LGT's Profit Sense

On May 1, 2018, Texas will begin a two-month tax amnesty program. If you have any potential exposure for any Texas back taxes, LGT would welcome the opportunity to discuss the program with you to determine whether it would be worth pursuing. Additional information about the program is below.

On February 2, 2018 we held our annual State of the Firm. The staff has been moving and shaking throughout the last year. Numerous employees have shown their potential and talent, and they were rewarded for it.

Are you ready to file your tax return(s)?

Avoid the rush! The sooner you can file, the easier your life will be, and the more your CPA will appreciate you. The easiest way to do that is to make sure you’re ready for them. Don’t wait until the last minute if you can gather your paperwork early. The less rushed your CPA is, the better off you’ll be.

With tax season upon us, it is important to be up to date on new tax scams that affect taxpayers. Many current scams involve new twists on the same old scam. The most prevalent one to be aware of for 2018 is a pervasive new telephone scam. Individuals are using taxpayer information to file false returns, sending the refund directly to the taxpayer. The taxpayer then receives a telephone call from an individual pretending to be with the IRS or in another position of authority and demands that the taxpayer returns the refund to a specified address due to an error.

Passage of the new federal income tax law in late December 2017 has brought into reality a variety of concerns not-for-profits raised as the bill worked its way through the U.S. House of Representatives and Senate. In addition to the increased standard deduction that’s expected to depress charitable giving, the final Tax Cuts and Jobs Act (TCJA) includes several other provisions that had prompted objections from charities.

The Tax Cuts and Jobs Act (The Act) is a piece of legislation that was first passed by the House on November 16, 2017.  Only one month later, both the House and the Senate have passed a unified version of tax reform that will modify tax policy for the next several years.  These changes range from reducing both corporate and individual tax rates as well as international taxation.  On December 22, 2017, President Trump officially signed it into law.  Below is a brief analysis of the key points included in The Act.

The Tax Cuts and Jobs Act (The Act) is a piece of legislation that was first passed by the House on November 16, 2017.  Only one month later, both the House and the Senate have passed a unified version of tax reform that will modify tax policy for the next several years.  These changes range from reducing both corporate and individual tax rates as well as international taxation.  On December 22, 2017, President Trump officially signed it into law.  Below is a brief analysis of the key points included in The Act.

The Tax Cuts and Jobs (the “Act”) is a piece of legislation that was first passed by the House of Representatives on November 16, 2017.  Only one month later, both the House and the Senate have passed a unified version of tax reform that will modify tax policy for the next several years.  These changes range from reducing both corporate and individual tax rates to international taxation implications.  On December 22, 2017, President Trump officially signed it into law.  Below is a brief analysis of the key points.

Commercial Real Estate for Women’s Dallas Chapter (“CREW Dallas”), a not-for-profit organization, recently named Shea Kracheck, Tax Principal at LGT, as the 2018 President-Elect. Over her four-year term, Shea will shepherd the Board of Directors in their responsibilities for setting goals, priorities, strategic objectives, and more.

The new rules for partnership audits enacted by the Bipartisan Budget Act of 2015 ("BBA") will dramatically impact not only how tax adjustments are assessed, but who is responsible for them. These rules will go in effect for partnership tax years beginning after December 31, 2017. We advise you to discuss with your legal counsel, so that your agreements include the new elections and address the updated regulations summarized below.