The FDA announced on Monday the full approval of the Pfizer vaccine for those 16 and older. That means the vaccine has now undergone extensive review over a substantial period of time —more than six months —to ensure long-term safety, said Dr. Prathit Kulkarni, with infectious diseases at Baylor College of Medicine. A fully approved…
TX-LW Blogs
Defense Contractor Able to Exclude Foreign Income
United States citizens pay tax on their worldwide income. This general rule can result in double taxation–with the United States imposing tax on the same income that was already taxed by a foreign government. The United States has tax treaties with many countries that help avoid this type of double taxation. The United States also……
Tax Deductions Associated With “Other Income”
The IRS was recently given a significant increase in its budget. Its request for more money was premised on the need to hire more IRS revenue agents to audit more non-compliant tax returns. While the IRS has in fact reduced its headcount significantly, it has also benefitted from recent tax law changes. Some of these……
Only 27 ICU Beds Left in Houston’s Trauma Service Area
More than 10,000 Texans are hospitalized for COVID-19, according to data released by the Texas Department of State Health Services Tuesday afternoon. According to Tuesday’s report, 10,041 people were hospitalized with COVID-19 across the state of Texas on Monday, the highest rate since Feb. 4, as the delta variant continues to dominate new COVID-19 infections.…
Tax Consequences of a Loan vs. Capital Contribution
Taxpayers often structure their affairs to their advantage. Our legal system and even our tax laws allow for this. With many transactions, one way this is done is structuring transfers as either loans or capital contributions. The tax ramifications for the transfers can vary widely based on this type of broad classification. This distinction is……
Hidalgo to Move Harris County Back to Highest COVID Threat Level
Harris County Judge Lina Hidalgo on Thursday plans to return the county to the highest COVID-19 threat level and urge unvaccinated residents to stay home and avoid unnecessary contact with others, two officials said. She plans to make the announcement at a 1:00 p.m. news conference with Mayor Sylvester Turner The virus has significantly worsened…
Suspect in Shooting Death of Teen After Astros Game Surrenders
Houston police tracked the Buick LaCrosse from its sale to its fiery destruction, leading to the identification and arrest in the road rage death of a teen Astros fan. Gerald Williams was taken into custody Monday after surrendering downtown at the Houston Police Department headquarters. Williams was charged last week in the death of 17-year-old…
Foreign Trust Owner Liable for 35% IRS Penalty
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……
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.…