Irving Tax Planning

Planning in a Corporate and International City

Irving residents and business owners include executives with stock awards, founders of consulting firms, hotel investors and families deciding whether to settle in the U.S. or return home. Texas has no income tax and no estate tax, so planning focuses on federal tax, the franchise tax and property tax. BOMCAS works on these plans remotely.

Statewide strategies are on our Texas tax planning page; this page focuses on Irving executives, owners and families.

Executives and Stock Awards

Executives at Irving headquarters often hold large amounts of company stock. Planning covers when to sell vested shares, holding periods for long-term gains, AMT on incentive stock options, gifts of appreciated stock to charity and diversification. Deferred compensation elections must be made before the year the pay is earned and should consider expected future income.

Consultancy Owners

Owners of IT and consulting firms can choose S corporation status to reduce self-employment tax, paying a reasonable salary and taking the rest as distributions. Retirement plans, including 401(k) plans with profit sharing and cash balance plans, allow large deductible contributions. The QBI deduction for consulting businesses phases out at higher incomes, so planning around taxable income can help.

Hotel Investors

Many Irving hotels are owned by family partnerships. Planning covers cost segregation, the timing of renovations, the passive loss rules and eventual sales or exchanges. Section 1031 exchanges defer gain when a hotel is exchanged for another property.

Airline Crew Retirement

Pilots and flight attendants approaching retirement decide on pension options, 401(k) rollovers and when to start Social Security. Pilots who must retire at 65 under federal rules can plan early for how to bridge to Medicare and Social Security.

Staying or Returning Home

Families on work visas should plan for both outcomes. Staying may mean becoming a green card holder and reporting worldwide income permanently. Returning home means planning the exit year, U.S. retirement accounts left behind and property owned in both countries. Contributions to U.S. retirement plans may be taxed differently when withdrawn abroad, depending on the treaty.

Family Wealth

Gifts and inheritances from parents abroad are not taxed in the U.S. but must be reported on Form 3520 if more than $100,000 in a year. The federal estate tax exemption is $15 million per person from 2026, but nonresidents who own U.S. assets have a much smaller exemption.

Education Savings

Parents can use 529 plans for college and for up to $20,000 a year of K–12 tuition from 2026, along with certain other school costs. Grandparents can contribute up to five years of annual exclusion gifts at once. Families who may move abroad should check whether the 529 will still be useful for a foreign university.

Charitable Giving

Irving's many temples, churches, mosques and community groups receive significant gifts. Donating appreciated stock avoids capital gains tax, and a donor-advised fund lets several years of giving be bunched into one year for itemizing. From 2026, a new deduction of up to $1,000, or $2,000 for married couples, is available for cash gifts by people who do not itemize.

Property Tax

Homeowners and businesses can reduce property tax through exemptions and protests with the Dallas Central Appraisal District, generally due by May 15.

Topics We Cover

Stock award and deferred pay strategy.
Entity choice and owner pay.
Hotel investment and exchanges.
Retirement timing.
Cross-border family planning.