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Freese, Peralez & Associates, LLC

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Freese, Peralez & Associates, LLC

Certified Public Accounting firm based out of The Woodlands, Texas and serving Greater Houston

Our mission is to provide clients with the best possible perspective to understand the challenges they face and the opportunities available to them. With a particular focus on taxation, FPA provides sophisticated tax planning and strategies to clients of all types and sizes.

09/06/2026

This Week in Tax, Five Updates Worth Knowing

Wrapping up another busy week in the tax world!

Here are five updates that caught our attention:
✅ Overtime: New W-2 reporting requirements are coming for qualified overtime in 2026.

🌎 International Business: Foreign-owned U.S. companies should be paying close attention to Form 5472 compliance and its significant penalty exposure.

🏭 Manufacturing: Raw material prices have risen for 22 consecutive months, adding even more pressure to already-tight margins.

🏗️ Construction: The 2026 gross receipts threshold increased to $32 million, potentially opening simpler accounting methods to more contractors.

🏘️ Real Estate: Original Opportunity Zone investors are approaching the December 31, 2026 mandatory gain-recognition date.

Busy week, but that's exactly why tax planning shouldn't be something you only think about in April.

Which one affects your business most? Tell us below. 👇
Have a great weekend, and we'll see you Monday!

09/05/2026

Foreign-Owned U.S. Businesses, Don’t Overlook Form 5472
Saturday tax check for anyone with foreign ownership in a U.S. business.

Form 5472 is one of those filings that's easy to overlook and expensive to get wrong.

Certain U.S. corporations that are 25% or more foreign-owned have Form 5472 reporting requirements. Foreign-owned single-member LLCs can have filing requirements too, even when the business has little or no revenue, if reportable transactions occurred.

The penalty for a missing or substantially incomplete Form 5472 starts at $25,000.

And it can get worse.

If the failure continues more than 90 days after IRS notice, another $25,000 penalty can apply for each additional 30-day period, with no statutory maximum on those continuation penalties.

Need more time to file? Form 7004 can generally extend the filing deadline, but it needs to be filed by the entity's original return due date.

Foreign ownership in your structure?

This is worth checking before filing season, not after an IRS notice arrives.

Questions? Send us a message.

09/04/2026

Opportunity Zone Investors, December 31 Matters
Real estate investors, if you invested in an Opportunity Zone fund to defer an earlier capital gain, there's an important deadline getting closer.

Under the original QOF rules, deferred gains generally must be recognized by December 31, 2026, even if you haven't sold your QOF investment or received cash back from the project.

That's the part that can create a surprise.
Your investment could still be tied up in a real estate project while the tax on the original deferred gain becomes due with your 2026 return.

The good news? There's still time to prepare.

Now is the time to estimate the gain coming back into income, understand the potential tax liability, and make sure you'll have enough liquidity available when the bill comes due.

Have an older QOF investment still in your portfolio?

Let's make sure April doesn't come with an unexpected tax bill.

09/03/2026

Contractors, It May Be Time to Check the $32M Line Again
Builders and GCs, here's a number worth checking again.

For 2026, the small-business gross receipts threshold increased to $32 million, generally based on average annual gross receipts over the prior three years.

Why does that matter?

Contractors under the threshold may qualify for simpler accounting rules, including the cash method and exemptions from certain UNICAP requirements. Depending on the contract and other requirements, some contractors may also qualify for exceptions from percentage-of-completion accounting.

That can create valuable opportunities around when income is recognized and when tax is paid.

And here's the part that's easy to miss:
If your company was above the threshold a few years ago, don't assume you're still too large to qualify. The limit changes with inflation, and your three-year average changes too.

One caution: related businesses may need to be combined when calculating gross receipts.

Worth running the numbers again before assuming last year's accounting method is still the best fit.

Think you might be close to $32M? Send us a message and let's take a look.

09/02/2026

Manufacturers Are Feeling the Squeeze

Manufacturing friends, the latest numbers aren't exactly subtle.

Raw material prices have now increased for 22 consecutive months, according to July's ISM Manufacturing data.

Between higher input costs and changing tariff policy, manufacturers are getting squeezed from multiple directions. And when costs rise faster than you can adjust pricing, margins feel it quickly.

The good news? There are still tax strategies worth considering when you're making capital decisions.

100% bonus depreciation can allow qualifying equipment and other eligible property acquired and placed in service to be deducted immediately, which can make a meaningful difference when you're already planning investments in machinery, automation, or production capacity.

It won't make raw materials cheaper, but it can change the after-tax economics of investments you're considering anyway.
Feeling the pressure on input costs this year? Tell us what you're seeing.

09/01/2026

Foreign-Owned U.S. Businesses: Two Things to Check Now
International business owners, this one's worth a quick compliance check.

Two separate rules could affect foreign-owned U.S. businesses in 2026:

1️⃣ Outbound money transfers
A new 1% federal tax applies to certain remittance transfers funded with cash, money orders, cashier's checks, or similar physical instruments. Transfers funded through qualifying bank accounts or U.S.-issued cards are generally excluded.

2️⃣ Form 5472
Certain 25% foreign-owned U.S. businesses have Form 5472 reporting requirements, and getting this wrong can get expensive quickly.

The penalty starts at $25,000 per failure. If the problem continues after IRS notice, additional $25,000 penalties can apply every 30 days.

Different rules, different fixes.
If you've got foreign ownership in a U.S. business, this is a good time to make sure both sides are covered before tax season arrives.

Questions? Send us a message.

08/31/2026

Got Employees Working Overtime? Check Your Payroll Setup
Got a team that racks up overtime?

The IRS recently updated its guidance on the new “no tax on overtime” deduction, and there’s an important detail for employers.

Employees may be able to deduct up to $12,500 of qualified overtime compensation, or $25,000 for joint filers, subject to income limits.

But starting with 2026 W-2s, qualified overtime needs to be separately reported in Box 12 using Code TT.

And remember, not every dollar of overtime pay qualifies. Generally, it’s the FLSA-required overtime premium, not the employee’s entire time-and-a-half paycheck.

For contractors, manufacturers, and other businesses with overtime-heavy crews, now is a good time to make sure your payroll system is tracking this correctly.

Much easier to fix in August than when W-2s are being prepared in January. 😉

Questions about what your payroll should be tracking? Send us a message.

08/30/2026

This Week in Tax: Here's What Business Owners Should Know

It was another busy week for business owners. Here's a quick recap of the updates worth knowing:

1️⃣ Paid Family & Medical Leave Credit
The IRS introduced a second way to calculate the credit, giving eligible employers more flexibility depending on their leave program.

2️⃣ Canadian Tariffs
A new 50% tariff on certain Canadian imports, including selected cement, motor vehicles, dairy products, and alcohol, taken effect Tuesday, August 19.

3️⃣ R&D Tax Credit
Manufacturers should prepare for expanded project-level documentation requirements beginning with the 2026 tax year.

4️⃣ Residential Development
The Completed Contract Method now applies to many more qualifying residential construction projects, creating new tax planning opportunities.

5️⃣ IRS Business Tax Account
The IRS expanded its online tools, making it easier for businesses managing multiple entities to access notices and manage tax accounts.

The common thread? These aren't tax-season issues. They're planning opportunities that can make a meaningful difference when addressed early.

If one of these updates applies to your business, we'd be happy to talk through it.

Visit our website and complete our contact form to schedule a complimentary discovery call.

08/29/2026

New Canadian Tariffs Take Effect

A quick reminder for businesses that source products or materials from Canada.

Beginning Tuesday, August 19, a new 50% tariff was scheduled to apply to certain Canadian imports, including selected cement, motor vehicles, dairy products, alcohol, and other specified goods.

If Canadian suppliers are part of your business, now is a good time to ask:
✔️ Are any of your current purchases affected?
✔️ Have supplier quotes been updated?
✔️ Do your existing contracts account for higher material costs?

Reviewing those questions before the deadline can help avoid surprises after the new tariffs take effect.

If your business relies on Canadian materials or products and you're unsure how these changes could affect your costs, we're happy to help you evaluate your exposure.

Visit our website and complete our contact form to schedule a complimentary discovery call.

08/28/2026

Managing Multiple Businesses? The IRS Added Some Helpful Tools.

If you manage multiple businesses or entities, here's an IRS update worth checking out.

The IRS Business Tax Account (BTA) recently added several new features that can make tax administration a little easier.

You can now:
✅ View more IRS notices online, including certain refund notices and extension approvals.
✅ Download your EIN verification letter (CP575) directly from the portal if you're eligible.
✅ Save multiple bank accounts for tax payments using the new payment wallet.
✅ Manage installment agreement payments online.

If you're juggling LLCs, partnerships, holding companies, or multiple operating entities, having more of your tax information in one place can save time and reduce paperwork.

It's one of those updates that may not make headlines, but it can make life a little easier behind the scenes.

If you haven't explored the Business Tax Account yet, it's worth taking a look.

Visit our website and complete our contact form to schedule a complimentary discovery call.

Address

1095 Evergreen Circle, Suite #200
The Woodlands, TX
77380

Opening Hours

Monday	9:30am - 6pm
Tuesday	9:30am - 6pm
Wednesday	9:30am - 6pm
Thursday	9:30am - 6pm
Friday	9:30am - 6pm

Telephone

(832) 862-7300

Website

https://fpacpa.com/

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