A lot of California readers probably don't realize that there was a time in the United States when there was no federal income tax. The first instance of an income tax was during the Civil War when the government needed more revenue to continue fighting. That was a...
Estate And Tax Planning Law Firm
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Reduced funding for the IRS leads to less audits
Data from the 2012 fiscal year shows that there may be some relationship between the reduced budget for the Internal Revenue Service and the percentage of tax returns that are audited each year. Between the 2010 and 2012 fiscal years, the IRS suffered from a three...
Is the IRS unfairly targeting small businesses in the Bay Area?
Most small-business owners in the Bay Area do their best to pay their taxes on time and in full. While it may not be the most enjoyable part of owning a business, it is necessary to avoid trouble with the Internal Revenue Service. Sometimes, however, people make...
The importance of considering taxes in estate planning
Some California residents know firsthand the difficulties that come with estate taxes. Forgetting to plan for taxes is a common mistake people across the country make when putting together an estate plan. However, failing to consider estate taxes, gift taxes and other...
Update: California investors may not be facing back taxes
A few weeks ago we discussed a very serious and controversial tax issue that was slated to hit California investors. In particular, people who invested in small businesses within the last five years. In 2008, the California government gave a tax break to people who...
IRS decision to tax automatic tips could hurt waiters’ income
As many Californians know firsthand, the Internal Revenue Service makes decisions that can have huge impacts on the lives of many people. Changing tax policies can often make things very difficult for the affected individuals. The most recent decision the IRS made...
Boy Scouts may be stripped of tax exempt status
The story of Ryan Andresen's ouster from his Boy Scout troop earlier this year caused wide-spread controversy about the role of gay youth in the National Boy Scouts of America. Andresen was initially denied the scout's highest honor, Eagle Scout designation, because...
IRS tells Michael Jackson’s estate to pay up
Many people in California know firsthand how difficult it is to deal with the Internal Revenue Service. Especially at the time of a loved one's death -- when taxes are the last thing you want to think about -- the IRS has a way of finding ways to get the most out of...
Study says boomers donate most: How trusts can help you give more
A recent study of the giving habits of the four major generations showed that baby boomers are the most philanthropic. Although baby boomers only make up 34 percent of the people who give to charitable causes, they are reponsible for contributing 43 percent of the...
California business investors facing tax bill after court ruling
According to a California law that was enacted five years ago, people who wanted to invest in small businesses in our state could get a tax break. With that incentive, many people chose to invest their money in promising companies across our state. The benefits of...