In light of recent United States Tax Court decisions and subsequent affirmation by the Ninth Circuit Court of Appeals, the IRS has issued a notice to Chief Counsel Attorneys informing them of how to proceed with innocent spouse cases and the standards of review to expect from the Tax Court. […]
Category: Legislation
Tax exemptions, like so many other things in life, come in sizes large and small. For large corporations and wealth individual taxpayers, the tax savings involved in properly claiming exemptions amount to some serious money. That is why tax litigation in Texas and across the country sometimes focuses on issues […]
It’s been over three weeks now since Congress and President Obama reached a deal to avert the fiscal cliff. Reaching the deal was a relief to many. But the complexity of the various provisions involved could cause considerable confusion as the new tax return season gets underway. The IRS has […]
It’s been two weeks after the election and it is only six weeks before the end of the year. But it still remains to be seen what tax changes Congress might make to address the combination of automatic spending cuts and tax increases included in the short-hand phrase “fiscal cliff.” […]
We’ve heard over and over that it’s coming: a “fiscal cliff.” The dramatic phrase has become so common in government circles that it’s become unavoidable. And no one doubts that the expiration of numerous tax cuts at the end of the year could profoundly affect individual income taxes. Taxpayers in […]
Small businesses are greatly affected by tax reporting requirements. If the government isn’t careful, compliance with these requirements can become excessively burdensome for business. And that, in turn, can hurt productivity and make small businesses less competitive. In other words, business income taxes involve a fine line. Our tax system […]
The Texas oil industry is weathering tough times. The BP oil rig explosion in the Gulf of Mexico is causing a massive environmental disaster and giving the entire industry a black eye. It will almost certainly stop any expansion in offshore drilling. Meanwhile, Congressional Democrats want to repeal oil and […]