In tax disputes, the IRS holds a considerable advantage, as the law is often stacked in their favor, granting them broad collection powers. When all other avenues fail, the IRS summons becomes their primary tool for obtaining taxpayer records and information needed to assess and collect taxes. Despite the summons rules being unchanged for a……
TX-LW Blogs
Case Study: Accessing a Bank Account
This case study involves a widow who was seeking assistance to access her late husband’s bank accounts. Despite presenting an affidavit of death and a death certificate and being the successor on the account, she was told by the bank that she needed a letter testamentary to access the account. This situation was complicated by…
What Happens if a Will is Declared Invalid?
When a person passes away, their will typically outlines the distribution of their estate. However, there may be instances where a will is declared invalid due to a variety of reasons such as lack of testamentary capacity, undue influence, or improper execution. When this occurs, the distribution of the decedent’s estate becomes a complex process.…
Calculate Tax Loss for Criminal Tax Cases: Why It Matters
In the realm of criminal tax cases, time is of the essence. The criminal process operates at a markedly faster pace than the civil tax assessment process, creating a situation where defendants often overlook the precise amount of the tax loss they are accused of. While the tax-related details, including the actual amount owed, may……
Tax on Funds Received as an Intermediary Conduit
As tax attorneys in Houston, we often see investments made by local ethnic communities that are focused on investing overseas or raising money from overseas. This often involves those who immigrate to the U.S. from foreign countries, and do well in the U.S. financially. The investments are often made based on direct knowledge of opportunities……
Dealing With a Fraudulent Durable Power of Attorney
A durable power of attorney is a standard estate planning document. It is a powerful legal document that grants an agent broad authority to act on behalf of the principal. Unfortunately, this type of document is often prone to fraud and abuse. The Gardner v. Majors, No. 10-21-00306-CV (Tex. Ct. App.–Waco 2023) case provides an…
Inheritance with No Will in Texas
Dealing with the loss of a loved one is never easy, and it can be even more challenging when there is no clear plan for their assets. In Texas, when someone passes away without a will, their assets are subject to the state’s intestacy laws. This means that the court will distribute the assets according…
Navigating an Estate Without a Will
Dealing with the death of a loved one is never easy, but it can be especially challenging when they pass away without a will. This is what is commonly referred to as an estate without a will or “intestate succession.” In this case study, we will explore the complex issues that can arise in these…
Crypto Tax Loss & the Tax Loss Deduction Rules
Crypto tax loss refers to the capital losses incurred from selling or trading cryptocurrencies at a lower price than what was paid for them. These losses can be used to offset any gains earned throughout the year, reducing the taxpayer’s overall tax bill. The tax laws are clear that this type of investment loss is……