ONLINE RETAILERS LOOK OUT FOR TEXAS LIMITED SALES, USE & EXCISE TAX

Online retailers have good reason to look out for the Texas Limited Sales, Use & Excise Tax. Each State is permitted to change its laws governing transactions to realize this new source of revenue.  It is hard to imagine that Texas would not extend its sales, use and excise taxes to reach online retailers selling into Texas from other States or Countries.  The U.S. Supreme Court has given the States a green light to tax online retailers selling goods and services into their States from remote locations.

REASONABLE CAUSE AND GOOD FAITH – IRS Penalties Can Be Abated, Forgiven or Waived

The IRS will not impose accuracy related penalties upon a showing by the taxpayer that there was reasonable cause for the tax position and that they acted in good faith with respect to the tax position or act in question.

IRS REFUNDS LIKE DISCOUNT COUPONS CAN BE LOST

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 of the Internal Revenue Code too

IRS to End the 2014 Offshore Voluntary Disclosure Program on September 28, 2018

On Monday, March 13, 2018 the IRS announced that it will end the Offshore Voluntary Disclosure Program on September 28, 2018. Taxpayers who have not taken advantage of the 2014 OVDP must act quickly.