A few years ago when cryptocurrency was in its infancy, tax reporting requirements were murky at best, and many who profited off of Bitcoin, Ethereum and other digital currencies did so without ever receiving a tax bill. The landscape has changed dramatically in 2021. If you have bought, sold, or […]
Category: IRS Tax Collection
Constructive dividends are how the IRS classifies a common practice of a company officer, using company assets for personal gains for tax purposes. A typical scenario – in small businesses – may be the use of a company credit card to purchase groceries. In larger corporations, it could be using […]
When you hire someone to handle your taxes, you expect them to handle them correctly. Tax filings are among the most sensitive and risky propositions, and despite any help you’ve had, the IRS will hold you accountable for mistakes. Below are some of the most common types of mistakes that […]
With the year coming to a close, many people in Texas and elsewhere are thinking about the coming tax season. Whether a person is just filing personal taxes or filing for a business he or she owns, it is not an easy process to handle, especially on one’s own. There […]
Serving as a corporate officer comes with numerous responsibilities, but also comes with some perks. Unfortunately, someone serving in this capacity needs to be cautious not to inadvertently cross any lines that could draw the attention of the IRS. For instance, a corporate officer here in Texas or anywhere else […]
There is nothing wrong with having a giving heart. In fact, some would say that more people need to give to charities that are struggling to meet demand on their services, especially during these uncertain times. One of the perks of charitable donations is that they are tax-deductible, but are […]
Each year, a certain number of people across the country, including here in Fort Worth, do not receive their portion of an income tax refund because their spouses owe back child support. Under these circumstances, they may file for innocent spouse relief in order to get their part back. Now, […]
America is now, at least in part, a so-called “side gig” economy. An estimated 25 percent of us now have side jobs to generate additional income. Such things as driving for a ride-share service like Uber or Lyft, dog-walking, renting out a residence part-time through Air BNB or Home Away, […]
Early proposed ideas to cut personal tax rates and simplify the income tax filing process have already garnered vocal resistance from several key interest groups. Supporters of the proposal to double the standard deduction – a move that is expected to make tax easier by limiting the number of individual […]
The tax code is, in a word, complex. It is thousands of pages long, with millions of different entries representing credits, deductions, exemptions, reporting mandates, caveats, loopholes and more. Legislators across the political aisle all agree that significant tax reform is desperately needed by Americans of all economic strata, but […]