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.…
TX-LW Blogs
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.…
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…