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Articles Dallas Probate

Probate Claim vs. Probate Administration Expense

What does Texas law say about a creditor trying to collect a debt from someone who died? You may be surprised to learn that some debts can be erased as part of the probate process, somewhat like discharging debts in bankruptcy. The case of Ullrich v. Est. of Anderson, 740 S.W.2d 481 (Tex. App.‒Houston [1st…Continue…Continue readingProbate Claim vs. Probate Administration Expense

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Articles Houston Tax

Rental Tax Losses for Those With Irregular Hours

Tax cases are interesting in that they apply a fairly well-developed set of rules to varying fact patterns. These varying fact patterns can result in surprising, and often unintended, consequences. The more complex the tax law in question, the more likely it is that the outcome will be something other than what Congress may have…Continue…Continue readingRental Tax Losses for Those With Irregular Hours

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Houston Probate

Galveston County Reports its First COVID-Related Death in a Child

Kali Cook, a 4-year-old Galveston County girl, was running around her Bacliff home Monday, gleefully batting the fake red eyelashes her grandmother had given her for Labor Day. By 2 a.m., she had a fever. By morning she was gone. The 4-year old died of COVID-19 in her sleep Tuesday at 7 a.m., her mother…Continue…Continue readingGalveston County Reports its First COVID-Related Death in a Child

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Articles Houston Tax

IRS Lien on Trust Assets

As long as the government tries to collect taxes, there will be taxpayers who try to find ways to not pay the taxes. These tax payment avoidance options often involve co-ownership of property or, in many cases, trusts. The recent United States v. Simones, No. 1:20-cv-00795-PJK-SCY (D.N.M. 2021) case shows how the IRS is able…Continue…Continue readingIRS Lien on Trust Assets

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Articles Houston Tax

Qualifying for Section 1244 Stock Losses

The Tax Cuts & Jobs Act of 2017 changed the choice of entity decision quite a bit. It affords corporate taxpayers the benefit of the lower flat 21 percent tax rate. It provides non-corporate businesses a 20% qualified business income deduction. There were other changes too. This is in addition to the existing tax rules…Continue…Continue readingQualifying for Section 1244 Stock Losses

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Probate San Antonio

Mom of Spurs Legend Tony Parker Hosting an Estate Sale

Spurs fans have a rare chance to own a Tony Parker collectible curated by his No. 1 fan: his mom. Vogt Auction, a San Antonio-based company, is helping basketball mom Pamela Firestone downsize before she moves back to Paris. The estate sale is taking place on site, at her North Central home, on Friday, August…Continue…Continue readingMom of Spurs Legend Tony Parker Hosting an Estate Sale

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Houston Probate

What Does the FDA’s Full Approval of the Pfizer Vaccine Mean?

The FDA announced on Monday the full approval of the Pfizer vaccine for those 16 and older. That means the vaccine has now undergone extensive review over a substantial period of time —more than six months —to ensure long-term safety, said Dr. Prathit Kulkarni, with infectious diseases at Baylor College of Medicine. A fully approved…Continue…Continue readingWhat Does the FDA’s Full Approval of the Pfizer Vaccine Mean?

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Articles Houston Tax

Defense Contractor Able to Exclude Foreign Income

United States citizens pay tax on their worldwide income. This general rule can result in double taxation–with the United States imposing tax on the same income that was already taxed by a foreign government. The United States has tax treaties with many countries that help avoid this type of double taxation. The United States also…Continue…Continue readingDefense Contractor Able to Exclude Foreign Income

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Articles Houston Tax

Tax Deductions Associated With “Other Income”

The IRS was recently given a significant increase in its budget. Its request for more money was premised on the need to hire more IRS revenue agents to audit more non-compliant tax returns. While the IRS has in fact reduced its headcount significantly, it has also benefitted from recent tax law changes. Some of these…Continue…Continue readingTax Deductions Associated With “Other Income”

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Houston Probate

Only 27 ICU Beds Left in Houston’s Trauma Service Area

More than 10,000 Texans are hospitalized for COVID-19, according to data released by the Texas Department of State Health Services Tuesday afternoon. According to Tuesday’s report, 10,041 people were hospitalized with COVID-19 across the state of Texas on Monday, the highest rate since Feb. 4, as the delta variant continues to dominate new COVID-19 infections.…Continue…Continue readingOnly 27 ICU Beds Left in Houston’s Trauma Service Area