The IRS shifted its focus to international issues about ten years ago. This included having the penalty group within the IRS’s Small Business/Self-Employed division focus on international reporting penalties. This is in addition to the Treasury’s FBAR filing requirements. The SB/SE division’s focus on penalties started with a few penalty notices. The number of these……
TX-LW Blogs
COVID Hospitalizations in Texas Hit 4,000 for First Time Since March
The number of lab-confirmed COVID hospitalizations in Texas broke 4,000 on Friday for the first time since March, a worrying sign of the pandemic’s quick resurgence since the Delta variant was discovered in the state. The milestone comes amid rising COVID cases and hospitalizations across the country, especially in states with below-average vaccination rates. Dr.…
Investment vs. Business Tax Losses
Our tax laws make a distinction between income and losses attributable to capital assets. The distinction draws a line in the sand. Assets that are capital produce capital gain and losses. Other assets do not. This in turn has a number of other impacts, such as on the timing of when income and losses are……
Conroe ISD Won’t Keep COVID-Positive Students Home
Conroe Independent School District students are set to return to class on Aug. 11. But as students return, the strict COVID-19 mandates of last year will not, and the district won’t be able to mandate that students positive with COVID-19 stay home to isolate. The district laid out the main tenants of its Roadmap to…
A Fully-Vaccinated Houston Wedding Led to 6 Delta Variant Cases
A couple hosting an outdoor wedding outside Houston in April required full COVID-19 vaccination from all of their guests. It was an open-air event, with 92 people in attendance. Their happy day turned into a nightmare, though, after one attendee died, two others were hospitalized with severe illness and three others tested positive for the…
When Does the IRS Issue a Lock-in Letter?
When Does the IRS Issue a Lock-in Letter? Many taxpayers get behind in paying the IRS as a result of IRS audits. Others have tax balances as they are self-employed or contractors and they simply do not make estimated payments. There are others who owe tax as they instruct their employers to withhold too little……
Teen Shot on Freeway while Coming Home from Astros Game
We often find ourselves living each day in routine rather than in the reality of uncertainty. Though it may be unlikely, it’s always best to be prepared for the unexpected. One of the most ideal ways to ensure you are prepared is to contact an estate planning attorney. Many think it’s not needed, but it…
Using an Affidavit of Heirship as Evidence of Ownership of an Estate
It is common to see family members reach an informal agreement as to how to handle the estate when a family member dies. These informal agreements often lead to disputes and end up in probate litigation. This is especially true when it comes to real estate. Family members may put off dealing with real estate.…
Adequate Dislcosure to Avoid Six Year IRS Statute
The IRS has a limited period of time to conduct audits. It often fails to finish the audit within this period of time. There are even instances where the IRS does not even start the audit until after this time period has passed. This raises tough questions for taxpayers. Taxpayers expect some finality with their……