Surprise! Spouse Leaves IRS Debt You Did Not Know About
When filing a joint tax return, married taxpayers are often privy to certain tax benefits. Generally, married taxpayers take advantage of a higher standard deduction and a lower tax rate when filing...
View ArticleNo Innocent Spouse Relief? No Problem.
If you fail to qualify for Innocent Spouse Relief under Treasury Regulation (“Treas. Reg.”) § 1.6015-2 and Separation of Liability Relief under Treas. Reg. § 1.6015-3, the good news is that you may...
View ArticleInside Biden’s Infrastructure Plan: Tax Consequences to be Aware of
I Making headlines over the past few months has been the Biden administration’s Infrastructure Plan. On September 15, 2021, the House Ways and Means Committee advanced part of the Build Back Better...
View ArticleWhat is a wrongful levy and how can I get it released?
Tax levies are scary and are extremely debilitating for all taxpayers. Levies involve the actual seizure of property to satisfy a tax debt. Under Internal Revenue Code (“IRC”) 6331(a), the IRS...
View ArticleHow Forgiving is Loan Forgiveness?
Whether you’re for it or against it, the question of what should be done about the almost $2 trillion in student loan debt spread amongst almost 50 million borrowers is a point of political...
View ArticleTax Provisions of the Inflation Reduction Act of 2022
A wiseman once said that two things in life are certain: (1) that the government will tax you up until, during, and after your death; and (2) they will make paying taxes as confusing as possible,...
View ArticleTrue Love Can Wait (for You to Settle Your Tax Debt)
Picture this: you are daydreaming about your significant other as you shop for an engagement ring at Tiffany’s. You feel pure bliss as you reminisce about the many years you have spent with them,...
View ArticleCrypto Crackdown
Introduction Dogecoin, Shiba, Bitcoin, Ethereum. If none of those sound familiar, then you might have been living under a rock the past few years. From online forums to mainstream news networks,...
View ArticleThe Wilson Firm Awards $1000 Scholarship
The Wilson Firm is pleased to announce that we recently awarded a $1000 scholarship to a deserving student, J.D. Candidate Nga Tran-Medina, at the Thurgood Marshall School of Law. As a leading law firm...
View ArticleAn Introduction to Form 5471
An Introduction to Form 5471 - Information Return of U.S. Persons With Respect to Certain Foreign Corporations Purpose of Form Form 5471 is used to satisfy the reporting requirements of Internal...
View ArticleFast Money Does Not Last
A wise man once said, “Fool me once, shame on you; fool me twice, shame on me.” Whoever this so-called wise man was, he had never encountered the IRS. If he had, the corrected quote would be something...
View ArticleRed Flags and Tax Tips to Help You In Preparing Your Taxes
Don’t Ignore your Tax Preparer’s Red Flags. Tax season is either the best of times or the worst of times. Either you’re eagerly waiting for the Internal Revenue Service (“IRS”) to issue you a juicy...
View ArticleSpring Tax Mixer 2023
Yesterday The Wilson Firm organized the Spring Tax Mixer event at Del Frisco's Grille in The Woodlands. More than 20 tax professionals attended this fun networking event, where they were able to...
View ArticleBasics of an IRS Audit
If there is one word that strikes fear in the hearts of every taxpayer, that word is “audit.” Most people don’t truly understand what an audit actually entails, why they would be the victim of an...
View ArticleTax Tips for Business Owners
If you are reading this, I first want to wish you good luck because you are reading this article means you are either running a business or at least thinking of starting a business. When it comes to...
View ArticleThe Wilson Firm’s Legal Victory for a Fortune 100 Corporation
The Wilson Firm recently achieved a significant victory for its client, a subsidiary of a Fortune 100 company. The case involved a dispute with Montgomery Central Appraisal District over the value of...
View ArticleTax Made Simple
For business owners, navigating the world of tax compliance can be extremely complicated. On top of the business itself, tax compliance represents a world of confusion for most business owners. The...
View ArticleAnother Win in a Streamlined Domestic Offshore Disclosure Case
Client worked for an international oil and gas company based in Europe, where the employees had the equivalent of a European 401k. The client was given erroneous advice and never reported this...
View ArticleBeware of Summertime Scams: IRS Warns Taxpayers of Surging Fraud
The IRS has recently issued a warning to taxpayers, cautioning them to be vigilant about scams promising tax refunds or claiming to "fix" tax-related issues. The IRS emphasizes that it never initiates...
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