August 2026

McKinney, TX 75072 303-881-9762 ralphp@lptaxandbookkeepingpros.com www.lptaxandbookkeepingpros.com FOR FAMILY LAW ATTORNEYS Innocent Spouse Relief: Protecting Clients from an Ex’s Tax Debt One of the most distressing calls a family law attorney can get is from a former client, months or years after the divorce, saying the IRS is coming after them for a tax debt they […]

McKinney, TX 75072 303-881-9762 ralphp@lptaxandbookkeepingpros.com www.lptaxandbookkeepingpros.com FOR FAMILY LAW ATTORNEYS Business Valuation in Divorce: What Family Law Attorneys Need to Know When one or both spouses own a business, it frequently becomes the most contested — and most misunderstood — asset in the divorce. Unlike a bank account or a house, a business has no

McKinney, TX 75072 303-881-9762 ralphp@lptaxandbookkeepingpros.com www.lptaxandbookkeepingpros.com FOR FAMILY LAW ATTORNEYS Divorce & Taxes Guide for Family Law Attorneys and Their Clients Divorce touches nearly every part of a couple’s financial life, and taxes are woven through almost all of it — filing status, support payments, dependency claims, retirement accounts, and property division. This guide walks

McKinney, TX 75072 303-881-9762 ralphp@lptaxandbookkeepingpros.com www.lptaxandbookkeepingpros.com FOR FAMILY LAW ATTORNEYS Selling the Marital Home: Capital Gains Tax Considerations in Divorce For most divorcing couples, the marital home is the single largest asset on the table — and one of the easiest to get wrong from a tax standpoint. Family law attorneys are experts in equitable

Practical tax guidance from LP Tax And Bookkeeping Pros. This report is designed to help readers understand the issue, identify the decisions that matter and take the next practical step. The tax rule changed after 2018 One of the most important federal tax changes affecting divorce agreements is the change in the treatment of alimony.

Practical tax guidance from LP Tax And Bookkeeping Pros. This report is designed to help readers understand the issue, identify the decisions that matter and take the next practical step. Step 1: Identify exactly what you received The first thing to do after opening an IRS letter is identify the notice or letter number. Look

Practical tax guidance from LP Tax And Bookkeeping Pros. This report is designed to help readers understand the issue, identify the decisions that matter and take the next practical step. First: do not ignore the envelope An IRS letter can turn an ordinary day into a stressful one. The temptation is to put it aside,

Why “reasonable compensation” matters For many S corporation owners, the attraction of the S corporation structure is the ability to receive both wages for services and shareholder distributions. But the tax treatment is not simply a matter of choosing a salary number that produces the lowest payroll tax. When an owner performs meaningful services for

McKinney, TX 75072  |  303-881-9762  |  ralphp@lptaxandbookkeepingpros.com  |  www.lptaxandbookkeepingpros.com 1099 vs. W-2 Misclassification Why the label on the tax form does not decide whether a worker is an employee One of the most common payroll mistakes starts with a simple sentence: “We are going to pay this person as a 1099 contractor.” The problem is

Understanding Levies Before They Happen If you owe back taxes, one question tends to keep people up at night: can the IRS really reach into my bank account and take my money? The short answer is yes — but the longer answer is far more important, because the IRS is legally required to warn you