New business ventures will typically incur losses in the first year or years. These losses can sometimes be used to offset the business owner’s other income. In a way, this tax loss offset and the tax savings is akin to an interest-free loan from the Federal government. Congress has imposed some limitations on this type……
TX-LW Blogs
Post Pandemic World: Similarities Between COVID-19 and Polio
As we seemingly get closer to the end of the COVID-19 pandemic, older generations are sharing the similarities of this experience with the polio outbreak of the 1940s and 50s. Watching society return to some sense of normalcy after 15+ months of being in different stages of lockdown triggers many memories. Much like the coronavirus,…
What is a Repetitive IRS Audit?
When it comes to the IRS and audits, there are times when a taxpayer may feel like they can’t win. This is often true. If you have been reading this site for some time, you may recall our article involving Five Audits in Ten Years and the court concluding that this many audits in such……
Local Memorial Day Celebrations Result in Violence
While most people were happily celebrating Memorial Day, others found their revelry halted by violence. The Houston area had a particularly grizzly weekend. As of Tuesday, 10 people were killed over the holiday. On Monday night, a gunman opened fire in a Houston nightclub killing one and injuring two others. Shortly thereafter, the gunman was…
Is a Divorce a Divorce for Tax Purposes?
Each state has its own laws. This includes laws that say how one gets married and how one gets divorced. State laws provide a method for accomplishing both acts. The laws of foreign countries usually have similar laws and processes. Religious bodies and affiliations have similar rules and processes. This raises some interesting questions as……
Houston National Cemetery Hosts Memorial Day Celebration
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…
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……