By: Coleman Jackson, Attorney & Certified Public Accountant March 07, 2020 Thinking about spending that money withheld from employees’ wages to take a tour of the world, pay other business expenses or house payments? Don’t do it before reading Internal Revenue Code Section 7702! Hear those alarm bells ringing! Anyone required to collect, account for,…
By: Coleman Jackson, Attorney, Certified Public Accountant January 29, 2020 When the Internal Revenue Service sends you a tax bill and you do not pay it, a federal tax lien is created by operation of law whether the IRS files the lien in the public property records in your state or not. A tax lien…
By Coleman Jackson, Attorney & Certified Public Accountant November 20, 2019 During this past summer, the Taxpayer First Act (“TFA”) became U.S. tax law. The U.S. Congress’ stated purpose of implementing the Taxpayer First Act was to modernize and improve the Internal Revenue Code of 1986. From a bird’s eye view, the following are three…
By Coleman Jackson, Attorney, Certified Public Accountant September 10, 2019 The Earned Income Tax Credit or EITC is designed to assist working class families with children by putting money in their pockets. The EITC is a tax credit, not, a tax deduction. The difference is huge! A tax credit is a dollar for dollar…
By Coleman Jackson, Attorney, Certified Public Accountant August 21, 2019 Ever heard of the Fixing America’s Surface Transportation (FAST) Act of 2015? Well, under FAST the IRS has the authority to notify the State Department of taxpayers certified as owing the federal government. A significant tax debt is currently defined as a delinquent…
By: Coleman Jackson, Attorney, Certified Public Accountant July 16, 2019 The 1970 Currency and Foreign Transactions Reporting Act, which is otherwise known as the Bank Secrecy Act requires U.S. residents, citizens and businesses with foreign bank accounts and certain other overseas assets to report those interest to the Financial Crimes Network annually on Form…
By Coleman Jackson, Attorney and Certified Public Accountant June 10, 2019 The Holy Bible at 1 Timothy 6:17 says that God gives to us richly all things…. It is a blessing to be able to give. Giving is an expression of gratitude and love. It is good to give. Every relationship should be based on…
By: Coleman Jackson, Attorney, Certified Public Accountant May 06, 2019 Statement of Specified Foreign Financial Assets is Department of Treasury (internal Revenue Service’s Form 8938. Form 8938 is filed with the taxpayers’ annual tax return. Internal Revenue Code Sec. 6038D mandates that specified individuals, who include U.S. citizens, resident aliens, and certain non-resident aliens…
April 08, 2019 By Coleman Jackson, Attorney, Certified Public Accountant Texas is a community property state, which means that income earned by either spouse during their marriage is an item of community income. Under federal tax law, each spouse is liable for federal taxes on community income regardless of which spouse earned the…
By Coleman Jackson, Attorney, Certified Public Accountant January 08, 2019 The United States Congress has authorized the denial or revocation of United States passports to taxpayers with seriously delinquent tax debt. This authorization is codified in Internal Revenue Code Section 7345 and is pursuant to section 32101 of the FAST Act (the “Fixing America’s…
By: Coleman Jackson, Attorney, and Certified Public Accountant December 11, 2018 Internal Revenue Code Section 6012(b)(1) states that “[t]ax returns of decedents are to be made by the decedent’s executor, administrator, or other person charged with the property of the decedent.” A person having charge of the decedent’s property means a person who has…
By: Coleman Jackson, Attorney and Certified Public Accountant September 22, 2018 The IRS is closing down the Offshore Voluntary Disclosure Program on September 28, 2018. This voluntary international tax compliance program was designed to help people, organizations and business entities hiding money, accounts and assets overseas to get current and come into compliance with U.S….
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.