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 […]

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 […]

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) […]

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 […]

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 […]

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 […]

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 […]

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 […]

  An IRS audit is an in-depth review of your tax return during which the IRS makes sure you are in strict compliance with the tax law and have documentation for every deduction you claimed. If not, they will disallow it and assess you back taxes, interest, and penalties. Penalties apply if the tax deficiency […]

  People are often confused over whether to hire a tax attorney or a tax accountant to handle their tax issues. In many cases, the roles these individuals play can overlap. They both know a lot about taxes, charge about the same, and have a professional license.  However, these professions have distinct roles. In some […]