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Tax News

Land owners in Oklahoma must pay property taxes annually to their county governments, but what if you do not pay or cannot pay the liability? 

The consequences for not paying property taxes are severe but simple. If you fail to pay, the county can auction off your property in the June re-sale after four years of delinquent taxes. Falling behind exasperates the amount owed through penalties incurred each month, but by state law, county governments can only offer one payment plan. 

In the 2018 Executive Budget, Oklahoma Governor Mary Fallin proposed eliminating the Corporate Income Tax in the state, but what does this mean for companies and taxpayers? 

For taxpayers in Oklahoma, Fallin reports eliminating this tax would result in the loss of $140.2 million in tax revenue for appropriation to state agencies and services. 

At the 2017 State of the State address, Governor Mary Fallin proposed a new source of sales revenue for the state and cities: Services. 

“This proposal represents a modernization of the Oklahoma tax laws,” said Fallin.

While the state’s economy historically depended on the sale of goods, Fallin said that is no longer the case because the current economy is less about “things” and more about service.  

Fallin argues this new tax will provide a more stable source of revenue, correct structural deficits present in the state system, return control of a larger share of the budget to legislative appropriators and ensure new growth in the future. 

Oklahoma residents may receive a new invoice on Feb. 1 for taxes on purchases made online at companies located outside of the state. 

In May 2016, Governor Mary Fallin approved House Bill 2351, also known as the Retail Protection Act. It expands the scope of Oklahoma’s Use Tax to include businesses located outside of the state that sell to residents, such as Amazon. 

Businesses must voluntarily begin collecting taxes or send customers an end-of-year notice on purchases. The purchaser is responsible for paying the taxes. 

The IRS is a big, complicated organization, and sometimes things slip through the cracks. At the Law Offices of Rod Polston, we watch for any mistakes the IRS has made and any actions they plan to take to resolve them, just in case it affects any of our clients. Between 2012 and 2013, the IRS failed to identify approximately 1.9 million non-filers. That amounts to a gigantic tax gap: an estimated $7.4 billion in owed taxes (as of this year). So in today's blog, we're asking: How did this happen, and what comes next? 

If you or anyone close to you has ever had to make an offer in compromise to the IRS, you know how frustrating the process can be. And while the IRS has recently taken steps to improve their process, a new report suggests it still has a long way to go. 

They say that giving is its own reward, and for your taxes, that's literally true. The IRS offers substantial deductions for charity, and especially for charity-related travel expenses. We here at the Offices of Rod Polston feel a strong connection with the generous folks who give to charity, and this week, we wanted to give a little bit back ourselves. Here's all the steps you need to take to ensure you can deduct charity-related travel expenses when you file. 

As 2016 comes to a close, tax season is rapidly approaching. In order to ensure a smooth and easy filing process, it’s never too early to start preparing for your tax returns. Careful preparation now can mean avoiding delays in receiving your tax refund later. 

Whether it's a house, apartment, mobile home, or whatever, owning a vacation home is a wonderful thing. It's the perfect getaway, and can double as a great source of income should you decide to rent it out. Of course, any money you make from a vacation home is taxable, and we here at the Law Offices of Rod Polston want to make sure your perfect getaway doesn't turn into the perfect headache. So here are a few things to consider, tax-wise, if you rent out your vacation home. 

Here at the Law Offices of Rod Polston, we accommodate our vast tax expertise to any situation our clients might face. Today's blog post is for any of our clients that don't have a Social Security Number, and instead have an ITIN. ITIN stands for Individual Taxpayer Identification Number, and is used by the IRS to identify taxpayers who are obligated to pay taxes but do not have, and cannot legally obtain, a SSN. If you're an ITIN holder and you need to file a tax return in 2017, you may need to renew your ITIN.

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