Is Your Offshore Trust as Risky as the Media Reports It Is?

If you have an offshore trust or have been entertaining the idea of having one, recent news may have scared you off. The Pandora Papers revealed the inner workings of what’s been dubbed a “shadow economy” benefiting the wealthy and well-connected. But that doesn’t mean all offshore accounts are a sign of fraudulency. An offshore […]

In Texas, Resolving Disputed Taxes Just Got Easier

Just getting a case to district court efficiently and affordably has been a massive headache in the past for Texas taxpayers disputing their state and local tax (SALT) bills or refund amounts. Two new Texas laws help ease this by removing a “pay-to-play” barrier and shortening the winding road to resolution. HB 2080’s Removal of […]

Want to Live & Work Abroad? Get to Know This Income Tax Exclusion

As global borders open, are you ready to head overseas for an extended adventure? “Workcations” are on the rise but, if you’re not careful, your income taxes will rise, too. Nearly 75% of Americans who’ve gotten used to working from home would consider a “workcation” trip now that international travel is back on the table. […]

Sudden Death & Family Business Exits

We recently wrapped up the Fourth Annual San Antonio Exit Planning Summit with our Exit Planning Exchange (XPX) San Antonio colleagues. A common theme was a sobering but vitally important one for all business owners: How sudden illness or death can complicate business ownership and exit plans. Two stories stood out: The first was about […]

Are Required Employee IRAs Coming?

Tucked into the embattled federal budget reconciliation bill is a possible mandate forcing small businesses with five employees or more to offer an automatic IRA arrangement or 401(k)-type plan. “Under the proposal, starting in 2023, employers with five or more employees would have to offer a retirement plan and automatically enroll employees, diverting 6% of […]

College Athletes “Face” Big Taxes

College athletes are starting to benefit from being able to sell their name, image, and likeness (NIL). But these athletes may be in for a rude awakening come tax time because even freebies and other non-monetary payments can be considered income. It’s a lesson business owners need to understand as well. Until recent months, college […]

How to Avoid Ghost Tax Preparers & Other Scammers

The American tax system is filled with tax breaks that can save you thousands of dollars, as long as you know where and how to look. But the system is decidedly not “user friendly,” which is why many taxpayers miss out. Finding a savvy tax preparer who understands the changing landscape and its moving parts […]

Phishing at Work: An Expense You Can’t Afford

Phishing attacks are getting more sophisticated, even forcing many businesses that fall victim to them to close. The sad truth is that 60% of small businesses are shut down within six months of a significant cyberattack because of the financial losses involved (an average of $200,000, in fact). At the beginning of 2020, during the […]

Tax Tips for California Entrepreneurs Moving to Texas

Newly arrived in Texas by way of California? There’s a strong influx of California transplants to the area, particularly among entrepreneurs. If you’re among them, welcome! But fair warning: Leaving the state doesn’t necessarily mean you’ll stop paying California taxes. Entrepreneurs love the Lone Star State’s business-friendly policies. Ranking high among them: No corporate or […]

3 Keys in Choosing a Tax Preparer

How do you know you’re working with a legitimate tax preparer? The answer isn’t as cut-and-dry as it should be. It’s essential to determine, though, because working with an unscrupulous or incompetent tax preparer could cost you more than tax dollars. You could be hit with huge penalties and interest or even jail time. Tax […]