The tax code is incredibly complicated and intricate. Even when a business or an individual intends to be in compliance with tax requirements, cost-saving measures can easily slip over the line into illegal territory. As the new year approaches, many tax experts are reporting an increase in tax audits. Come […]
Author: Lawrence Brown
We are now in the thick of the Atlantic hurricane season, something many of us in Texas have to be concerned about, particularly if we own property along the Gulf. Of course, summer also frequently brings severe thunderstorms to our state, complete with damaging hail, straight-line winds, tornadoes and devastating […]
Many sub contractors in the construction fields rely on a network of friends and acquaintances when work starts to roll in during the busy season. Asking a cousin to help on one project and paying in cash may seem easier than cutting a check or determining whether he might qualify […]
The Internal Revenue Service (IRS) is trying to reboot efforts to outsource tax debt collection efforts. What does this mean? This means that four different companies are now allowed to contact and demand payment from taxpayers. The companies are CBE Group, Conserve, Performant and Pioneer. Any other company claiming to […]
Texans with international business and financial interests may be familiar with a federal law called the Foreign Accounting Tax Compliance Act, or FATCA. Following its initial adoption in 2010, the statute recently completed a four-year ramp-up period and is now in full effect. FATCA background information American tax law requires […]
A new publication from the IRS aims to inform taxpayers of their basic rights when dealing with their taxes. The Internal Revenue Service (IRS) recently released a revised Taxpayer Bill of Rights. The document is posted on the agency’s website and was sent to homes across the country in thousands […]
Taxes are just one of many factors that can make it difficult for smaller businesses in Texas to compete and get a leg up in a marketplace that is increasingly dominated by large companies. At a pair of congressional hearings on July 22, 2015, federal lawmakers heard testimony about the […]
Lionel Messi is known throughout the world for his soccer abilities. The sports star has made millions off his success, making a profit from both his actual sporting ability as well as his image. Unfortunately, his image took a hit when he was accused of tax fraud in 2016. The […]
As we’ve discussed in a previous post, there are several positive aspects of using a Professional Employer Organization (PEO). Partnering with a PEO can result in significant cost savings in terms of health and unemployment insurance premiums, as well as much less hassle in terms of payroll, human resources issues […]
A new law signed recently by President Obama will change the filing deadline for reporting foreign financial assets, bringing it into alignment with the standard April 15 deadline for filing income tax returns. The change will take effect starting with the 2016 tax year. Who has to file an FBAR? […]