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Tax Implications of Fantasy Football

  • 24 August 2016
  • Author: Alexander Carr
  • Number of views: 900
  • 0 Comments
Tax Implications of Fantasy Football
The NFL regular season kicks off September 8 and, with it, millions of football fans will be participating in fantasy football leagues (more than 50 million, in fact). The rise of daily fantasy games (DFGs) like those offered through FanDuel and DraftKings are fueling the trend. But how do fantasy football winnings (or losings) affect taxes?

How the IRS Deals With Frivolous Claims

How the IRS Deals With Frivolous Claims

Frivolous may be a word often used in British comedies but the IRS is quite fond of it as well. Receive a letter from the IRS accusing you of frivolous deductions or that your reasons for failing to file taxes altogether are frivolous, and you may be in some very hot water. 

Texas CPAs and Confidentiality

  • 28 June 2016
  • Author: Alexander Carr
  • Number of views: 1014
  • 0 Comments
Texas CPAs and Confidentiality

It’s a case that has business owners scratching their heads. Two former PwC accountants were recently on trial in Luxembourg accused of leaking corporate tax details to the press.  Are the accountants whistleblowers who should be praised or did they commit an unethical breach of confidentiality? Does the case hold any lessons to be learned for Texas small business owners?

3 Huge Family Business Structure Mistakes

3 Huge Family Business Structure Mistakes

Choosing the right business structure can be confusing. The correct structure may hinge on how many employees you have, the type of business you’re in and even how much money you make. These factors, as well as evolving tax laws, can change over time, leaving many family business owners with business structures that simply don’t suit them (for instance, a corporation that should be a partnership).


Can a Family Business Be Innovative?

  • 27 April 2016
  • Author: Cari Holbrook
  • Number of views: 900
  • 0 Comments
Can a Family Business Be Innovative?

Transgenerational entrepreneurship. This intimidating term is not the latest focus of a People Magazine cover story. Instead, it’s a business succession term used by organizations like Baylor University’s Institute for Family Business to describe the process of passing along not just a family business from generation to generation but the entrepreneurial mindset and capabilities that will enable new streams of wealth.

Avoid These 3 Common Tax Filing Mistakes

  • 24 March 2016
  • Author: Cari Holbrook
  • Number of views: 979
  • 0 Comments
Avoid These 3 Common Tax Filing Mistakes

Done with your taxes? Are you sure? Nothing is more frustrating than handing over your taxes and then realizing you overlooked some major deductions or—worse yet—made mistakes that could cost you.

Huge Overtime Pay Change for Salaried Workers

  • 24 February 2016
  • Author: Cari Holbrook
  • Number of views: 1107
  • 0 Comments
Huge Overtime Pay Change for Salaried Workers

A new federal ruling mandates that all salaried workers, regardless of title or duties, are eligible for overtime if they earn $50,440 or less (effectively doubling the previous limit of $23,660). Experts believe that, under the ruling, businesses will find themselves more vulnerable to an audit and subject to sizable penalties for not accurately tracking and paying nonexempt employees for all hours worked. Those relying on paper time sheets, which are open to human error, and those not requiring employees to track hours at all may be particularly vulnerable.

Succession Planning: Identify Your Company's Future Leaders Early

  • 27 January 2016
  • Author: Cari Holbrook
  • Number of views: 1080
  • 0 Comments
Succession Planning:  Identify Your Company's Future Leaders Early
Who will carry your business into the future? Do you have your successors identified? Do you have a succession plan? How will you know whether or not to look outside the family for the future of your company, even if you run a family business? These are difficult questions to answer but they’re also extremely important to address when it comes to the long-term success of your business.

2016 San Antonio Small Business Outlook

  • 18 December 2015
  • Author: Cari Holbrook
  • Number of views: 1169
  • 0 Comments
2016 San Antonio Small Business Outlook

Job creation remains strong, unemployment is at a historic low, and the city continues to grow. This glowing report from the San Antonio Hispanic Chamber of Commerce’s 2015 Economic Outlook Breakfast still holds true for 2016. Richard W. Fisher, former president of the Dallas Federal Reserve Branch agrees, recently stating that “the majority of the job growth in [Texas] has taken place in three metropolitan areas, Dallas has half of it and the rest is split between Austin and San Antonio—San Antonio is doing well.”

The State of Texas Is Cracking Down on Employee Misclassification

  • 18 November 2015
  • Author: Cari Holbrook
  • Number of views: 1298
  • 0 Comments
The State of Texas Is Cracking Down on Employee Misclassification
The Texas Workforce Commission is cracking down on employee misclassification, primarily as it applies to independent contractors (W9 workers). Before dismissing the issue as not pertaining to you and your business, understand that the TWC and related agencies may not agree with you.
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