Tax Court: Is Diabetes is a Disability?
Houston Tax Attorney Blog
by kreig.mitchell
1w ago
If you find yourself without a job or facing unemployment, one of the options you might consider is taking a distribution from your retirement account. This is especially true if you are disabled and need the income to pay for your living costs or even your medical care. These distributions often result in additional Federal… The post Tax Court: Is Diabetes is a Disability? appeared first on Houston Tax AttorneysMitchell Tax Law ..read more
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About the Monetized Installment Sale
Houston Tax Attorney Blog
by kreig.mitchell
2w ago
The monetized installment sale is a tax strategy that allows a party to sell an appreciated asset while deferring capital gains tax for an extended period of time and receiving a significant portion of the sale proceeds in cash. The strategy involves the use of an installment sale and a monetization loan, which allows the… The post About the Monetized Installment Sale appeared first on Houston Tax AttorneysMitchell Tax Law ..read more
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The Premium Tax Credit Trap
Houston Tax Attorney Blog
by kreig.mitchell
3w ago
In an effort to reform health insurance, the government implemented a system where it would make payments directly to insurance companies on behalf of taxpayers through the use of premium tax credits. These credits were a part of the Affordable Care Act and intended to make health insurance more affordable for those who might not… The post The Premium Tax Credit Trap appeared first on Houston Tax AttorneysMitchell Tax Law ..read more
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The Crime-Fraud Exception to the Attorney-Client Privilege
Houston Tax Attorney Blog
by kreig.mitchell
1M ago
Our laws protect certain communications. This includes communications with doctors, religious advisors, spouses, and even attorneys. When it comes to Federal tax matters, communications with tax attorneys are usually at the forefront. The IRS often seeks information about these communications to help it figure out how the taxpayer structured their affairs. The attorney-client privilege is… The post The Crime-Fraud Exception to the Attorney-Client Privilege appeared first on Houston Tax AttorneysMitchell Tax Law ..read more
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Late-Filed Tax Returns & Excess Collections
Houston Tax Attorney Blog
by kreig.mitchell
1M ago
Life happens. We all experience it. There are times when life events can result in tax returns being filed late. Our tax laws offer little in way of leniency when this happens. The IRS will assess late filing penalties. Worse yet, amounts that were already timely paid to the IRS may not be refunded to… The post Late-Filed Tax Returns & Excess Collections appeared first on Houston Tax AttorneysMitchell Tax Law ..read more
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S Corporation: Distribution of Appreciated Assets
Houston Tax Attorney Blog
by kreig.mitchell
1M ago
Those who set up S corporations usually do so as their accountant told them that it could save taxes. This is often true. The S corporation can result in tax savings. This may include the standard reduction in self-employment/payroll taxes or, for more advanced tax planning, income taxes. The ability to freeze the value of… The post S Corporation: Distribution of Appreciated Assets appeared first on Houston Tax AttorneysMitchell Tax Law ..read more
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Can a Forensic Accountant Testify as an Expert?
Houston Tax Attorney Blog
by kreig.mitchell
1M ago
One of the most frequent disputes in IRS audits is whether the taxpayer had unreported income. This is income that the taxpayer failed to report on his or her income tax return. This typically involves cash a business or service provider received from clients. It may also include non-cash deposits into financial accounts. This “income… The post Can a Forensic Accountant Testify as an Expert? appeared first on Houston Tax AttorneysMitchell Tax Law ..read more
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The Qualified Nonpersonal Use Vehicle
Houston Tax Attorney Blog
by kreig.mitchell
1M ago
What Congress provides with one provision, it often takes away with another. This can result in legal challenges whereby the court creates exceptions. The exceptions can be modified and qualified by later legislation. This creates a labyrinth that one has to navigate to determine how an item is treated for federal income tax purposes. The… The post The Qualified Nonpersonal Use Vehicle appeared first on Houston Tax AttorneysMitchell Tax Law ..read more
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The U.S. Tax Court: 1 Day Late
Houston Tax Attorney Blog
by kreig.mitchell
1M ago
In many ways the U.S. Tax Court is a court and operates like other courts. But in other ways, the U.S. Tax Court is more akin to a government agency. This quasi-court status has raised a number of interesting issues about how to litigate a case in tax court and what standards apply and what… The post The U.S. Tax Court: 1 Day Late appeared first on Houston Tax AttorneysMitchell Tax Law ..read more
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The “Process” of the IRS Appeals Collection Hearing
Houston Tax Attorney Blog
by kreig.mitchell
2M ago
The government establishes processes to carry out its essential functions. These processes handle a myriad of different types of cases and cases with nuanced fact patterns. These processes allow the government to process a high volume of cases. They often do so in bulk. The process is a like well-trodden path. The path may take… The post The “Process” of the IRS Appeals Collection Hearing appeared first on Houston Tax AttorneysMitchell Tax Law ..read more
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