The potential of an IRS audit looms over taxpayers throughout the country when they submit their tax returns. In reality, the chance of being audited is very slim. For fiscal year 2022, fewer than half of 1% of all tax returns were audited. Still, no one wants to be...
San Antonio Tax Law Blog
What can you do if you think your business partner is stealing?
The mere thought that one of your business partners might be stealing from you can make your heart sink right into your stomach – but you don’t want to react to your suspicions rashly. To protect your own interests (and your company) you need to be cautious. Don’t...
Siblings as co-executors: What if they don’t get along?
When siblings get along and have each other’s best interests at heart, they may happily share the burden of being the executor of a parent’s estate. When they mix like oil and water, however, having siblings as “co-executors” of an estate can be an absolute disaster....
What is an offer in compromise?
When someone has a substantial outstanding tax debt, the IRS may allow them to use an offer in compromise. This opportunity isn’t be offered to everyone, and its availability is decided on a case-by-case basis. But it can be a tactic to resolve the tax issue for both...
3 times a trustee might face fiduciary litigation
A trustee has authority over the assets that someone uses to fund a trust. They take over the management and distribution of those assets, often for a small amount of compensation for the services that they provide. Although family members of the person who created...
What the IRS does when someone doesn’t file or underpays
Most people resent the obligation to pay federal income tax, but doing so is a legal and social necessity. The desire to minimize taxes and even to avoid them is perfectly normal. Quite a few people wait until the very last moment to file their tax returns or pay what...
What do you need to know about tax liens and levies?
Tax liens and levies are legal actions taken by the government to collect unpaid taxes. Although both are used to enforce tax collection, they function differently and result in distinct consequences for taxpayers. Anyone who’s facing the possibility of these serious...
What should you put in a partnership agreement?
Creating a partnership agreement is one of the best steps you can take when you launch a business with someone else. You don’t want to just agree on things verbally or assume that you’re both on the same page. A partnership agreement allows you to get everything in...
5 income tax issues that are actually fraud
Keeping up with current tax laws is challenging, but it’s necessary for those who plan to do their own taxes. Even if you use a professional tax preparer, you must still ensure the information you provide to them is accurate. There are some tax issues that are...
4 common estate planning myths
Estate planning is the process of documenting your assets and last wishes in anticipation of your passing. This way your assets can go into good hands and your beneficiaries can benefit from your estate. However, many people put off estate planning. This likely...
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