News

News

Like-Kind Exchanges

Wednesday, July 01, 2015

The very thought of trying to comprehend these unfamiliar terms might make you say, "Just let me pay my taxes, so that I do not have to try to understand any of this!"  There is no need to scramble for the tax code or lose sleep at night when approaching this concept. Section 1031 is a simple tool that allows for you to defer taxes attributable to a capital gains transaction. Read more...

Casualty Losses

Thursday, June 18, 2015
Throughout the early Spring, the ArkLaTex experienced cool weather and a lack of storm surges, specifically tornadoes. More recently, the weather patterns across the globe have become severe. Tornadoes have struck the area causing major damage and destruction to businesses and homes. In their aftermath, they left behind downed power lines and fences, uprooted trees and sidewalks, smashed vehicles, flooding, and many homes and businesses without power for days. The process of getting back to normal takes awhile, and the expenses incurred to restore homes and businesses can add up quickly. Many homeowners and business owners may be wondering what the exact rules are for deducting casualty losses as a result of these disasters. Disaster can strike at any time; therefore, it is important to understand the rules and calculations regarding casualty losses.
 Read more...

Retirement Plan Documents: The PPA Restatement Process

Monday, January 19, 2015

All qualified retirement plans are required by the Internal Revenue Service (IRS) to be amended for the most recent tax law changes in order to maintain their favorable tax law status.  This article will discuss the restatement process for different types of plan documents and the deadlines for each type of plan documents.  Read more...

Tax Increase Prevention Act of 2014

Friday, January 02, 2015

In a late year end move, Congress enacted the Tax Increase Prevention Act of 2014 (H. R. 5771), on December 16, 2014 and the President signed it on December 19, 2014.  The Act extends a number of tax relief provisions through 2014 which had expired at the end of 2013.  The Tax Increase Prevention Act of 2014 does not make permanent or extend the tax breaks past December 31, 2014. Read more...

Penalty Relief Program for Form 5500-EZ Late Filers

Monday, October 06, 2014

The IRS is being generous and released on Friday, May 9, 2014, IRS published Rev. Proc. 2014-32 a temporary penalty relief program effective June 2, 2014 through June 2, 2015; this is a big deal for our solo plans. Read more...

What Does it Mean to be a Real Estate Professional?

Monday, October 06, 2014

Under IRC § 469(c)(7) and Reg. 1.469-9, a real estate professional is defined as a taxpayer that spends the majority of his or her time in real property businesses, meeting the 50% personal services and 750-hour tests. These two tests must both be met in order to qualify as a real estate professional. Let's take a closer look at each of these to be able to understand exactly what each test requires. Read more...

Creating Solutions and Providing Opportunities for...Our Communities

Monday, October 06, 2014

Community involvement is a large part of life at HMV. Here are just a few of the things we've been up to lately: Read more...

A Special Tribute to Pete Gaffney

Monday, October 06, 2014

The Heard, McElroy & Vestal family recently lost one of our greatest members. Joseph Peter Gaffney passed away on April 24, 2014. Mr. Gaffney was unlike any other. He was kind, generous, smart and always willing to go the extra mile to assist you, both personally and professionally. Read more...

Latest on Flex Fuel Tax Credit

Monday, October 06, 2014

The flex fuel saga that many of you are familiar with has been quiescent for quite some time. However, the Louisiana Board of Tax Appeals (BTA) has finally rendered its first and only decision on the Alternative Fuel Tax Credit in favor of the taxpayers, thus honoring their alternative fuel vehicle tax credits. Unfortunately, the Louisiana Department of Revenue will probably appeal the BTA's decision. Read more...

2013 Trust Returns Generating Incorrect Notices from IRS

Monday, October 06, 2014

It has come to our attention that the Internal Revenue Service is generating notices for 2013 Form 1041 trust returns filed with tax due. Read more...