On July 22, 2024 the Internal Revenue Service announced tax relief for individuals and businesses in 67 Texas counties affected by Hurricane Beryl that began on July 5, 2024. These taxpayers now have until Feb. 3, 2025, to file various federal individual and business tax returns and make tax payments. This applies to any area […]

On May 28, 2024 the IRS announced tax relief for individuals and businesses in Texas that were affected by severe storms, straight-line winds, tornadoes and flooding that began on April 26, 2024. These taxpayers now have until Nov.1, 2024, to file various federal individual and businesstax returns and make tax payments. Following the disaster declaration […]

In a recent turn of events, an Alabama federal judge has declared the Corporate Transparency Act (CTA) of 2021 unconstitutional, bringing relief to only the plaintiffs in that lawsuit. This includes Isaac Winkles, his businesses, and 65,000 members of the National Small Business Association (NSBA). National Small Business United v. Yellen, 5:22-cv-01448 (N.D. Ala. 2024). […]

In a bid to encourage eco-friendly practices, individuals making energy efficient improvements in their homes starting in 2023 may now reap the benefits of a new energy-efficient home improvement credit up to $1,200. This credit, which replaces the old nonbusiness energy credit, can be a valuable financial incentive for those looking to enhance the energy […]

In a significant stride towards financial transparency, the Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) has initiated the acceptance of beneficial ownership information reports mandated by the bipartisan Corporate Transparency Act, enacted in 2021. This groundbreaking effort aims to compel companies operating within the United States to disclose crucial information about the individuals ultimately […]

On September 1, 2023 the Texas Supreme Court issued its opinion in Duncan House Charitable Corporation v. Harris County Appraisal District (HCAD), reversing the 14th Court of Appeals and ruling against the Harris County Appraisal District on a property tax exemption dispute. The primary issue was whether the property owner (the charity) was required to […]

Each year the IRS publishes a Dirty Dozen list of tax scams that it plans to target in upcomingaudits. This year the IRS spotlighted Employee Retention Credits (ERCs). The public has literallybeen bombarded with radio and internet ads in the last 12 months by promoters attempting to conineligible businesses into claiming the credit. These promotions […]

The IRS has announced that the interest rate it charges for underpayments of tax (including estimated tax payments) has increased from 6% to 7% beginning January 1, 2023. This is the fourth quarter in a row that IRS has raised its interest rate by a full percentage point. (Rev. Rul. 2022-23). One year ago on […]

The Tax Court recently held that a couple of millionaires could deduct the losses incurred in their miniature donkey breeding business because it was entered into for profit. This case can serve as a valuable roadmap to survive an IRS audit for those with a loss-generating activity. Huff and his wife lived on a farm […]

In recognition of recent gasoline price increases, the optional standard mileage rate for the final six months of 2022 has been increased from 58.5 cents to 62.5 cents. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain other purposes. For the final six […]