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New Tax Developments for S Corporations

New Tax Developments for S Corporations

An important tax court decision was recently passed down that addresses a common audit trigger for S corporations: Payments to sole shareholders. Are they considered wages or distributions? The...

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Can a Retroactive Tax Hike Happen This Year?

Can a Retroactive Tax Hike Happen This Year?

There’s talk about the potential for a retroactive tax hike for capital gains. Is it possible? Yes. But is it likely? That question is much more difficult to answer. Legally, the U.S. President...

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Taxes on Collectibles

Taxes on Collectibles

Many valuable coins, stamps, artwork, cars, and other collectibles are considered alternate investments by the IRS. With the pandemic reportedly sparking new interest in memorabilia and the...

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6 Family Business Succession Tips

6 Family Business Succession Tips

There is only one certainty for business owners: You won’t be able to stay at the helm forever. You’ll exit, either by choice or by circumstance. Some business owners prepare years in advance...

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Why the IRS Isn’t Taking Your Call

Why the IRS Isn’t Taking Your Call

Although our Texas Tax Day was delayed an entire month longer than the rest of the country, it has still been a chaotic mess for those needing answers from the IRS. The agency is backlogged so...

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Michael Jackson’s Thrilling Tax Court Win

Michael Jackson’s Thrilling Tax Court Win

When Michael Jackson died in 2009, his estate was suffering, and he was deeply in debt. Among what was owed was millions in taxes, but exactly how much was anyone’s guess. Estimates from the...

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Lowering Texas Inventory Taxes

Lowering Texas Inventory Taxes

Texas is one of only a handful of states that fully taxes business inventory of both raw materials and finished goods as part of what’s known as business personal property. Since there’s no...

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