News
This section of our website contains useful information, Web links and tools. Please check back regularly for updates and recent revisions. Our goal is to provide information and resources that will make the process of financial planning and tax preparation simpler.
2018 – 07/11
Jul 20th, 2018

Tax cuts are less “stimulating” in a strong economy, says a Federal Reserve Bank study: “Fiscal Policy in Good Times and Bad.” The Tax Cuts and Jobs Act came with “overly optimistic” expectations from the Congressional Budget Office, including a gross domestic product boost of 1.3 percentage points, according to the study. The true boost […]

2018 – 07/12
Jul 20th, 2018

The IRS has finalized regulations that close corporate inversion loopholes. Corporate inversions (also called “expatriation transactions”) generally involve a U.S. corporation that engages in a series of transactions to move its headquarters from the U.S. to a lower-taxed foreign jurisdiction. The final regs address transactions structured to avoid the purposes of the anti-corporate-inversion rules contained […]

2018 – 07/11
Jul 20th, 2018

The U.S. Tax Court looks at the statute of limitations. The IRS generally has 3 years to determine if tax liability shown on a return is invalid and issue a deficiency notice. If the return has a substantial omission (more than 25% of reported gross income) and there’s inadequate disclosure of relevant facts, a 6-year […]

2018 – 07/12
Jul 19th, 2018

U.S. veterans who are owed refunds of tax overpayments due to disability severance should file amended tax returns. In an Information Release, the IRS recommends this action for certain veterans who received disability severance payments after January 17, 1991, and included them as income on their federal income tax returns. To claim a credit or […]

2018 – 07/12
Jul 19th, 2018

Disaster victims in Texas qualify for tax relief. The IRS announced that victims of the severe storms and flooding in counties of Texas designated as federal disaster areas have more time to make tax payments, file returns and complete certain other time-sensitive acts. Qualifying individuals who reside or have a business in Cameron and Hidalgo […]

2018 – 07/13
Jul 18th, 2018

A taxpayer’s former associates in a medical practice, who were angry with him, filed a fraudulent information return (Form 1099-MISC). They reported that his taxable income was more than $159,000, rather than the approximately $38,000 that he argued should have been reported. A jury agreed with him that a fraudulent return was filed. He sought […]

2018 – 07/12 – 21st century estate planning accounts for digital assets
Jul 18th, 2018

If you die without addressing your digital assets, such as online brokerage or bank accounts, in your estate plan, your loved ones or other representatives may not be able to access them without going to court. Worse yet, your family or executor may not even know these assets exist. One solution is writing an informal […]

Jul 17th, 2018

Mechanics of the new Sec. 199A deduction for qualified business income http://bit.ly/2KXOtxv

2018 – 07/13
Jul 17th, 2018

The U.S. government recorded an estimated budget deficit of $607 billion for the first 3 quarters of fiscal year 2018, according to the Congressional Budget Office’s (CBO’s) latest review. The amount was $84 billion more than the deficit recorded in the same period for FY 2017. Total tax receipts were up by 1% in the […]

2018 – 03/14
Jul 17th, 2018

The IRS announced that the Offshore Voluntary Disclosure Program (OVDP) is ending on September 28, 2018. The program is a form of tax amnesty that allows U.S. taxpayers with unreported foreign accounts to avoid criminal charges and pay reduced civil penalties by making voluntary disclosures to the IRS. The IRS noted that, by alerting taxpayers […]