Skip to Content

Category: IRS

What is a “lifestyle trigger” for the IRS?

Essentially a lifestyle is triggered when a person’s assets do not match their reported income. Through the lens of the IRS, the thinking goes something like this: If you own a mansion, a second or third vacation property, an expensive car, and a personal jet, it seems unlikely that your […]

Audits

Who can be a tax preparer?

While those who work in tax preparation are well-versed in this area, many people who go to a tax preparer are unaware of the differences. This post seeks to bring clarity to the different levels of education and certification a tax preparer may have. Anyone can call themselves a tax […]

Audits

Are offshore accounts illegal?

Anyone with significant financial holdings knows that they are not illegal. So, why the bad rap? It is because these very legal, above-board accounts have been misused or used to hide money. Offshore banks have been connected to money laundering, tax evasion, and straw men and shell companies. Famous and […]

IRS

5 surprising mistakes tax preparers make

Tax preparers, while being ever diligent, but still human, are prone to mistakes. When tax season hits the long hours and intense workload can increase the chances of an oversight. No one wants to make a mistake, especially on a tax return. While filing status is significant, other oversights or […]

Audits

IRS offers expanded digital online account options

The Internal Revenue Service (IRS) recently announced a groundbreaking expansion over electronic access for taxpayers and tax preparers. The latest feature gives taxpayers the ability to designate who can represent them in disputes and view their tax records. The new component for individual taxpayers allows them to authorize their preparer to view […]

IRS

What are constructive dividends?

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 […]

IRS

Opportunity Zones: Understanding this nuanced tax incentive

Congress created Opportunity Zones through the 2017 Tax Cuts and Jobs Act as a way to encourage taxpayers to invest in economically distressed areas. As a significant tax incentive, Opportunity Zones give investors the ability to defer – or in some cases, significantly reduce – capital gains taxes on certain […]

IRS

Do you need help troubleshooting tax issues?

Though many Texas residents may have breathed a sigh of relief when the tax season finally came to an end, others may still have worries on their mind. In some cases, tax issues can arise after the filing deadline, and individuals may begin to panic when trying to decide how […]

IRS

A tax issue could result if business taxes are overlooked

Running a business means being focused on many areas of business simultaneously. If anything gets overlooked, a Texas company owner could face serious repercussions. In particular, business owners do not want to forget to handle tax-related matters. Even if the tax issue stems from genuine forgetfulness, the IRS could still […]

IRS