Category: Blog

Understanding Tax Compliance

IRS Tax Laws

Ensuring compliance with tax laws is unarguably one of the most challenging things taxpayers (both individuals and businesses) have to deal with, although it is all the more difficult for businesses. That’s because businesses are not only required to ensure compliance with federal tax laws, but they must also comply with state and local tax laws. And on top of that, the laws keep changing on a frequent basis. This adds to the misery of the taxpayer, who has to keep up with the changes or run the risk of incurring huge penalties. The worst part is that despite the

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A Closer Look at the Inflation Reduction Act Tax Provisions

Inflation Reduction Act

This year, the IRA (Inflation Reduction Act) replaced the House-passed “Build Back Better Act” of late 2021, with the aim to, among other things, lower the nation’s debilitating inflation. As the act becomes mainstream, average taxpayers may get confused regarding what they owe to the Internal Revenue Service (IRS). That is why consultation with an experienced IRS tax attorney is important. If you are a resident of Dallas – Fort Worth, you have easy access to the best IRS attorneys in Dallas – Fort Worth, TX. In this blog, we take a closer look at the Inflation Reduction Act tax

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A Concise Guide to Paying Back Taxes

How to get rid of back taxes

Back taxes can be the stuff of nightmares as they can trigger severe tax collection processes, including liens, wage garnishments, and levies. While the IRS recommends clearing back taxes at the earliest, you may also opt for provisions that are available under the Fresh Start Initiative (FSI). One of the provisions is the IRS offer in compromise (OIC), which is a monetary concession that allows the IRS and taxpayers to settle unpaid dues for less than what is owed. Requesting for an OIC requires taxpayers to comply with intricate eligibility criteria, which is why it is advisable to consult a

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Wage Cap For Social Security Payroll Taxes Revised Upwards for 2022

Social Security Payroll Taxes

Social Security taxes are paid by both employees and employers on income up to an annual cap, commonly referred to as maximum taxable earnings. Based on changes in the annual National Average Wage Index, every year, the federal government raises the Social Security threshold to keep up with inflation. In this blog, we will discuss some recent changes to IRS payroll taxes. Changes in Social Security Payroll Taxes in 2022 The maximum earnings subject to the Social Security payroll tax increased to $147,000 on January 1, 2022, up from $142,800 for 2021, a $4,200 increase. Over the last five years,

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All You Need to Know about Tax Relief for Senior Citizens

Tax Relief for Senior Citizens

After paying thousands of dollars in taxes over the years, senior citizens deserve some tax relief. Whatever your financial situation, it’s crucial to understand that as you become older, your tax requirements will change. Most of the time, being 65 or older entitles you to higher tax breaks, and the IRS provides a number of tax relief options for senior citizens. Senior citizens who default on their taxes can take advantage of IRS debt relief options by consulting an experienced Dallas debt attorney. In this blog, we will discuss all you need to know about tax relief for senior citizens.

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Steps to Remove a Tax Lien from Public Record

How to Remove a Federal Tax Lien

A tax lien is one of the most powerful tools the IRS can deploy to recover outstanding dues. It is a legal claim that secures the IRS’s interests in your assets (real estate, financial assets, and personal property). This can affect you in many ways, such as facing issues when applying for a loan to auctioning your property, and the lien continues to exist even after you file for bankruptcy. However, that’s just the tip of the iceberg. While a tax lien can be removed across all public records, however, given all the intricacies involved, it is advisable to consult

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What is IRS Audit Reconsideration?

IRS Audit Reconsideration

Going through an IRS audit can be an overwhelming experience. Things can rapidly get out of hand if you fail to take appropriate action when the IRS presents you with a tax bill or other document that you disagree with. If you have been subject to an IRS tax investigation and aren’t happy with the findings, there is still a way to set things right. Through IRS audit reconsideration, you can get your case reopened for review. If you are a resident of Dallas, consulting a tax attorney in Dallas, Texas, might be the best option for you to get

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Important Advice When You Default on an IRS Payment Plan

Payment Plans Installment Agreement

Every year, many taxpayers in Dallas find themselves in a situation where they owe the IRS more in taxes than they are able to pay currently. The Internal Revenue Service (IRS) has provisions that are especially designed to help such taxpayers dig themselves out of the hole. This is in the form of a range of payment plans in which defaulting taxpayers can enroll to get IRS debt relief. The IRS has the right to terminate the installment agreement and declare a taxpayer to be in default if they fall behind on payments or cease paying altogether. When faced with

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Unveiling the IRS ‘Dirty Dozen’ Scam List for 2022 (Part-I)

IRS's 2022 Dirty Dozen tax scams

Earlier in July, the Internal Revenue Service compiled its much-awaited ‘Dirty Dozen’ annual list of scams. The IRS has also issued a complementary warning to all taxpayers to avoid being misled by fraudulent tax-saving strategies! In the event of IRS tax problems, the correct approach would be to search for an experienced tax debt lawyer, however, some taxpayers explore avenues that lead them towards scams and more trouble with the IRS. Continue reading as we unveil 6 out of 12 ‘Dirty Dozen Scams’. 1. Abusive Syndicated Conservation Easements Promoters of syndicated conservation easements distort a tax law provision allowing for

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Decoding the IRS Accuracy-Related Penalty

IRS Accuracy-Related Penalty

Whenever there is mention of the Internal Revenue Service (IRS), some people have chilling flashbacks of their encounters with the government agency. It is easy to get in the wrong books of the IRS, and the agency is known to reach for its arsenal of penalties in a lot of cases. One such penalty that you should be aware of is accuracy-related penalty. If you underpay the tax that should be reported on your return, you can be subject to an accuracy-related penalty. If you don’t declare all of your income or claim credits or deductions for which you are

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