy judge

Two years ago, former billionaire Sam Wyly lost a fraud trial in New York that exposed a web of offshore entities that were used to shelter millions of dollars. After the 2014 verdict, the IRS entered the fray seeking $1.4 billion in back taxes. Penalties and interest accounted for 80 percent of this amount.

Tax refund offsets, part 2: TIGTA calls for change in procedures

Let's continue our discussion of tax refund offsets. There are various scenarios in which the IRS can hold on to a refund or subtract part of it to satisfy some other obligation.Having federal tax debt is one such scenario. As we noted in the first part of this post there are also several others.Recently a report from the Treasury Inspector General for Tax Administration (TIGTA) questioned the IRS's procedures for handling refund offsets. In this part of the post, we will look at what TIGTA found and what changes the IRS may make in response.

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