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, CPA March 15, 2019 Internal Revenue Code Section 3101 imposes on the income of every individual a federal tax equal to 6.2 percent of the wages received by the individual with respect to employment. The Code also imposes a 1.45 percent hospital tax on every individual who receives wages regardless…
By: Coleman Jackson, Attorney and Certified Public Accountant February 13, 2019 United States citizens, lawful permanent residence and certain other persons that are classified under 31 U.S.C. Sec. 5311 and promulgated Regulations must file with the Financial Crimes Network annually a Report of Foreign Bank Account, Form 114. The U.S. persons covered under 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, CPA October 15, 2018 Pursuant to Internal Revenue Code Section 162, a business can deduct an expense incurred in the business if it is an ordinary and necessary expense. An ordinary expense is customary to the taxpayer’s industry, trade or profession. Business expenses must be necessary, useful or helpful in…
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….
By Coleman Jackson, Attorney and Certified Public Accountant August 10, 2018 Paid Tax return preparers must exercise due diligence when preparing and assisting taxpayers in complying with federal tax laws. Internal Revenue Code Sec. 6695 (g) imposes a civil penalty on paid tax return preparers who fail to comply with due diligence eligibility requirements under…
By: Coleman Jackson, Attorney, Certified Public Accountant July 27, 2018 Online retailers have good reason to look out for the Texas Limited Sales, Use & Excise Tax. Have you ever heard of South Dakota versus Wayfair, Inc.? South Dakota vs. Wayfair, Inc., 585 U.S. ____ (2018) is a case decided by the U.S. Supreme Court…
By Coleman Jackson, Attorney & Certified Public Accountant June 21, 2018 The Internal Revenue Code is full of various kinds of penalties that the Internal Revenue Service is authorized to assess and collect from errant, indifferent, negligent, ambivalent, and indecisive or otherwise noncompliant taxpayers who fail to collect or pay their tax bill or attempt…
By: Coleman Jackson, Attorney, CPA May 11, 2018 Read discount coupons’ fine print. IRS refunds like discount coupons can be lost for a variety of reasons. That is why you need to read the fine print; so that, it is more likely than not, that you receive what you expected. Read carefully the fine print…
By: Coleman Jackson, Attorney, CPA March 27, 2018 Have you heard the news! On Monday, March 13, 2018 the IRS announced that it will end the Offshore Voluntary Disclosure Program on September 28, 2018. It is likely already too late for all those people who are taking their chances and have not already made steps…
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.