Martin Cantu, EA - Tax Consultant - Tax Relief Services Blog

Yes, tax filing deadlines are just ahead. Do yourself a favor and save some money in the process. Get your deadlines in order, make sure you file your extensions and run a quick estimate of what you owe. Even if you can;t pay the whole amount, lets get an idea of the amount and start to make arrangements.  Its so much easier (and cheaper) to work ahead instead of behind. Lets talk. 

Danny, age 12, is a friend of the firm. Danny has cancer. The family hoped for continued good reports after long treatments of chemotherapy. Recently, the tumor returned and Danny bravely faced another surgery. He's currently in ICU and his Dad reports that he's doing well. They are exploring new treatment options after surgery. If you pray, please keep Danny in your prayers. If you don't, please keep a good thought for a 12 year boy who is facing the ultimate challenge.

I'm now addicted to watching BigBrother #BB16, something I never considered watching until I was at my daughter's house. As I watch the "social game" play out, I thought it would be fun to use the players as examples of the type of people and responses we receive from the #IRS. Here are a couple, just for fun -  Devin - heavy handed and insulting; your worst nightmare; you'll do anything to get your file off his desk. Zack - loud, crazy and not much substance; you'll put up with an hour of ranting to get to one minute of rational thought. Nicole - sweet as pie; she'll bend over backwards to help you out, even though you may not like the result. Cayleb - "beast mode tax man"; my way or the highway, unless you're female. Donnie - dumb as a fox; you better watch yourself with Donnie - I think he has a masters in tax law and is former Navy Seal. Derrick - the perfect combination of smarts and empathy.  All in good fun. I wonder wha...

The dog days of summer are a great time to spend a few minutes with your 2014 tax projections to see how the year is stacking up. Are you making as much income as you anticiapted? Are there any unexpected income or expense items? Are you having enough withheld or paid in as estimated tax? All great questions to be asking yourself now, rather than next April, when it's too late for action. Keep your notes - it makes a last minute look in December all the easier. While you're reviewing your situation, now is a great time to consider a charitable deduction to the 501(c)(3) charity of your choice. With school just around the corner, so many organizations are gearing up to help those in need as we move into a new school year. Their need for funding extends way beyond the end of the year. Our office supports these charities, as we're pleased to highlight them now for the great work they perform in the community.  In San Antonio we support Seton Home . They are a resi...

Here are a couple of notes from the #IRS audit front lines for the first half of 2014: 1. IRS auditors are focusing on particular industries and work groups, accumulating a lot of data that they can use in other audits in the same industry.  2.Auditors are more interested than ever in your "monetary lifestyle", and how that lifestyle compares to your stated deductions. 3. IRS auditors are more anxious to close out your case, good or bad, than ever before.  Lately we've read a lot in the press about the shortcomings of IRS spending on technology and staff. The IRS countered with some great data mining and sharing of information on the local level. For example, here in central and south Texas the IRS is focused on audits of oil field services, drilling operations and landowners in the #EagleFord area. Databases and other informal information on say, oil field truck drivers, is shared among the local audit group. Financial profiles quickly emerge; informat...

Here are a couple of things not to do when confronted with an IRS issue: 1. Ignore all those certified letters . Certified letters are the IRS' way of slapping you in the face to get your attention. Continue to ignore those letters and you're sure to anger the IRS. If your looking for a levy or garnishment, then you're headed in the right direction.  2. My accountant/lawyer/spouse/ etc  is responsible for filing my returns . Responsibility for filing returns rests squarely on you - not your spouse, not you accountant, not your lawyer or anyone else. Blame has no role in solving your tax issue.  3. The IRS owes me money, so I won't file . Great strategy, until you realize that the limitations period will run and you will lose that refund. And you know the movie script here - you have several years of taxes due that could be wiped out by a refund you did not claim 6 years ago. Just like any 70's disaster movie you lose. You lose the refund and you owe th...

In a truly Alice in Wonderland moment, the Unites States #TaxCourt issued an order in which the Court says that #IRS guidance "is not binding precedent and that taxpayers rely on same at their own peril." What? Okay, maybe the #TaxCourt meant that you can't rely on something a clerk tells you on the phone or at your local #IRS office. Maybe the #IRS representative was not authorized to issue the guidance, or perhaps they misconstrued the #TaxCode - you might understand how that could happen.  Not the case. The #TaxCourt Order in  Bobrow, Docket No. 7022-11 , dated ironically enough April 15, 2014, warns taxpayers that they can't rely on #IRS guidance. Looking deeper into the case, the advice was actually contained in an IRS publication, Number 590 to be precise. The #TaxCourt stated that reliance on Publication 590 "would not have served as substantial authority for the position taken on their tax returns." The American College of Tax Counse...