Estate And Tax Planning Law Firm
While in the midst of a presidential campaign season there is a great deal of talk about taxes. In California, we are facing two new tax-related propositions -- Proposition 30 and Proposition 38. Amid the discussions, an interesting analysis of IRS data has taken a...
Contrary to what may be considered common wisdom, tax law is not set in stone. It is updated on a regular basis as taxpayers and professionals struggle to keep up with it. Likewise, tax shelters are not illegal but can be legitimate ways to mitigate the impact of...
Many of us in California have different types of investments, some of which are designed to minimize our tax liability. One of those is a tax-exempt bond. According to the Small Business Administration tax-exempt bonds are basically loans to a private business that...
In uncertain economic times, a business may hire independent contractors to perform certain jobs. The benefit to the company is that the work gets done, and the company is not committed to a long-term relationship with the worker. There are no benefits to be paid, and...
Many people in California may be unaware of all of the tools that the Internal Revenue Service has at its disposal. If you are an individual, sole proprietor or business owner, you may one day have the first-hand experience of opening a letter from the IRS in which...
Olympic athletes often give up a lot to pursue their sport. They may delay college, marriage, children or "real" jobs. They train and practice long and hard with the hope of getting a gold, silver or bronze medal. However, when they win that medal, they come home to a...
As we enter the fall election cycle, California and the rest of the nation is talking about the economy, employment and taxes. Recently the Treasury Department released information that affects all three of those contentious topics. It appears that as much as $5...
Most of us in the Bay Area file our tax returns like clockwork. Many of us get a refund after the tax deadline. Some of us find that we owe money to the Internal Revenue Service. When we owe a lot of money or we don't have the cash on hand, we may put off paying the...
In a previous post we reminded our California readers that June 30 was the deadline to file their Report of Foreign Bank and Financial Accounts, or FBAR, to the Internal Revenue Service. The report is required for anyone with more than $10,000 in a foreign or offshore...
There are a number of unpleasant consequences which can occur when someone is behind on their taxes. Two issues can be involved: how much is owed and what entity is owed the taxes. As we have stated in previous posts, it is possible to achieve a compromise or workout...
