In our last post we discussed some different possibilities for how the Internal Revenue Service might tax the virtual currency known as bitcoin. The new type of currency has generated a lot of controversy and exists in a legal grey area because people are trading it...
Bay Area Estate And Tax Planning Law Firm
Month: March 2014
Virtual currency leads to tax law questions
At this point in the year California taxpayers are getting serious about submitting their income tax returns. This means carefully combing through one’s finances and making sure that all income and deductions are properly accounted for and that the details are all...
IRS, California target small-business owners using new technology
The Internal Revenue Service is not particularly friendly toward small businesses. Year after year, the IRS accuses small business of cheating their way out of millions of dollars in taxes. Small business owners in California, however, know how complicated it is to...
Does it make financial sense to give up citizenship?
It may sound at first like a political talking point to say that there are more and more Americans giving up citizenship because of high tax rates, however, recent data shows that in fact more people are pursuing this option and that in many cases it can be linked to...
Avoiding tax audits
This is the time of year when the issue of a tax audit is most on the minds of the average California residents, because many are in the process of preparing their yearly income tax return. Tax audits are a generally intimidating proposition and most people do...
Taxes may become an estate planning issue for unmarried couples
Estate planning is not often an item that California readers see in the headlines, except for when an estate planning issue with a celebrity or other public figure makes the news. We can learn a lot from these examples about what sorts of contingencies to plan for and...