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Articles Houston Tax

Foreign Trust Owner Liable for 35% IRS Penalty

The IRS shifted its focus to international issues about ten years ago. This included having the penalty group within the IRS’s Small Business/Self-Employed division focus on international reporting penalties. This is in addition to the Treasury’s FBAR filing requirements. The SB/SE division’s focus on penalties started with a few penalty notices. The number of these…Continue…Continue readingForeign Trust Owner Liable for 35% IRS Penalty

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Articles Probate San Antonio

Delta Variant ‘Explodes’ into Bexar County, Now Accounts for Most COVID Cases

During a coronavirus pandemic briefing on Friday, July 23, Mayor Ron Nirenberg announced that hospitalizations in San Antonio are now at 418 — and more than 95 percent of those patients are unvaccinated. The positivity rate has also jumped from 11.2 percent to 13.8, with a 7-day average of new cases being 363. More than…Continue…Continue readingDelta Variant ‘Explodes’ into Bexar County, Now Accounts for Most COVID Cases

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Articles Houston Probate

COVID Hospitalizations in Texas Hit 4,000 for First Time Since March

The number of lab-confirmed COVID hospitalizations in Texas broke 4,000 on Friday for the first time since March, a worrying sign of the pandemic’s quick resurgence since the Delta variant was discovered in the state. The milestone comes amid rising COVID cases and hospitalizations across the country, especially in states with below-average vaccination rates. Dr.…Continue…Continue readingCOVID Hospitalizations in Texas Hit 4,000 for First Time Since March

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Articles Houston Tax

Investment vs. Business Tax Losses

Our tax laws make a distinction between income and losses attributable to capital assets. The distinction draws a line in the sand. Assets that are capital produce capital gain and losses. Other assets do not. This in turn has a number of other impacts, such as on the timing of when income and losses are…Continue…Continue readingInvestment vs. Business Tax Losses

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Articles Houston Probate

Conroe ISD Won’t Keep COVID-Positive Students Home

Conroe Independent School District students are set to return to class on Aug. 11. But as students return, the strict COVID-19 mandates of last year will not, and the district won’t be able to mandate that students positive with COVID-19 stay home to isolate. The district laid out the main tenants of its Roadmap to…Continue…Continue readingConroe ISD Won’t Keep COVID-Positive Students Home

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Articles Dallas Probate

How Long do I Have to Probate a Will in Texas?

How much time do you have before the statute of limitations bars a Will from being probated? If it has been more than four years since the decedent passed, can I recover my interest from their estate? Who can probate a Will after the fourth anniversary of the testator’s death? The case of Ferreira v.…Continue…Continue readingHow Long do I Have to Probate a Will in Texas?

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Articles Houston Probate

A Fully-Vaccinated Houston Wedding Led to 6 Delta Variant Cases

A couple hosting an outdoor wedding outside Houston in April required full COVID-19 vaccination from all of their guests. It was an open-air event, with 92 people in attendance. Their happy day turned into a nightmare, though, after one attendee died, two others were hospitalized with severe illness and three others tested positive for the…Continue…Continue readingA Fully-Vaccinated Houston Wedding Led to 6 Delta Variant Cases

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Articles Probate San Antonio

San Antonio’s Current COVID-19 Indicators ‘Concerning’ to Officials

Even though more people are being vaccinated, the COVID-19 Delta variants are continuing to spread. Don’t allow the increasing vaccinations along with the lower positivity rate for the virus be a reason to let your guard down. This recent COVID-19 data is a eye-opening example on how fast the positivity rate can rise. After months…Continue…Continue readingSan Antonio’s Current COVID-19 Indicators ‘Concerning’ to Officials

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Articles Houston Tax

Increased Tax Withholding & the IRS’s Lock-in Letter

Many taxpayers get behind in paying the IRS as a result of IRS audits. Others have tax balances as they are self-employed or contractors and they simply do not make estimated payments. There are others who owe tax as they instruct their employers to withhold too little income tax from their paychecks. The IRS has…Continue…Continue readingIncreased Tax Withholding & the IRS’s Lock-in Letter

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Articles Houston Probate

Teen Shot on Freeway while Coming Home from Astros Game

We often find ourselves living each day in routine rather than in the reality of uncertainty. Though it may be unlikely, it’s always best to be prepared for the unexpected. One of the most ideal ways to ensure you are prepared is to contact an estate planning attorney. Many think it’s not needed, but it…Continue…Continue readingTeen Shot on Freeway while Coming Home from Astros Game