When a taxpayer owes significant back taxes, the consequences can go far beyond penalties and interest. Under federal law, the IRS can certify your tax debt as “seriously delinquent” and request that the U.S. Department of State deny, revoke, or limit your passport. This authority comes from 26 U.S.C. § 7345, which Congress enacted as…
Receiving notice of an IRS audit can be unsettling for any business owner. While audits do not always indicate wrongdoing, they often require significant time and documentation. By understanding common audit triggers, businesses can take proactive steps to reduce risk and remain fully compliant with federal tax laws. What Triggers an IRS Audit? The IRS…
9/24/2024 Therapy Works Counseling Services, PLLC 4645 Avon Ln Suite 120A Frisco, TX 75033 4054 Mckinney Ave suite 300 Dallas, TX 75204 629 W Centerville Rd Suite 209 Garland, , TX 75042 1101 suite B Bedford Rd, Bedford, TX 76022 (972) 695 3421 hola@therapyworkscounseling.com In today’s rapidly evolving world, family dynamics play…
9/17/2024 After suffering from an injury due to someone else’s negligence, winning a personal injury settlement can feel like a huge relief. You no longer have to worry about medical bills, lost wages, or other expenses incurred as part of your accident. However, it is important to be careful how you use your settlement…
The Worker: Employee or Independent Contractor? Why does it matter legally how workers are classified? By Coleman Jackson, Attorney, and CPA. Date: June 14, 2023. Are your workers employees or independent contractors? Why does it matter legally how workers are classified? How should you make the determination as to whether a worker is classified as…
FACTS MATTER! TAXPAYERS CAN WIN WILLFUL FAILURE TO FILE FBAR CASES IN COURT! By Coleman Jackson, Attorney, CPA March 16, 2023 Under United States law an annual reporting and disclosure responsibility is placed on any United States person with any financial interest in or signatory authority over, a bank, brokerage, stock, or any other financial…
THE U.S. SUPREME COURT OPINED THAT THE REPORT OF FOREIGN BANK AND FINANCIAL ACCOUNTS MAXIMUM NONWILLFUL VIOLATION PENALTY IS $10,000 PER FBAR NOT PER ACCOUNT By: Coleman Jackson, Attorney & Certified Public Accountant March 6, 2023 The Bank Secrecy Act (BSA) and its implementing regulations require certain individuals to file annual reports with the federal…
By Coleman Jackson, Attorney and Certified Public Accountant October 11, 2022 As a general rule a taxpayer is allowed a deduction for all ordinary and necessary expenses paid or incurred during the taxable year in carrying on a trade or business. This basic tax rule is set forth in Internal Revenue Code Section 162. The particular…
By: Coleman Jackson, Attorney & Certified Public Accountant January 7, 2022 The Law: Treasury Regulation Section 1.6041(a): The federal income tax regulations require that anyone engaged in a trade or business must report compensation paid on Form 1096, Annual Summary and Transmittal of U.S. Information Returns and Form 1099 for non-employee compensation over $ 600…
By: Coleman Jackson, Attorney & Counselor at Law and Certified Public Accountant December 21. 2021 The Fifth Circuit: The United States Court of Appeals for the Fifth Circuit is the federal court that hears appeals from federal court decisions issued by the federal district courts in Texas, Louisiana and Mississippi. That means that the court decisions…
By Coleman Jackson, Attorney & Counselor and CPA August 01, 2021 The IRS continues to observe criminals using a variety of scams that target honest taxpayers. In some cases, these scams will trick taxpayers into doing something illegal or that ultimately causes them financial harm. In this blog we will discuss about Fake Charities and…
By Coleman Jackson, Attorney & Counselor and CPA July 17, 2021 Operating a business enterprise with cash can be an IRS audit flag because businesses operating in cash are susceptible to fraudulent financial transactions. However certain business operations handle a lot of cash in their normal operations. These businesses are classified in tax parlance as…
Whether you’re a small or medium-sized business owner seeking tax or business representation, or an individual seeking immigration assistance, we are ready to provide vigorous and compassionate legal support. Reach out to Coleman Jackson, P.C. today to discuss how we can help you.