The Internal Revenue Service (IRS) receives millions of tax returns every year from both individuals and businesses. The IRS must review the calculations and disclosures of individual taxpayers to validate that they paid the appropriate amount in income taxes. It...
San Antonio Tax Law Blog
How do you choose an executor for your estate?
When you pass away, your executor is the person who will be responsible for ushering your estate through the probate process. They’ll make certain that your assets are secured, your final debts are paid, your last tax return is filed and the remainder of your estate...
What’s a buy-sell agreement?
When you establish a good business partnership, it can last for decades – but all good things eventually come to an end. That’s why you need a buy-sell agreement between you. A buy-sell agreement (or “buyout” agreement) governs the eventual transfer of a departing...
IRS targets wealthy who have “cut corners” on taxes
The Internal Revenue Service (IRS) recently stated that it is going to focus its efforts on millionaires who may have used illegal tactics to avoid their tax obligations. The announcement was part of the agency’s recent news release outlining a focus on “restoring...
What kinds of things can increase your chances of being audited?
The potential of an IRS audit looms over taxpayers throughout the country when they submit their tax returns. In reality, the chance of being audited is very slim. For fiscal year 2022, fewer than half of 1% of all tax returns were audited. Still, no one wants to be...
What can you do if you think your business partner is stealing?
The mere thought that one of your business partners might be stealing from you can make your heart sink right into your stomach – but you don’t want to react to your suspicions rashly. To protect your own interests (and your company) you need to be cautious. Don’t...
Siblings as co-executors: What if they don’t get along?
When siblings get along and have each other’s best interests at heart, they may happily share the burden of being the executor of a parent’s estate. When they mix like oil and water, however, having siblings as “co-executors” of an estate can be an absolute disaster....
What is an offer in compromise?
When someone has a substantial outstanding tax debt, the IRS may allow them to use an offer in compromise. This opportunity isn’t be offered to everyone, and its availability is decided on a case-by-case basis. But it can be a tactic to resolve the tax issue for both...
3 times a trustee might face fiduciary litigation
A trustee has authority over the assets that someone uses to fund a trust. They take over the management and distribution of those assets, often for a small amount of compensation for the services that they provide. Although family members of the person who created...
What the IRS does when someone doesn’t file or underpays
Most people resent the obligation to pay federal income tax, but doing so is a legal and social necessity. The desire to minimize taxes and even to avoid them is perfectly normal. Quite a few people wait until the very last moment to file their tax returns or pay what...
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Taxation Law Representation
Business & Employment Tax Matters
Probate