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Category: Federal Income Tax

houston tax attorney loan guarantees payment

Bad Debt Tax Deduction for Guarantee Payment?

November 29, 2019November 24, 2019 Houston Tax Attorney

If you guarantee a loan for a third party and have to make payments due to the guarantee, do you get to deduct the payment as a bad debt for tax purposes? The court addresses this in Baker Hughes, Inc.… Read More

Federal Income Tax, Tax, Tax LossLeave a comment
houston tax attorney capital gains

Sale of Long-Term Service Contracts: Capital or Ordinary Gain?

November 20, 2019November 20, 2019 Houston Tax Attorney

If a taxpayer sells a business that owns long-term service contracts, is the gain attributable to the contracts subject to tax at ordinary or capital gains rates? The IRS’s recent action on decision for the Greenteam Materials Recovery Facility PN… Read More

Capital vs. Ordinary, Federal Income Tax, TaxLeave a comment
travel expense tax attorney in houston

Travel Expenses Allowed for Repetitive Pattern of Travel

November 13, 2019November 13, 2019 Houston Tax Attorney

The IRS frequently challenges travel expenses.  These expenses have a higher substantiation requirement, which the IRS uses to disallow every expense no matter how reasonable or how certain it is that the expense was incurred.  But what if it was… Read More

Federal Income Tax, Tax, Tax DeductionsLeave a comment
partial asset disposition attorney

Records Needed for Partial Asset Dispositions

November 10, 2019November 8, 2019 Houston Tax Attorney

Taxpayers often overlook “partial asset dispositions.” Their tax advisers do too. This may be due to it being a depreciation issue that seems unimportant. It may also be that the partial asset disposition is a relatively new concept. Regardless, partial… Read More

Depreciation, Federal Income Tax, TaxLeave a comment
M&A tax attorney in Houston

M&A Finders Fee Not Deductible for Acquirer

October 17, 2019October 17, 2019 Houston Tax Attorney

If a company acquires another company and pays a finders fee to the party who connected the two for the sale, is the finders fee deductible by the acquirer? This question touches on whether an expense is deductible if the… Read More

Federal Income Tax, Tax, Tax DeductionsLeave a comment
attorney for NY part-time resident income tax

Avoiding State Income Tax on Part-Time Residents

October 9, 2019October 9, 2019 Houston Tax Attorney

Sometimes you can’t avoid paying state income taxes. This is true for those who have no ties to any state other than a state that has an income tax. But for those who have ties to multiple states, they can… Read More

Federal Income Tax, State & Local Tax, TaxLeave a comment

The Broad Reach of the Economic Substance Doctrine

September 28, 2019October 8, 2019 Houston Tax Attorney

Congress provides tax incentives to change taxpayer behavior. If a taxpayer changes their behavior to take advantage of the incentive, they have to do so carefully. The IRS and the courts can apply the economic substance doctrine to take away… Read More

Economic Substance Doctrine, Federal Income Tax, TaxLeave a comment

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Bad Debt Tax Deduction for Guarantee Payment?

Foreign Trust Beneficiary Liable for a Double Tax Penalty?

Sale of Long-Term Service Contracts: Capital or Ordinary Gain?

Estate Plan Triggers Liability for Unpaid Taxes

The IRS Recent Focus on S Corp Owners

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