Business owners decide to sell their businesses for a variety of reasons. Typical reasons to sell may involve a desire to capitalize on their investment and hard work, a desire to retire, or possibly because the business has not been as profitable or enjoyable as the owner had initially desired. No matter the reason for...Read More
Over the past couple of months employers have begun to try and understand rules and regulations concerning the Patient Protection and Affordable Care Act (“ACA”), affectionately known as “Obamacare.” Of particular concern has been trying to understand the rules with respect to full time employees and the employer mandate to provide affordable health care to...Read More
Last month we reviewed the new requirements under the Patient Protection and Affordable Care Act (“Obamacare”) for an applicable large employer to offer health insurance coverage to its employees. An applicable large employer is one with more than fifty full time employees or full time equivalent employees. This article will expand on that discussion with...Read More
We are six months away from the effective date of one of the biggest tax changes in history. Effective January 1, 2014, Internal Revenue Code Section 4980H, Shared Responsibility for Employers Regarding Health Coverage, goes into effect. Section 4980H came about as a result of the Patient Protection and Affordable Care Act back in...Read More
In my tax law practice, I often counsel and represent individuals and businesses with past and current tax problems. When I say “tax problems”, I mean they owe back taxes and/or they have not been filing tax returns. The start of a new tax year provides these people and businesses the opportunity to start the...Read More
The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the Act) is coming to an end on December 31, 2012. The ACT revived the Federal Estate, Gift and Generation Skipping Transfer taxes retroactively to January 1, 2010. It also introduced the $5,120,000 exclusion amount for Federal Estate, Gift and Generation Skipping Transfer...Read More
These are interesting times. We have the elections in a few days. We have the possible expiration of the Bush era tax cuts in about sixty days. What is at stake and what might happen? Although you might think the estate tax is only for the very wealthy and could never apply to you, be...Read More
“Something New: The California Franchise Tax Board has implemented a new tax collection tool. It is their FIRM program (Financial Institution Records Match). The FIRM program is a means by which the FTB will exchange information with financial institutions, i.e., banks, to see if they have an account for a delinquent taxpayer. The FTB will...Read More
My home might get foreclosed and I might have a tax liability as a result? Are you kidding me? Unfortunately, not, but with some proper planning a person in such a situation might be able to avoid a tax liability resulting from the foreclosure. As a result of the decline in the real estate market...Read More
Generally, Internal Revenue Code section 1031 provides that if you sell property held for productive use in a trade or business or held for investment and you acquire replacement property to be used in a trade or business or held for investment you can defer the reporting of the gain on the sale. Of course,...Read More
The attached articles were written based on the state of the law as of the date written. The authors of the attached articles assumes no responsibility to update the content of the articles as a result of any changes in the law. Anybody reviewing the attached articles should consult with the authors of the articles, or their professional tax or legal advisor to verify the current status of the law as it relates to their own personal transactions.
