David N. McCullough CPA PC

Financial, Tax, and Family Office Services

IRS leveraging AI for audits amid layoffs (Accounting Today, 5/29/25 article)

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IRS leveraging AI for audits amid layoffs The Internal Revenue Service is expected to lean moreheavily on artificial intelligence technology as it carries out widespreadlayoffs. A report, released last week by the Treasury InspectorGeneral for Tax Administration, found the IRS could leverage its examinationresults when using AI to select cases for further scrutiny and improve itsprocesses. …

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The Corporate Transparency Act, aka The Next Big Compliance Nightmare

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Stated purpose: to strip US shell companies of anonymity that can hide financial activity. Procedure: Registering Limited liability companies, corporations, partnerships, and other closely held entities with a government database. Process: Not yet defined, as the forms have not been finalized. Generally, the idea is good. Until CTA is in effect, someone can form a …

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The Mid-Tax Season Update

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This has already been a complex year, and it’s only March. Here are some of the major changes. FILING DEADLINES:  For individuals and businesses in Texas, income tax returns which are normally due on March 15th and April 15th are automatically extended until June 15th this year as a result of the Presidentially-declared natural disaster …

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Busted Pipes? Water Damage? Other? SBA can help Businesses AND Individuals

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Last week’s cold front/power outage resulted in significant damage for our community. If you have incurred damage, first contact your insurance company and file a claim. If the damage is not covered under your insurance policy, the SBA can provide you with low-interest loans to allow repairs. You’ll need to contact FEMA to register, which …

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First Train Wreck of 2021 Individual Filing Season (and it’s a big one!)

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The First Train Wreck of 2021 Filing Season (A Big One)  Tucked away on line 30 (page 2) of your 2020 return (due April 15, 2021) is the reconciliation of the advance payments you may have received last year. It’s going to generate a lot of headaches this year. Remember the $1200 per adult and …

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