Family relationships can fray after someone dies. Money and property have a way of bringing out the worst in people. Sometimes the conflict escalates beyond angry words at the funeral or tense meetings with the lawyer. What happens when the person named as executor in the will has committed violence against another family member who…
TX-LW Blogs
Installment Agreements Can Extend the IRS Collection Deadline
The IRS has ten years to collect unpaid taxes after assessment. But that deadline isn’t always final. Those with unpaid tax debts often seek payment plans to be able to pay their tax liabilities over time. When a taxpayer requests or enters into an IRS installment agreement, the clock on the collection statute stops running.……
Tax Planning for Net Operating Loss Carryback Elections
Congress has used Section 172 for net operating losses to stimulate the U.S. economy. It has done this by allowing certain losses to be carried back, thereby generating cash refunds to the taxpayer. This puts cash into the hands of taxpayers who are suffering losses. One only has to look at the history of changes……
Who Qualifies as a “Designer” for Section 179D Energy Tax Deductions?
Contractors regularly upgrade HVAC systems and lighting in commercial buildings to improve energy efficiency. These projects can be expensive. When the building owner is a government entity, the tax code allows contractors to claim an immediate tax deduction for the cost of energy-efficient improvements under Section 179D. But not every contractor who touches the building……
A Common Probate Challenge: Voiding Real Estate Deeds Based on Mental Incapacity
A family member signs over her home to a grandchild. Weeks later, she’s declared legally incapacitated. The family questions whether she truly understood what she was doing when she signed. But here’s the challenge: nobody performed a mental evaluation on the exact day she signed the deed. Does that mean the deed stands? This scenario…
Qualified Offer Delivery: “Addressed To” vs “Delivered To”
You’ve done everything right in working with the IRS and the IRS still got it wrong. You’ve exhausted your administrative remedies and you have to hire a tax attorney. Now you are incurring costs just to correct the IRS error. The attorney has you make a proper qualified offer under Section 7430(g) to recover attorneys……
What Secured Creditors Lose When They Miss the 90-Day Deadline in Dependent Administrations
When someone dies owing you money secured by real property, you face important choices about how to collect. You hold a lien on the property itself. But what if the property doesn’t sell for enough to cover the full debt plus all accrued interest, late fees, and attorney’s fees? Can you pursue the estate for…
Convert Interest Income to Capital Gains on Sales by Omitting Interest?
Business transactions can be structured in any number of ways. Those who are tax savvy can structure their transactions to minimize and even avoid paying taxes. There are tax provisions that specifically allow for tax savings. To achieve the tax savings, one only has to structure the transaction to meet the requirements of the statute.……
Can the IRS Require Personal Information for a Business Tax Debt?
You have a business entity. You took the time to form it. You made all of the tax filings. And then the business can’t pay its own tax liabilities. It owes the IRS back taxes. As you try to work with the IRS to resolve the balance, the IRS wants to know about your personal……