If you live in Texas, you may benefit from learning more about the new tax-reporting law affecting payment apps. Mobile payment apps like Cashapp, Payal, Venmo, and Zelle are now required to report commercial transactions totaling more than $600 per year to the...
What is a like-kind exchange for tax purposes?
Tax law changes take place often in the United States, and there are many rules and exceptions for Texas residents to understand. For example, like-kind exchanges have been in the Internal Revenue Code for a long time, but what are they? IRS like-kind exchanges A...
Common IRS tax scams
Most Americans are serious about paying taxes, and scammers often take advantage of it. Scams commonly increase around holiday times and tax filing time, causing consumers to lose money. Consumers in Texas should be aware of scams that the IRS warns about. Imposter...
What is the difference between tax evasion and tax avoidance?
Texas residents and businesses are required to pay federal income taxes. However, some of them manage to find loopholes. Two ways are through tax evasion and tax avoidance. You should know what these terms mean and how they differ. What is tax evasion? Under tax law,...
What to do when you get sued by a debt collector
If you get behind on debt in Austin, Texas, you may get contacted by debt collectors. Some lenders sell debts to third-party agencies who sue debtors. However, if a debt collector sues you, there are some steps you can take. Fair Debt Collection Practices Act (FDCPA)...
What time limits affect how the IRS can come after you?
Tax law can be complicated, so it's not surprising that people make mistakes or get tripped up trying to do the right thing, especially when their income is more complex than just the basics. If you have made a mistake on your Texas tax return, there are time limits...
Should you consider applying for an offer in compromise?
Each year, many adults throughout Texas must file their taxes. Unfortunately, sometimes, it's impossible to pay the IRS what you owe. If the IRS agrees that it's impossible for you to fully pay off your debt, you may be able to present an offer in compromise (OIC)....
Alternative ways to deal with back taxes
Sometimes, people in Texas find themselves in a difficult financial situation. They may not be able to pay their taxes in full and on time. Luckily, there are options available to them. The IRS is open to several different ways to deal with back taxes: installment...
E-filing regulations and small businesses
Business owners in Texas should know that the IRS is considering a big rule change. Rather than allowing mid-sized businesses to continue filing their W-2s and 1099s on paper, they may be forced to begin e-filing. This possible rule change is related to the Taxpayer...
Opting out of CTC payments could be beneficial
On July 15, over 35 million U.S. families received their first child tax credit payment. This payment is the first of six; families will receive these payments monthly. However, some families may choose to opt out of the remaining child tax credit payments; financial...
