New Texas Tax Amnesty Program

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.

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Topics: Tax

2018 Promotions at LGT

Posted by lgtcpa on Feb 27, 2018

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.

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Topics: Firm News, Tax, Audit

Four tips for filing this tax season

Posted by lgtcpa on Feb 27, 2018

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.

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Topics: Tax, Financial, IRS

Tax update: Latest tax scam

Posted by Briana Frost, Staff I, Tax Services on Feb 27, 2018

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.

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Topics: Tax, IRS, information technology, cybersecurity

New tax law raises concerns for not-for-profits

Posted by Nicole Ansiaux, Senior I, Tax Services on Feb 27, 2018

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.

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Topics: Not-for-Profit, Tax, IRS

New tax law: Individual tax changes

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.

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Topics: Tax, IRS

New tax law: Business tax changes

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.

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Topics: Tax, IRS

The tax cuts and jobs act overview

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.

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Topics: Tax, IRS

Principal named President-Elect of CREW Dallas

Posted by lgtcpa on Nov 29, 2017

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.

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Topics: Real Estate, Not-for-Profit, Tax

New rules for partnership audits

Posted by Shea Kracheck, CPA, Tax Principal on Nov 29, 2017

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.

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Topics: Accounting Tips, Tax, Audit, IRS