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Powell Tax Law Blog

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What Happens If You Ignore an IRS Notice?

While the odds of getting audited by the IRS are very slim – only 0.2 percent of individual income tax returns filed for the 2020 tax year faced an audit – receiving an IRS notice in the mail is far more likely. In fact, the federal governm...

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How to Settle Your IRS Tax Debt with an Offer in Compromise

Sign on IRS headquarter building
If you're struggling with tax debt, the idea of paying a fraction of what you owe may sound too good to be true. But for some taxpayers, an ...
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AI Tax Advice: Risks, Rewards & Liability for Texas Taxpayers

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In three short years, generative artificial intelligence (Gen AI) has caused widespread, rapid transformation in business and finance, inclu...
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What Texans Should Know About the New “No Tax on Tips” Act

Glass tip jar labeled “No Tax on Tips” representing new tax changes for Texas service workers.
Do you earn tips waiting tables, making lattes, doing hair, or driving deliveries, and wonder how they’ll affect your taxes? A new federal l...
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