News & Events Archive

News:

Happy New Year from Burton McCumber & Cortez, LLP!

Posted: 12/31/2015
A New Years Wish from BMC...

Happy Holidays from Burton McCumber & Cortez, LLP!

Posted: 12/22/2015
It's the Holiday Season! A special message from BMC...

December Tax and Business Alert!

Posted: 12/1/2015
Tax and Business Alert Contents: What you should know about capital gains and losses, Providing tax-free fringe benefits to employees, Education planning: It's best to start early, Seniors age 70½ take your required retirement distributions before year end, and Earn 5% or more on liquid assets

Happy Thanksgiving from Burton McCumber & Cortez, LLP!

Posted: 11/24/2015
A special Thanksgiving message from BMC...

BMC Offices Closing for Firm Retreat 11/18/2015

Posted: 11/13/2015
The offices of Burton McCumber and Cortez, LLP will be closed on Wednesday, November 18, 2015 for our firm retreat.
Please click here for more information.

Ben Pena Appointed Texas Board of Public Accountancy

Posted: 11/13/2015
Governor Greg Abbott has appointed BMC partner Ben Pena, CPA, CFE, CICA to the Texas State Board of Public Accountancy for a term set to expire on January 31, 2021.
Please click here for more information.

A Heartfelt Thanks to All Veterans!

Posted: 11/13/2015
The BMC family would like to thank all the men and women who have valiantly served our country.
Please click here for more information.

BMC Congratulates Richard Cortez, CPA - McAllen Chamber of Commerce Man of the Year!

Posted: 11/9/2015
The Partners, Managers, and Staff of Burton McCumber and Cortez, LLP would like to congratulate our very own Richard Cortez, CPA for being named the "Man of the Year" by the McAllen Chamber of Commerce.
Please click here for more information.

November Tax and Business Alert!

Posted: 11/1/2015
Tax and Business Alert Contents: Why Your Health Insurance Company May Ask For Your Social Security Number, Sorting Out Employer Shared Responsibility Provisions That Apply To Your Business, How Working Impacts Social Security Benefits, Tax Advantages Of Small Business Stock, Tips On The Tax Effects Of Divorce Or Separation, and Job Search Expenses May Be Deductible

BMC Announces New Consulting Entity

Posted: 10/15/2015
Burton, McCumber & Cortez L.L.P. is pleased to announce its association with Kai Wulff through the creation of the consulting partnership entity Plexus Consulting, LLC.
Please click here for more information.

October Tax and Business Alert!

Posted: 10/1/2015
Tax and Business Alert Contents: Time to Start Year End Tax Planning, Tax Calendar, Shared Equity Financing Arrangements for Home Ownership, and Due-Date Changes for Partnership and C Corporation Returns

September Tax and Business Alert!

Posted: 9/1/2015
Tax and Business Alert Contents: Boosting Retirement Savings with a One-Person 401(K) Plan, Maximizing FDIC Insurance Coverage of Bank Deposits, Planning to Avoid or Minimize the 3.8% Net Investment Income Tax, and Supreme Court Legalizes Same-Sex Marriages in All States

August Tax and Business Alert!

Posted: 8/1/2015
Tax and Business Alert Contents: The Importance of Updating Beneficiary Designations, Selecting the Appropriate Entity for Your Business, Tips for Deducting Losses from a Disaster, The Many Benefits of a Health Savings Account (HSA), and Double Duty Giving with Charitable Gift Annuities

Happy Independence Day!

Posted: 7/2/2015
In observance of Independence Day, BMC offices will close at Noon on Thursday, July 2nd, 2015. Click here for more information.

July Tax and Business Alert!

Posted: 7/1/2015
Tax and Business Alert Contents: Summer Time is a Good Time to Start Planning and Organizing Your Taxes, Combined Business and Vacation Travel, Tax Calendar, Avoiding an Inadvertent Termination of S Corporation Status, and Rollovers from Qualified Plans to IRAs

Upcoming Deadline - URGENT - BEA Reporting on International Activity

Posted: 06/09/2015
Our firm recently was made aware of a change in the law with regard to certain required reporting by the U.S. Bureau of Economic Analysis. The Bureau of Economic Analysis (BEA) is part of the U.S. Department of Commerce. It historically has sent out requests for information every five years to U.S. Persons engaged in international activities. For the 2014 year, their policy is changed so that reporting is required without a specific request by the BEA. This reporting was originally required by May 29, 2015, however, according to the website of the BEA, for new filers, the extended due date is June 30, 2015.
Click here for more information.

June Tax and Business Alert!

Posted: 6/1/2015
Tax and Business Alert Contents: Tax Rules for Gamblers, Tax Tips for Farmers, What You Should Do With an Identity Verification Letter from the IRS, Donating a Life Insurance Policy to Charity, and 2015 HSA Amounts

May Tax and Business Alert!

Posted: 5/1/2015
Tax and Business Alert Contents: Deducting Business Bad Debts, Tips on Handling a Will, Filing 2014 Foreign Bank and Financial Account Reports, Reporting a Name Change, Taxation of College Financial Aid, and IRA Rollovers

April Tax and Business Alert!

Posted: 4/1/2015
Tax and Business Alert Contents: Contemporaneous Recordkeeping Key to Avoiding Loss Limitations, Special Rules for Inherited IRAS, Avoid Gift Treatment by Paying Expenses Directly, Tax Calendar, SEPS - One Last Chance To Lower Your 2014 Tax Bill, and What Landlords Should Know About Rental Income and Expenses

March Tax and Business Alert!

Posted: 3/1/2015
Tax and Business Alert Contents: Tax Increase Prevention Act of 2014 (TIPA), ABLE Accounts for Disabled Individuals, Tax Breaks for Businesses Extended Through 2014, 4 Good Reasons to Direct Deposit Your Refund, and National Taxpayer Advocate Delivers Annual Report to Congress

Deduction Limits or "Phase-out" Thresholds - 2015 vs 2014

Posted: 02/24/2015
As we head into another busy tax filing season often times the questions come up on what the new deduction limits or "phase-out" thresholds are for certain areas of taxation. The deduction limits or "phase-out" thresholds are usually adjusted on an annual basis and can affect how the taxpayer calculates his or her taxable income for the current or prior year. In order to make our clients aware of the new limits and "phase-out" thresholds, we have included the following information with some of the more common deduction and "phase-out" limits you may need throughout this tax filing season.
Click here to access the deduction and phase-out limits.

February Tax and Business Alert!

Posted: 2/2/2015
Tax and Business Alert Contents: Helping An Adult Child Buy A Home, The Importance Of Accountable Expense Reimbursement Plans, Standard Mileage Rates For 2015, Employer Reimbursements of Individual Health Insurance Policies, and What To Do If You Don't Get a Form W-2

BMC congratulates Javier Alarcon on promotion to Partner!

Posted: 1/20/2015
The partners of Burton McCumber & Cortez, LLP are pleased to announce the promotion of Javier Alarcon, CPA to the position of Partner of the Firm. Congratulations Javier!
Please click here for more information.

January Tax and Business Alert!

Posted: 1/5/2015
Tax and Business Alert Contents: Taxability of Rewards Programs, Retirement Contribution Limitations for 2015, Tax Calendar, IRS Grants Tax Relief to Drought-Stricken Farmers and Ranchers, Deducting Local Lodging Expenses, and Social Security and Medicare Amounts for 2015

Happy New Year from Burton McCumber & Cortez

Posted: 12/30/2014
A special message and office closure information from BMC.
Please click here for more information.

Happy Holidays from Burton McCumber & Cortez

Posted: 12/19/2014
There is no more appropriate time for us to thank you and to extend our best wishes for a wonderful holiday season!
Please click here for more information.

IRS Direct Pay - A New Way to Pay Your Taxes

Posted: 12/15/2014
In May 2014, the IRS announced the start of its new online payment system called IRS Direct Pay. The new IRS Direct Pay allows taxpayers to pay their tax bills on their individual tax return, installment agreements, proposed IRS assessments, amended returns, or make their quarterly estimated payments directly from a checking or savings account through its secure website.
Please click here for more information.

December Tax and Business Alert!

Posted: 12/1/2014
Tax and Business Alert Contents: Supersizing Your Charitable Contribution Deductions, UNICAP Rules and Exemptions, Retaining Key Employees, Home Office Expenses of Employees, Check Your Partnership and S Corporation Stock Basis Before Year End, Disability Insurance for Business Owners and Professionals, and Seniors Age 70 1/2+: Take Your Required Retirement Distributions

Happy Thanksgiving from Burton McCumber & Cortez

Posted: 11/25/2014
A special Thanksgiving message from BMC...

Heartfelt Thanks to All Veterans!

Posted: 11/10/2014
Everyone at BMC would like to honor those brave men and women of the U.S. military who have served our country so well. Their legacy lives on in every freedom we cherish and in every heart that welcomes peace. To all Veterans, and to those who serve today, we say thank you! We are especially proud of and grateful to one of our own: Jack Bough , Senior Manager, IT Services.
Please click here for more information.

Brief History of 205 Pecan McAllen

Posted: 11/7/2014
Built by a community effort in the late 1940's by the McAllen Federation of Women's Clubs, the Burton McCumber & Cortez McAllen office building was a beloved site for club and social activities before becoming the home to dance studios. For nearly 60 years this grand old dame held a special place in the heart of many local citizens and played a significant role in their lives. BMC is proud to have restored this local landmark to prominence and to demonstrate our commitment to the community by preserving this symbol of the rich culture and heritage that is the heart of the Rio Grande Valley.
Please click here for more information.

November Tax and Business Alert!

Posted: 11/1/2014
Tax and Business Alert Contents: Individual Year End Tax Planning Ideas, Eight Tips For Deducting Charitable Contributions, Does Your Business Need A Buy/Sell Agreement?, The Tax Benefits Of Selling Rather Than Trading In Business Vehicles, Write Off Damaged Or Obsolete Inventory Items, and Taking Advantage Of Flexible Spending Accounts (FSAS)

Ben Pena Selected to Brownsville Chamber Board of Directors

Posted: 10/31/2014
Assurance Services partner Ben Pena, CPA, CFE, CICA was recently selected to be on the board of directors of the Brownsville Chamber of Commerce. Ben has been an active leader in our community serving on the boards of several local organizations. Congratulations Ben!
Please click here for more information.

Adel Felix selected to Leadership Edinburg

Posted: 10/23/2014
An Assurance Services manager of Burton McCumber & Cortez, LLP, Adel Felix, CPA was recently selected to be a member of Leadership Edinburg, Class XXVI. Congratulations Adel!
Please click here for more information.

Lizandro Garcia selected to Leadership Brownsville

Posted: 10/23/2014
An Assurance Services manager of Burton McCumber & Cortez, LLP, Lizandro Garcia, CPA was recently selected to be a member of Leadership Brownsville, Class XXX. Congratulations Lizandro!
Please click here for more information.

Ben Pena selected as a member of the first-ever RGV Leadership class

Posted: 10/20/2014
BMC Partner Ben Pena was recently selected to be a member of the first class of RGV Leadership, a program sponsored by the Rio Grande Partnership, the Rio Grande Valley's Chamber of Commerce. Congratulations Ben!
Please click here for more information.

Gregg McCumber Appointed to Chair UTB Internal Audit Committee

Posted: 10/16/2014
BMC Managing Partner Gregg McCumber was appointed to chair the Internal Audit Committee of the University of Texas at Brownsville. The Internal Audit Committee is an essential part of the Risk Management and Internal Control infrastructure of the institution and of the University of Texas System. Congratulations Gregg!
Please click here for more information.

October Tax and Business Alert!

Posted: 10/1/2014
Tax and Business Alert Contents: Converting a Sole Proprietorship to a Limited Liability Company, Travel While Giving to Charity, Tax Calendar, Simple Tax Savings Techniques for Security Gains, and Swapping Bonds to Claim Losses

September Tax and Business Alert!

Posted: 9/2/2014
Tax and Business Alert Contents: Identifying Charities Eligible To Receive Tax Deductible Contributions, Deducting Medically Necessary Home Improvements, Unneeded Life Insurance Policies Could Be A Significant Source Of Cash, Paying Partnership Expenses, Small Business Resources, and Weddings Mean Tax Changes

August Tax and Business Alert!

Posted: 8/1/2014
Tax and Business Alert Contents: 2015 HSA Amounts, Corporate Annual Meetings Are Important, Dividing IRAS Tax-Free In Divorce, Keep Your Records Safe In Case Disaster Strikes, Social Security Statements Available Online, and What You Need To Know About Required Health Insurance Coverage For 2014

FREE SEMINAR: Tax and Estate Planning Considerations every Non-resident Should Know

Posted: 7/22/2014
Legal and Tax Advisors from Burton McCumber & Cortez, L.L.P. along with Kantack Alcantara Law Office, P.C. will discuss and answer questions about important considerations for non-residents owning or planning to own property in the United States. Please click here for more information.

BMC Offices Closed for Firm Retreat

Posted: 7/11/2014
The offices of Burton McCumber and Cortez, LLP will be closed on Tuesday, July 15, 2014 for our firm retreat. Please click here for more information.

Independence Day Message from BMC

Posted: 7/3/2014
Burton McCumber & Cortez, LLP wishes you and your family a happy and safe 4th of July! Click here for more information.

July Tax and Business Alert!

Posted: 7/1/2014
Tax and Business Alert Contents: Do You Need To Adjust Your Federal Income Tax Withholding Amount?, Comparing Taxable Vs. Tax-Exempt Investment Yields, Tax Calendar, Getting Around The $25 Deduction Limit For Business Gifts, and IRS Phone Scam Warning

June Tax and Business Alert!

Posted: 6/1/2014
Tax and Business Alert Contents: IRS Toughens the One-Year Wait between IRA Rollovers, Expenses Qualifying for the Child Care Credit, Midyear Tax Planning Ideas, Tips for Businesses That Outsource Payroll Duties, and IRS Warns Taxpayers to Beware of Phishing Scams

Ricky Longoria Visits South Korea With McAllen EDC

Posted: 5/20/2014
Last month, BMC Partner and Chairman of the McAllen Economic Development Corporation, Ricky Longoria, CPA, CFE, visited South Korea in an effort to promote economic development in both the Valley and South Korea. Click here for more information.

Special Invitation from BMC & Frost Bank

Posted: 5/5/2014
Burton McCumber & Cortez, LLP along with our friends at Frost Bank would like to invite you to join us for a special presentation regarding fraud prevention on May 7, 2014 at the McAllen Chamber of Commerce from 8 – 10AM. Click here for more information.

May Tax and Business Alert!

Posted: 5/1/2014
Tax and Business Alert Contents: Leasing Property To A Closely Held Corporation, Taxing A Child's Investment Income, Don't Be A Charity Scam Victim, Taxable Tip Income, Avoiding Penalties On IRA Withdrawals Before Age 59 1/2, Dirty Dozen Tax Scams For 2014, and Taxing Social Security Benefits

UTB Business Award Honors Gregg McCumber

Posted: 4/3/2014
On Friday March 21, 2014 Gregg S. McCumber, CPA and Managing Partner of Burton McCumber & Cortez, LLP was honored for his service to the RGV community at the University of Texas-Brownsville Business Appreciation Breakfast. Click here for more information.

April Tax and Business Alert!

Posted: 4/1/2014
Tax and Business Alert Contents: Tax Implications Of Investor Or Trader Status, Double Benefit From A Tax Deduction, Tax Calendar, College Financial Aid Basics, and Monitoring Section 530 Eligibility

Congratulations Gregg!

Posted: 3/11/2014
The University of Texas - Brownsville School of Business to honor Gregg McCumber, CPA with Business Leader Award.

March Tax and Business Alert!

Posted: 3/3/2014
Tax and Business Alert Contents: Filing Status For Separated, Divorced Or Divorcing Couples, Lifetime vs. Testamentary Contributions, Minimum Required Distribution Reminder, Passive Activity Loss Limitations, Taxpayer Advocate Reports To Congress, and When Is A Marriage Terminated For Tax Purposes?

February Tax and Business Alert!

Posted: 2/3/2014
Tax and Business Alert Contents: Converting A Residence To Rental Property, Retirement Plan Review, Coverdell Education Savings Accounts, Making Your Hobby A Business, Social Security Update, and Taxpayer Penalized For Wasting Court's Time

BMC & Teacher Externs – Developing High School Students for Successful Careers

Posted: 1/28/2014
Burton McCumber & Cortez, LLP ("BMC") is pleased to be one of ten local businesses partnering with Rio Grande Valley LEAD ("RGV LEAD") in a pilot program designed to give teachers experience in how education relates to the workplace. Click here for more information.

January Tax and Business Alert!

Posted: 1/2/2014
Tax and Business Alert Contents: Life Insurance as a Source of Funds for the Terminally Ill, Tax Calendar, 2014 Social Security Wage Base, IRS Modifies FSA Use-it-or-lose-it Rule, Additional 0.9% Medicare Tax, and Structuring a Tax-free Incorporation

A Special Message from Burton McCumber & Cortez, LLP

Posted: 12/17/2013
As we look back and reflect on this year we are reminded how grateful all of us at BMC are for you, our valued Clients, Colleagues and Friends. Click here for more information.

Reasons Why Year-End Planning is Really Important This Year

Posted: 11/14/2013
Year-end tax planning is always important. It's particularly critical now with some tax provisions slated to expire unless Congress extends them, and some tax increases effective this year. Click here for more information.

Network Enhancements Require Temporary Office Closure

Posted: 11/12/2013
Burton McCumber and Cortez, LLP will close our offices in order to install a firm-wide Computer Network upgrade. Our Brownsville and McAllen Offices will close beginning Thursday, November 21st and reopen on Monday, November 25th. As a firm we will attend training classes at an off-site location during this office closure. These upgrades should enhance our ability to serve you and we are looking forward to working with you and our new system upon our return to the office. Click here for more information.

Congratulations Ricky!

Posted: 11/1/2013
Ricky Longoria, CPA, CFE elected President of the McAllen Economic Development Corporation

November Tax and Business Alert!

Posted: 11/1/2013
Tax and Business Alert Contents: Deciding When to Start Receiving Social Security Benefits, Using an S Corporation to Hold Stock in Other Corporations, IRS Affordable Care Act Website, and New Tax Rules for Legally Married Same-sex Couples

October Tax and Business Alert!

Posted: 10/3/2013
Tax and Business Alert Contents: Fourth Quarter Tax Planning, Tax Calendar, At-risk Rules for a Closely Held Corporation, and Retirement Plan Loans

September Tax and Business Alert!

Posted: 9/3/2013
Tax and Business Alert Contents: Partial Restoration of Lost Social Security Benefits, Business Tax Breaks, The 3.8% Net Investment Income Tax-More Than Meets the Eye, and Is My Gift Taxable?

August Tax and Business Alert!

Posted: 8/5/2013
Tax and Business Alert Contents: The Affordable Care Act, Employing a Business Owner's Children, and 2014 HSA Amounts

July Tax and Business Alert!

Posted: 7/3/2013
Tax and Business Alert Contents: The Marriage Penalty , Tax Calendar, New In-plan Roth Rollover Provision, Tax Impact of Investment Strategies, and Residential Energy Credit

Texas Sales Tax Holiday August 9 – 11, 2013

Posted: 6/25/2013
The State of Texas Sales Tax Holiday will be August 9 – 11, 2013. Follow the link below for more details, including additional information on qualifying items.
www.window.state.tx.us/taxinfo/taxpubs/taxholiday

June Tax and Business Alert!

Posted: 6/4/2013
Tax and Business Alert Contents: Use a QDRO to Divide Qualified Plan Assets in Divorce , Higher Education Costs Continue to Escalate, Help Grandchildren with College Costs, Selling a Home to Your Child at a Bargain Price, and Tax Benefits for Adoption Expenses

May Tax and Business Alert!

Posted: 5/2/2013
Tax and Business Alert Contents: Tax Breaks for Families and Students, Increased Medicare Payroll Tax, Qualified Plan Distributions Exempt from the NIIT, and Nonspouse IRA Beneficiaries

April Tax and Business Alert!

Posted: 4/4/2013
Tax and Business Alert Contents: Impact of Higher Individual Federal Tax Rates, Tax Calendar, Excluding Gain on Qualified Small Business Stock, 2013 Gift Tax Exclusion, Residency Issues for Retirees, and New Simplified Home Office Deduction

March Tax and Business Alert!

Posted: 3/6/2013
Tax and Business Alert Contents: American Taxpayer Relief Act of 2012, New Roth IRA Conversion Option, Business Provisions of the New Tax Act, and Direct IRA Contribution Provision Extended

February Tax and Business Alert!

Posted: 2/5/2013
Tax and Business Alert Contents: Social Security and Medicare Update, Standard Mileage Rates for 2013, Patron's Gifts and Athletic Tickets, Tax Rules for Gamblers, and Benefits of Using a Family LLC

Congress Approves Eleventh-Hour Agreement To Avert Fiscal Cliff

Posted: 1/18/2013
The tax side of the "Fiscal Cliff" has been averted. The U.S. Senate overwhelmingly passed legislation to avert the so-called fiscal cliff on January 1, 2013 by a vote of 89 to 8, sending the American Taxpayer Relief Act of 2012 (HR 8, as amended by the Senate) to the House, where it was similarly approved on January 1, 2013 by a vote of 257 to 167. Click here for more info.

January Tax and Business Alert!

Posted: 12/31/2012
Tax and Business Alert Contents: Deducting Home Mortgage Interest, Tax Calendar, Filing Status Implications, Business Deduction for Medicare Insurance Premiums, and Retirement Contribution and Other Limitations for 2013

December Tax and Business Alert!

Posted: 11/30/2012
Tax and Business Alert Contents: Filing Options for Your Final Form 1040, Maximizing the Deduction for Start-up Expenses, Home Sale Gain Exclusion Restrictions for Second Homes, and Save Taxes Using a Partial Annuity Exchange

November Tax and Business Alert!

Posted: 11/5/2012
Tax and Business Alert Contents: Individual Year-end Tax Planning, Recent Graduates’ Job Search and Moving Expenses, and Substantiating Charitable Contributions

October Tax and Business Alert!

Posted: 10/2/2012
Tax and Business Alert Contents: Lower Your Taxes by Purchasing a Business Vehicle, Tax Calendar, College Loan Repayment Plan Application Is Simplified, Fringe Benefit Rules for 2% S Corporation Shareholders, and Noteworthy 2013 Healthcare Provisions

September Tax and Business Alert!

Posted: 9/7/2012
Tax and Business Alert Contents: New 3.8% Medicare Contribution Tax on Unearned Income, Additional 0.9% Medicare Surtax in 2013, Cash Management Strategies for a Secure Retirement, and Asset Protection Characteristics of LLCs

Events:

Overview of the New Medicare Tax on High Income Taxpayers

Posted: 2/19/2013
Announcement: Spring 2013 Lunch & Learn Business Seminar Session presented by Richard A. Walker, CPA (BMC Partner) on Thursday, February 21, 2013 at 12PM. Hosted by The McAllen Chamber of Commerce and R&D Personnel.