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Understanding Disaster-Based Tax Credits and Deductions

We are now in the thick of the Atlantic hurricane season, something many of us in Texas have to be concerned about, particularly if we own property along the Gulf. Of course, summer also frequently brings severe thunderstorms to our state, complete with damaging hail, straight-line winds, tornadoes and devastating […]

Audits

A look back at FATCA’s first four years

Texans with international business and financial interests may be familiar with a federal law called the Foreign Accounting Tax Compliance Act, or FATCA. Following its initial adoption in 2010, the statute recently completed a four-year ramp-up period and is now in full effect. FATCA background information American tax law requires […]

Articles

IRS releases updated “Taxpayer Bill of Rights”

A new publication from the IRS aims to inform taxpayers of their basic rights when dealing with their taxes. The Internal Revenue Service (IRS) recently released a revised Taxpayer Bill of Rights. The document is posted on the agency’s website and was sent to homes across the country in thousands […]

Articles

PEOs aren’t without their downsides

As we’ve discussed in a previous post, there are several positive aspects of using a Professional Employer Organization (PEO). Partnering with a PEO can result in significant cost savings in terms of health and unemployment insurance premiums, as well as much less hassle in terms of payroll, human resources issues […]

IRS

New FBAR deadline affects foreign account holders

A new law signed recently by President Obama will change the filing deadline for reporting foreign financial assets, bringing it into alignment with the standard April 15 deadline for filing income tax returns. The change will take effect starting with the 2016 tax year. Who has to file an FBAR? […]

Articles