Each year, from January to mid-April, people across Texas prepare to file their annual taxes. However, for many reasons, not everyone can get their tax return mailed or filed before April 15th. Fortunately, the IRS allows late payers and filers to qualify for...
Tax Law
Do nonprofits pay taxes in Texas?
On Behalf of Blazier, Christensen, Browder & Virr, P.C. | Sep 28, 2022 | Tax Law
The more knowledgeable Texas resident might know that nonprofits don’t have to pay taxes. While this is true, there are certain requirements that nonprofits have to meet, as well as other terms and conditions that apply. Why don’t nonprofits have to pay taxes?...
Understanding IRS’s offer in compromise in Texas
On Behalf of Blazier, Christensen, Browder & Virr, P.C. | Jul 11, 2022 | Tax Law
A penalty isn't always imminent when you owe the IRS money in Texas and find it difficult to pay them right away. There are steps you can take to resolve your debt, one being to offer in compromise. Explaining an offer in compromise (OIC) An offer in compromise is an...
3 reasons you shouldn’t use cryptocurrency as compensation
On Behalf of Blazier, Christensen, Browder & Virr, P.C. | Apr 20, 2022 | Business Law, Tax Law
It’s becoming more common to use various cryptocurrencies as a form of payment. Some Texas residents like shopping online with cryptocurrencies while other people keep their crypto wallets as investments. There are even some employees who prefer to be paid in...
What to do when you owe the IRS money
On Behalf of Blazier, Christensen, Browder & Virr, P.C. | Mar 23, 2022 | Tax Law
If you owe money to the IRS, the agency may take steps such as seizing a bank account or placing a lien on your Texas home. Fortunately, there are many actions that you can take to stay in the good graces of the federal government's tax collector. Let's take a look at...
What are like-kind exchanges in real estate?
On Behalf of Blazier, Christensen, Browder & Virr, P.C. | Feb 24, 2022 | Tax Law
If you're involved in a real estate business in Texas, there are a great many details that you will need to keep in mind at all times. One of them will be the payment for and transfer of property. Of the different means that you can use to facilitate this transaction,...
What the TCJA means for taxpayers in Texas
On Behalf of Blazier, Christensen, Browder & Virr, P.C. | Nov 15, 2021 | Tax Law
The Tax Cuts and Jobs Act, or TCJA, impacts taxpayers of all kinds. It's important to be prepared for the changes that come with this law come tax season so that you can better prepare for your financial future. A massive tax overhaul The TCJA was signed into law by...
Common red flags that trigger IRS audits
On Behalf of Blazier, Christensen, Browder & Virr, P.C. | Nov 2, 2021 | Tax Law
Statistics show that the IRS audits one out of 250 returns. Most audits happen for a reason and involve unintentional mistakes, but it helps Texas taxpayers to know what may trigger the IRS to audit a return. Reasons for personal audits Tax law allows taxpayers to...
Why would the IRS agree to an offer in compromise?
On Behalf of Blazier, Christensen, Browder & Virr, P.C. | Aug 20, 2021 | Tax Law
Taxpayers might find themselves owing significant sums of back taxes. Failing to file tax returns, not making estimated payments or forgetting to report all income could lead to several years of debt. Texas taxpayers might wish to pay off their debt, but taking such...
What to do if you can’t pay your business taxes?
On Behalf of Blazier, Christensen, Browder & Virr, P.C. | May 3, 2021 | Tax Law
Texas business owners have a lot on their plate. When it comes to taxes, you may be running behind on paying yours. While it may feel like the end of the world, you do have various options out there to remedy the condition. File for an extension When it comes to...