Elderly adults often become targets for theft by the very people hired to help them. Caregivers gain access to homes and personal belongings. They steal money and valuables. Important documents like wills often vanish during these thefts. The documents may be destroyed accidentally or lost in the chaos that follows systematic exploitation. It can create…
TX-LW Blogs
Settling Tax Debts Based on “Future Income” for Business Owners
The IRS settles balances for back taxes for less than what is owed through the “offer in compromise” program. The idea of this program is to allow taxpayers to have a so-called “fresh start” when they get really behind. This way the IRS collects something rather than nothing. Those who work as employees are less……
Sidestep Tax Court Review by Applying Overpayments
What happens when a taxpayer properly invokes their right to challenge the underlying tax liability through the CDP process, but the IRS then uses subsequent overpayments to zero out the disputed balance? Can the IRS effectively eliminate tax court jurisdiction by manipulating these overpayments mid-process, leaving the taxpayer without any forum to resolve their legitimate……
When False Testimony About Parentage Derails Texas Estate Distribution
Blended families face unique challenges when a loved one dies without a will in Texas. Step-parents, step-children, and biological children have to navigate complex inheritance rules that depend heavily on family relationships. The stakes can be very higher when community property is involved. Distribution of community property can shift between a surviving spouse and children…
IRS Collections: Can Taxpayers Rely on IRS Statements?
Taxpayers who enter into payment arrangements with the IRS often believe they are safe from IRS collection actions. Many assume that agreeing to monthly payments will prevent the government from filing tax liens. This assumption seems reasonable given the IRS’s own published guidelines. These guidelines suggest liens won’t be filed in certain circumstances. But can……
When the IRS Agrees You’re Right But the Court Says You’re Wrong
Say the IRS agrees that you are entitled to a sizeable tax deduction. But on audit, the IRS determines that you reported the tax deduction using the wrong form. The form used does not change the amount of the tax deduction or the taxpayer that would ultimately pay the tax. From the IRS’s perspective, the……
Short State Law Statutes Can Limit IRS Collections
Taxpayers may think that as long as the IRS has valid tax liens, the government can reach any property the taxpayer once owned, regardless of when it was transferred or how much time has passed. This assumption is not always true. While federal tax liens remain valid for their statutory collection period, the government’s ability……
Can You Create Deductions by Forgiving Debt to Your Own Entities?
Business owners with multiple entities often transfer funds between their companies. These transfers are often accounted for in an inter-company account. In other instances, they may be structured as loans. When financial difficulties arise, these intercompany loans might be forgiven. If this is the case, can the borrowing entity exclude the forgiveness income while the……
Choice-of-Law Provisions in Trusts are Not Just Boilerplate
Estate planning attorneys routinely include choice-of-law provisions in trust documents. They often defaulti to the state where the trust is created or where the attorney practices. These provisions might seem like boilerplate language, but they can profoundly impact beneficiaries’ rights decades later. The governing law determines everything from modification procedures to information rights, and these…