Texas Tax Talk

Texas Tax Talk

Category Archives: IRS Collection

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Tax Cheats Can Go Wild In Dallas Texas

Posted in IRS Collection
The Washington Post published an article on April 8, 2015 titled “In Dallas, the IRS says it can’t chase tax cheats who owe less than $1 million.”  Here is a section of the article (emphasis added): If these taxpayers are delinquent on $900,000, for example, the IRS won’t go after them; budget reductions have forced the… Continue Reading

Want to get paid like Darryl Strawberry?

Posted in IRS Collection
The IRS is auctioning off a deferred compensation arrangement Darryl Strawberry had with the Mets.  Minimum bid is $550,000 for a payment stream that is estimated to be well over $1 million.  Get your bid in by January 20th if you really want it.  See the IRS Notice for more details. According to an Article by… Continue Reading

Do we really have a “Taxpayer Bill of Rights”?

Posted in IRS Collection, Tax Practice
The IRS announced the adoption of a “Taxpayer Bill of Rights” Tuesday.   I have listed the rights below along with my commentary.  Just like our U.S. Constitutional Rights, these “rights” are and will be watered down. All of us have certain rights we feel strongly about.  For instance, folks here in Texas are very concerned about guarding their rights… Continue Reading

Application for Tax Exempt Status To Be Eased by IRS – Except for the Tea Party

Posted in IRS Collection
In 2013, the IRS revealed that it had selected “social welfare” groups (like the Tea Party) applying for tax-exempt status for closer scrutiny.  That investigation is still ongoing and it has given the IRS a black eye. The Tea Party is a 501(c)(4) organization – not your traditional 501(c)(3) which must be “organized and operated exclusively for religious, charitable, scientific,… Continue Reading

What is the penalty for filing a partnership return late?

Posted in IRS Collection
A common problem for taxpayers with closely held businesses is getting returns filed on time.  Entrepreneurs are often focused on trying to build business – or sometimes just trying to survive. Tax compliance is something that can fall by the wayside.  But this leads to problems. In the case of a partnership (or LLC taxed as a partnership)  the return due date is… Continue Reading

What does my IRS Notice mean?

Posted in IRS Collection
The quantity of correspondence that is generated by the IRS can be mind boggling. It is vital to understand each of these notices and act appropriately.  The IRS website is a good place to start.  There is actually a IRS webpage called Understanding Your IRS Notice or Letter.  This page has a list of many of… Continue Reading