Federal tax agents working for the Internal Revenue Service (IRS) know how to reach people and how to catch them off-guard. They are also trained in asking leading questions about tax-related activities that, if answered flippantly, could lead to incriminating evidence. IRS agents are prepared to perform their job duties […]
Category: Articles
In and of itself being audited is a trying process. Dealing with Internal Revenue Service (IRS) agents can be difficult, and looking for receipts and other records dating back three years only adds to the pressure of an audit. Now the IRS is looking for ways to broaden the definition […]
As the end of the year approaches, it is time to start thinking about preparing your 2012 income tax return. But what if you are one of the thousands of people who have failed to file one or more previous years’ returns? Will filing a tax return this year simply […]
Recently, the Internal Revenue Service’s Criminal Investigations unit released a yearly report showing that the number of prosecutions increased in fiscal year 2012. The increase in criminal tax investigations was noteworthy in part, because the number of people employed in the unit has decreased. In fiscal year 2012, which ended […]
Many small business owners may feel that they are in the cross hairs of the Internal Revenue Service. Since last fall, the agency has sent out 20,000 letters to small businesses seeking more information related to “possible income under-reporting” of their business receipts. A 2008 change in the law allowed […]
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 […]
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 […]
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 […]