Debt Cancellation May be Taxable If a lender cancels part or all of a debt, a taxpayer must generally consider this as income. However, the law allows an exclusion that may apply to homeowners who had their mortgage debt canceled in 2016. Here are 10 tips about debt cancellation: Main…
Mansoor AnsariMarch 2, 2017
Capital Gains and Losses 10 Helpful Facts to Know When a person sells a capital asset, the sale normally results in a capital gain or loss. A capital asset includes inherited property or property someone owns for personal use or as an investment. Here are 10 facts that taxpayers should…
Mansoor AnsariFebruary 26, 2017
IRS Farmers Fishermen Tax Deadline The Internal Revenue Service reminds farmers and fishermen about the March 1 deadline to take advantage of special rules that can allow them to forgo making quarterly estimated tax payments. Taxpayers with income from farming or fishing have until March 1 to file their 2016…
Mansoor AnsariFebruary 26, 2017
Texas Sales Tax On Car Lease Texas laws require that the lessor (the lease company) pay sales tax on the full value of any vehicle they buy from a dealer and lease back to a lessee (you and me). This is different from most other states in which no such…
Mansoor AnsariFebruary 12, 2017
IRS 60 Day Rollover Retirement Plans The Internal Revenue Service today provided a self-certification procedure designed to help recipients of retirement plan distributions who inadvertently miss the 60-day time limit for properly rolling these amounts into another retirement plan or individual retirement arrangement (IRA). In Revenue Procedure 2016-47, posted today…
Mansoor AnsariFebruary 12, 2017
IRS Taxpayer Bill Of Rights Do you have rights as a taxpayer? The answer is YES! 1. The Right to Be Informed. Taxpayers have the right to know what is required to comply with the tax laws. They are entitled to clear explanations of the laws and IRS procedures in…
Mansoor AnsariFebruary 12, 2017
IRS Child and Dependent Care Credit Day camps are common during the summer months. Many parents enroll their children in a day camp or pay for day care so they can work or look for work. If this applies to you, your costs may qualify for a federal tax credit.…
Mansoor AnsariJune 21, 2016
IRS Tax and Securities implications of Go Fund Me Note: This article only pertains to business start-ups and indivduals, NOT Charitable causes. As kids, we all had a crazy idea or legitimate need that required money right away. We would work a summer job, collect bottles, try to sell a…
Mansoor AnsariJune 14, 2016
Houston IRS Tax Lien Release Not taking proper actions with your taxes can lead to many problems including liens against your property. A federal tax lien gives the IRS a legal claim to your property as security or payment for your tax debt. These liens are a matter of public…
Mansoor AnsariJune 13, 2016
Houston Texas Restaurant Sales Tax Audit If you are a restaurant owner in Texas and are undergoing a sales tax audit, or simply want to get your ducks in a row on what needs to be charged sales tax and what does not, then, read this note on sales tax…
Mansoor AnsariJune 8, 2016
Texas sales tax on employee meals and gift cards Whether it's that time of year or you are simply giving away a few free meals to your employees, remember that sales tax does apply. In a recent audit, our client was giving away about 25 free meals per night. Although…
Mansoor AnsariJune 8, 2016
Sampling method used in Texas sales tax audits Sampling? Does it make any sense at all that the Auditor would audit your sales, then, when it came time to look through all of your books and records, that they would only pick 1-3 months out of a given year and…
Mansoor AnsariJune 7, 2016