Tax News

  • 2019 YEAR-END TAX PLANNING

    Planning Strategies and Techniques Available Through End of Year Over 2018 and 2019, tax professionals have been grappling with the new landscape of taxation under the Tax Cuts and Jobs Act. Laptop batteries have drained, reams of paper have been used, and eyes have gone dry all across the country in researching ways to help […]

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  • YEAR-END BUSINESS STRATEGIES

    Qualified Business Income DeductionOne of the biggest changes from the Tax Cuts and Jobs Act was the allowance of a 20-percent deduction of qualified business income for owners of sole proprietorships and passthrough entities. This is the qualified business income deduction, and it can apply very generally to most types of businesses, but there are […]

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  • WITHHOLDING AND PENALTIES

    Estimated Tax Penalty The tax filing season in 2019 was the first be impacted by the Tax Cuts and Jobs Act. As the filing season went on, many individual taxpayers were shocked to discover that the withholding they employed prior to the implementation of tax reform was wildly inadequate under the revised tax system. As […]

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  • TAX LEGISLATION

    Several bills have been proposed during 2019, but none of them have seen much advancement. Congress came close to passing the SECURE Act, which would have made changes to retirement savings and employer retirement contributions provisions, but that has stalled in the Senate. There has also been talk of a technical corrections bill, as well […]

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  • IRS extends Oct. 15 and other upcoming deadlines, provides other tax relief for victims of Tropical Storm Imelda

    WASHINGTON – Victims of Tropical Storm Imelda in parts of Texas, including the Houston area, have until Jan. 31, 2020, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today. The IRS is offering this relief to any area designated by the Federal Emergency Management Agency (FEMA) […]

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  • Don’t let a ghost preparer put a scare into your tax situation

    According to an Internal Revenue Service (IRS) news release (IR-2019-09), taxpayers are warned to avoid using the services of tax return preparers who may be unscrupulous, particularly those who may be acting as “ghost” preparers. The term “ghost preparer” means a person who prepares an income tax return for compensation but does not digitally or […]

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  • 2018 Year-End Tax Planning

    Tax Cuts and Jobs Act Creates New Planning Opportunities Year-end 2018 presents challenges and opportunities for tax planning that have not been present before. The Tax Cuts and Jobs Act (TCJA) is the most significant tax legislation in over 30 years. Just about every taxpayer of every type is affected by the changes to the […]

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  • IRS Scams: IRS Sets the Record Straight

    To help taxpayers avoid scams in which criminals impersonate IRS employees, the IRS has published a Fact Sheet setting out the ways it does, and does not, contact taxpayers.  Since 2013, the Treasury Inspector General reports that more than 10,000 victims have collectively paid over $54 million to scammers posing as IRS officials. IRS impersonation […]

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  • What Do I Do If I Lost an Original Will?

    Houstonians lost many valuable papers during the flood of Hurricane Harvey. Some of these papers are relatively easy to replace. But others are not, such as an original will. It can be an expensive nuisance to have a new will prepared. That is one reason why you should keep your original will in a safe […]

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  • PENNIES ON THE DOLLAR!! REALLY??

    The radio announcer captures your attention with, “Do you owe more than $10,000 to the IRS? If so, call [XYZ] Company and they will: (1) resolve all your problems, (2) get IRS off your back, and (3) remove most (if not all) of your tax debt.” It sounds too good to be true and it […]

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