Same-sex couples in California are facing both a simpler and more complex tax landscape this year, as they have the option to file federal income tax returns jointly for the first time and must choose whether to amend previous years filings as well. For many couples...
Month: February 2014
Capital gains and the estate tax
In the process of beginning to create an estate plan a lot of people have probably heard that it is best to give away a substantial portion of one’s wealth before they are gone in order to minimize tax liability and to make sure that gifts go to the people and...
Court rejects IRS attempt to regulate tax preparers
A federal court recently struck down an Internal Revenue Service proposal that the agency be permitted to oversee professional tax preparers. The concept was fought by tax preparers from several states as well as libertarian groups who believed it was an overreach of...
IRS continues fight over Jackson estate valuation
The conflict between the Internal Revenue Service and the estate of legendary pop singer Michael Jackson continues as the IRS announces huge penalties for the alleged purposeful undervaluing of the estate. We covered this issue in a post last year when it first came...
Know the facts about tax audits
This time of year, tax audits are on everyone’s minds as we rush to compile financial paperwork and sit down for the task of completing our annual income tax returns. The ominous threat of the tax audit lurks in the background, waiting to jump out like a...
IRS may not be much help when it comes to tax questions
Tax season is officially in full swing, as most California taxpayers have now received all of the necessary forms to start the process of filing their taxes. For some people this means entering one or two simple forms into a free online program and calling it a day,...
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Even a fortune can disappear without sound estate planning
Some figures baffle.Like the speed of light. Like the age and size of the universe. And like estimates pegging the personal fortunes of America's richest families.Consider this imagery relevant to the storied Vanderbilt family for a moment: a pile of money equaling...
Broad, measured thinking out of the box promotes sound estate planning
"You own this." Those words might sound frightening to a would-be California estate planner, but they are actually meant to promote a feeling of empowerment rather than intimidation. It is no secret that legions of...
Remarrying couples unquestionably need to focus on estate planning
Many remarrying California individuals fail to timely consider and update existing estate plans to reflect new realities.Don't be one of them. Many remarrying California individuals fail to timely consider and update existing estate plans to reflect new...
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