Law Offices of Connie Yi, PC
California
Estate Planning
& Tax Law
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January 2014 Archives

When to review an estate plan in California

Estate planning is very important for people in California, no matter their age. Those who are later in life might want to consider forming an estate plan as soon as possible. People who are younger, should also form estate plans. However, one mistake people sometimes make is that they form an estate plan early in life and then simply forget about it.

Clerical error does not invalidate wills, court says

Married couples who have begun the estate planning process probably already know that it is common to create complimentary wills with one’s spouse. Some people choose to create joint wills or wills that take the other’s plans into account, while others choose to keep their last will and testament confidential and separate from their spouse. There is no one right way to complete this process, it is up to the individuals to determine what makes the most sense for them.

Make sure you know relevant tax law changes before filing day

As the calendar turned over a new page to 2014, many California residents began to get their financial records organized in order to file their federal and their state income tax returns. Every year it is very important to pay attention to various changes in tax law that could impact one’s income tax return. This year, there are a few federal tax changes that are very important, but that many might not be aware of yet.

California now accepting 2013 income tax returns

Believe it or not, tax time is upon us once again in the state of California. While the federal IRS won't be taking 2013 income tax returns for about three weeks, the state Franchise Tax Board is now accepting them and officials are urging California residents to file right away in order to get a speedy refund.

Clients liable in tax preparer's fraud scheme

When we take our taxes in to have them prepared by a professional, we trust that the professional’s advice will lead us in the right direction and get the best tax rates while complying fully with the law. Unfortunately in some cases it does not turn out this way, and taxpayers can end up in trouble if their trusted tax preparer takes improper deductions.

Overseas account could lead to jail time for toy maker

An American businessman best known for his creation of the popular Beanie Babies line of plush toys is facing up to five years in prison along with fines he has already paid over tax evasion allegations. Ty Inc., founder Ty Warner has asked a judge to sentence him only to probation rather than jail time, citing penalties already paid and involvement in charitable giving as factors to consider in assessing his sentence.

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Law Offices of Connie Yi, PC
490 Post Street, Suite 508
San Francisco, CA 94102
Phone: 415-433-3350
Toll Free: 888-312-6978
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Additional Office Locations:
Pleasanton
323 Ray Street
Pleasanton, CA 94566
Phone: 925-484-0888 
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San Mateo, CA 94403
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1250 Oakmead Pkwy, Suite 210 
Sunnyvale, CA 94085 
Phone: 888-312-6978 
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