Intention, more times than not, is a “catch-all” criminal charge. Why? Because you do not have to prove someone actually DID something, only that they were going to do something, or acted with intention. So, the intent is not the actual doing of something, it is the mental preparation to […]
Category: Audits
The average taxpayer is generally at low risk of getting audited by the IRS, but certain actions and circumstances can increase your chances of having to undergo one. According to an article by NerdWallet, some reasons that may make the IRS more likely to audit you include: Claiming too many business […]
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 […]
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 […]
Running a small business is a dream of many Texas entrepreneurs. Recently, taking the steps to get a business up and running may have finally seemed appropriate. However, it is time to consider the tax obligations of that business. If owners have not filed business taxes before, they may understandably […]
The new year is here, and while many Texas residents undoubtedly hope that it is a better year than last, there are still certain unavoidable obligations to address. In particular, it is time to think about taxes. Whether individuals choose to file early or wait until closer to the final […]
Many people here in Fort Worth and elsewhere make mathematical mistakes on their income tax returns. Those types of errors do not ordinarily trigger an IRS audit. Instead, oversights and overly deducting tend to bring a person’s tax return to the attention of the nation’s taxing authority. Below are two […]
The Internal Revenue Service (IRS) made some changes to reflect the impact of the current coronavirus pandemic. One example is the extended tax deadline. Instead of expecting taxpayers to file their taxes in April, the agency pushed the deadline back. At the time of this post, the deadline remained set […]
The Treasury Inspector General for Tax Administration (TIGTA) recently released a report that led to some negative publicity for the Internal Revenue Service (IRS). The report shows the IRS failed to hold over 30,000 tax return professionals accountable for their own tax bills. What was this report? The report focused […]
The Internal Revenue Service (IRS) recently announced measures aimed to help reduce taxpayers’ financial burden when it comes to their tax bills. These measures include: Measure #1: Installment Agreements. The agency has stated that it will suspend tax payments for those who have an existing installment agreement from April through […]