The Internal Revenue Service (IRS) recently reminded taxpayers with outstanding tax debt what is at risk. More specifically: their passports. A failure to pay off tax debt can result in the loss of the taxpayer’s passport.
Everything’s bigger in TX, including the property tax bill
Texan’s are proud people, and rightfully so. The Lone Star State offers everything from world-class rough and tumble football and rodeos to delicate bluebonnets and everything in between. These are just a few of the reasons the state is known for an “everything’s bigger in Texas” mentality.
Three examples of those who need to report foreign assets
The Internal Revenue Service (IRS) recently announced the impending end of the Offshore Voluntary Disclosure Program), scheduled to end September 28, 2018. Generally, the type of people that need to report these assets can be categorized into one of three groups:
Tax preparers: Avoid these top two offenses
Tax preparation professionals must keep their clients happy while staying within the bounds of the law. This is not always an easy balance. However, a failure to manage this balance can result in allegations of criminal wrongdoing. Two specific allegations a tax preparer must avoid are those of enabling the commission of a tax evasion crime and failing to prevent such a crime.
Tax preparation professional faces off with the IRS, and wins.
The Department of Justice recently charged a tax preparer of 30 counts of tax fraud. Of these allegations, 21 survived the initial stages of the process and made it to court.
What happens if you miss the tax deadline?
What happens if a taxpayer missed the tax filing deadline for 2017? First, it is important to note that the deadline changed this year. The Internal Revenue Service (IRS) experienced a glitch on its website on Tax Day. As a result, the agency moved deadline for 2017 filings from April 17 to April 18, 2018.
Will Congress pass a law addressing online transactions?
Lawmakers within Congress are poised to pass a tax law that could change the way we tax online sales.
IRS encourages tax preparation professionals to monitor EFINs
A group composed of the Internal Revenue Service (IRS), state tax agencies and businesses within the tax industry is working to address tax fraud. Thus far, the group’s efforts have proven successful. The efforts of the group translated to a 40 percent decrease in reported instances of identity theft in 2017 compared to reports from 2016.
New tax law, new withholdings? When to review your paycheck.
The new tax law has led to a number of changes that could impact your tax bill. As a result, you may need to review how much of your tax bill is covered by your paycheck. In some cases, you may need to adjust your tax withholding status.
Federal gas tax hike? Potential impact to businesses in TX.
Fuel taxes are important. These taxes help fund the nation’s infrastructure, they fund bridge and highway updates. They exist at both the federal and state levels throughout the country.
