Want to File an Amended Tax Return?
Let’s say you discover a deduction that was overlooked on a federal tax return that has already been filed. Or you realize that you didn’t report some income. Perhaps you heard about a recently passed tax law that includes retroactive tax breaks you can benefit from.
Limiting Personal Liability by Creating a C Corporation
Business owners often use C corporations as a means of limiting personal liability. Typically, the owners attempt to shield their personal assets from business related liabilities.
How the IRS Proves Fraud and Why It Can Be Devastating
In general, a tax assessment by the IRS is presumed to be correct. A taxpayer can overcome the presumption with proof. That situation is reversed when the IRS asserts fraud. In those instances, the IRS must prove, by clear and convincing evidence, that fraud exists.
Be on “High Alert” for Scams from Those Claiming to be from the IRS
The Treasury Inspector General for Tax Administration (TIGTA) urges taxpayers to be on “high alert” about IRS employee impersonators. According to TIGTA, since October 2013, thieves have stolen millions of dollars from taxpayers believing the fraudulent calls saying that they owed the government money and cash needed to be sent immediately.
Family Limited Partnerships: The Power to Move and Protect Your Wealth for Future Generations
Family limited partnerships (“FLPs”) give senior family members a tax efficient way to shift wealth to future
generations while still exercising control over their assets. As an added benefit, by forming a FLP, senior family members remove assets out of their estate—generally at a reduced transfer tax value.
The National Jump In House Values and the Power of Home Improvements to Offset Capital Gains Taxes
House values continue to rise in the low interest rate, post-recession economy. Homeowners are experiencing this increase not only in East and West coast cities like New York, Los Angeles, Boston, and San Diego, but here in Dallas-Fort Worth as well.