Sales and use taxes are a big deal in Texas. It could scarcely be otherwise, given that Texas leads the nation in the percentage of state revenue coming from sales taxes. The percentage is nearly 83 percent, according to the U.S. Census Bureau. Small wonder, then, that the issue of […]
Two years ago, former billionaire Sam Wyly lost a fraud trial in New York that exposed a web of offshore entities that were used to shelter millions of dollars. After the 2014 verdict, the IRS entered the fray seeking $1.4 billion in back taxes. Penalties and interest accounted for 80 […]
Let’s continue our discussion of tax refund offsets. There are various scenarios in which the IRS can hold on to a refund or subtract part of it to satisfy some other obligation. Having federal tax debt is one such scenario. As we noted in the first part of this post […]
Have you recently moved from China or India to the United States for a new career opportunity? Are you an American living abroad? You need to report all foreign bank accounts, if at any point in the 2015 the aggregate value of your accounts exceeded $10,000. Failing to report overseas […]
If you got a tax refund this year, or are expecting one, the infusion of cash is surely welcome. Sometimes, however, there are circumstances that can reduce your refund. This is called a refund offset. When can the IRS offset a refund? And how might the IRS change its procedures […]
The global media has about exhausted the number of angles they can report on the so-called “Panama Papers.” The leak has become synonymous with using offshore accounts and companies to avoid tax obligations. Offshore accounts have been in and out of the news. The prosecution of Swiss bank giant UBS […]
Figuratively, to say that something is “legion” means it’s a very large number. Literally, the term refers back to ancient Rome, where a Roman legion contained thousands of soldiers, arranged into several smaller groups known as cohorts. In the figurative sense, it would be far to say that IRS notices […]
One way is prosecuting banks that have allegedly helped taxpayers avoid their U.S. tax liabilities. For instance, the Swiss Bank Program required banks to pay hefty fines and disclose information on accounts held by U.S. persons as part of non-prosecution agreements. Whistleblowers are another. Since 1867, the Treasury Secretary has […]
April 15 has become synonymous with tax day in the United States. This year is a little different, because the Internal Revenue Service is celebrating Emancipation Day. Public employees in Washington D.C. get the day off or the closest day when the April 16th holiday falls on a weekend. As […]
Millions of U.S. taxpayers are scrambling this weekend to get their taxes filed. The filing deadline is April 18 in Texas and most of the rest of the country. (Taxpayers in two New England states get an extra day because of a holiday called Patriot Day.) If you live abroad, […]