With Memorial Day around the corner, many Houston residents are making their weekend plans. Now that the CDC guidelines have been updated and the number of fully vaccinated people continues to grow, it is no surprise that celebrating with friends and family is top of the list. While Memorial Day is often a day of…
TX-LW Blogs
IRS Collectors Influence on Settlemet Offer
The IRS makes decisions about tax returns, back taxes, etc. These decisions may be made by one or more persons within the IRS. These decisions may be made by IRS employees whose job functions and missions are not the same. This is most evident in the context of IRS audits. The IRS auditor’s mission is……
Surgeon Leaves Wife and Daughters Dream House After Losing Battle with Cancer
Being left behind by a loved one is never easy. This can be made increasingly difficult if the deceased did not make arrangements for what they left behind. Proper estate planning is key to helping your family move forward in your absence. Ray Valdez, an orthopedic surgeon in the Houston-area, made sure to do just…
Getting the IRS to Act Timely
There are quite a few avenues available to resolve tax disputes with the IRS. We have previously considered these options for resolving tax cases in a prior article. The number of avenues available can make it difficult to navigate the IRS bureaucracy. This plus the slow pace at which the IRS works makes it very……
Legendary Actress Olympia Dukakis Dies at the Age of 89
On the first of this month, a shining star left this earth. Olympia Dukakis, perhaps best known for her roles in “Moonstruck” and “Steel Magnolias”, passed away at the age of 89. Dukakis was known for her sharp, witty, and hilarious character work. In her long, successful career she brought dynamic roles to life and…
Is a Gift to a Former Employee Taxable?
Our gift tax rules impose a tax on certain transfers. This gift tax is required given our income tax rules. Absent a gift tax, taxpayers could simply sidestep income taxes by making non-taxable gifts to everyone rather than paying for goods and services. So what happens when a business makes a gift? Does the recipient……
Court Makes Ruling in Michael Jackson Estate Case
When estates are left behind, particularly large ones, there is often a dispute. Such is the case with the estate of the late Michael Jackson. Even though he left this earth over a decade ago, the value of aspects of his estate is just now being decided by the courts. Michael Jackson was undoubtedly one…
COD Income: Do You Count Pension Payments?
If you have a right to receive $1 in the future, is that right an asset? Our tax laws would generally say that it is. What if you cannot assign the right to receive the $1 and you cannot accelerate the payment? At what point is the right to receive the $1 not an asset……
The IRS’s Ability to Recoup Refund Checks
If you receive a tax refund and the IRS later asks you to repay the refund, what do you do? Do you keep the refund or repay it? This can be a very difficult question to answer. This is particularly true if you believe that you have a legitimate basis for and entitlement to the……