Have You Checked for Unclaimed Property Lately?
The Texas Comptroller’s office approved and paid out a record $309 million in unclaimed property during the past fiscal year. It might be worth checking out for yourself. Since 1963, Texas has had a system in place requiring institutions, businesses, and governmental entities to report to the state any personal property that has been unclaimed […]
How a $1 Billion Texas Tax Shelter Blew Apart
It’s hard to hide one billion dollars from the IRS, as a Dallas attorney allegedly found out recently. The man is accused of creating tax shelters to help high-net-worth clients conceal giant sums of money in income from the IRS. What did he allegedly do? According to the U.S. Attorney for the Northern District of […]
What a Year: 2023 Inflation-Adjusted Tax Breaks
Inflation adjustments are bigger than usual in 2023: coming in at about 7% for more than 60 federal tax provisions, including personal tax deductions, capital gains thresholds, and estate taxes. As part of the changes, income tax brackets are being bumped up, producing the most savings for the highest-income taxpayers. Single filers will need to […]
The Latest in Tax-Saving Charitable Giving
If you’re feeling the urge to give more to charity this year, you’re not alone. In addition to it being the season for giving, Americans are considering increased donations this year due to recession fears. According to a study from Fidelity Charitable, nearly 75% of those surveyed said they worry about other community members, and […]
Employee Retention Credit Fraud: Don’t Get Lured In
The IRS is warning employers to be wary of third parties advising them to claim the Employee Retention Credit (ERC) when they may not qualify. “Businesses are encouraged to be cautious of advertised schemes and direct solicitations promising tax savings that are too good to be true,” states the IRS. “Taxpayers are always responsible for […]
Smart Startup Tax Considerations (For Everyone)
It’s an exciting time to be a San Antonio entrepreneur—new and seasoned alike. As businesses in San Antonio flourish, it’s essential not just to grow and thrive but to protect and preserve with smart tax-saving moves. San Antonio’s startup scene is booming, with tech jobs in the area expanding by 80% in the past year. […]
Do Texans Pay More Taxes Than Californians?
A viral infographic showing how Texans pay more taxes than Californians has raised eyebrows across the state. Even Beto O’Rourke drudged it up in a recent tweet. The Houston Chronicle says it’s true, the Tax Foundation says it’s not, and the San Antonio Express-News shrugs its shoulders. The answer depends on your income level and […]
Patagonia’s Big Give Could Save $1 Billion in Taxes
Once Patagonia founder Yvon Chouinard announced that he’s giving away the corporation’s wealth to fight climate change, experts started crunching the numbers. Turns out the donations could save him and his family over $1 billion in taxes, in addition to being able to direct where those funds are spent. “It shows how wealthy people don’t […]
The IRS Got an $80 Billion Raise. How Will That Affect You?
There’s no doubt you’ve spent at least a moment worrying about the $80 billion funding boost the IRS just received as part of the Inflation Reduction Act. Should you be worried about increased audits? Possibly. For most taxpayers, however, the infusion won’t be notable. First of all, if you heard that the funding will be […]
When Do Unpaid Payroll Taxes Become Criminal?
There’s talk that the IRS is more proactively tracing how unpaid payroll tax money is spent during trust fund recovery investigations. The outcome? Potentially, it’s a swifter handover to the IRS Criminal Investigation Division for criminal prosecution. Bloomberg Tax published a commentary on the development this summer. In his observations, Attorney Eric Green of Green […]