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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

4 common triggers for criminal tax investigations

Getting investigated by the IRS is every taxpayer’s – and tax preparer’s – nightmare. When the Criminal Investigation Division (CID) of the IRS gets involved, you know it’s serious. An investigation could lead to federal criminal charges for fraud, tax evasion, or other crimes. How do these investigations happen? Put […]

Tax Crimes

EITC audits: What tax preparers should know

The earned income tax credit (EITC) is one of the federal government’s largest anti-poverty programs. It can also be a source of headaches and possible penalties for professional tax preparers. Geared toward the working poor, the EITC program offers credits totaling nearly $60 billion each year. The program helps nearly […]

Audits

Tax issues relating to investments could trigger audits

Seeing money as a tool rather than a reward can often help Texas residents increase their wealth. The notion that spending money to make money rings true for many people, especially those who choose to invest. However, while investments can certainly prove profitable for investors, it is also possible for […]

Audits

Suspected tax fraud case could be one of the biggest

Trying to pull one over on the Internal Revenue Service by providing false information is not advisable. However, numerous people every year stand accused of providing false information to the IRS in hopes of gaining higher refunds, owing less in their tax obligation, or receiving some other type of benefit. […]

Tax Crimes