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March 2012 Archives

Higher income tax bracket means higher chance of audit

Whether you are an entrepreneur in Amarillo, or a doctor in Dallas, Texas, your reaction to an audit letter from the IRS is probably similar -- anxiety. Depending on your income bracket, you are either more or less likely to receive that letter.

Texas tax company leaves consumers in limbo

The face on the commercial became a familiar one as the founder of the Texas company, Tax Masters, told viewers that they need not worry about the money they owe to the IRS. This week, it was announced that TaxMasters filed for bankruptcy under Chapter 11 of the bankruptcy code. For current and potential customers, it points out the importance of hiring reputable tax relief companies.

IRS lessens penalties for the unemployed

A major effort to increase compliance has been underway at the IRS in recent years. At the same time, unemployment nationwide has increased significantly. An IRS program is targeting those who have been unemployed or underemployed, while also seeking to encourage compliance and the payment of past-due taxes. The new payment plan is part of the IRS' "Fresh Start" program.

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