All – Calone & Harrel

Mar

Dealing with the IRS – You Do Have Rights

March 26, 2018chadminAll, Taxes

Dealing with the Internal Revenue Service (“IRS”) can be a daunting and intimidating task for any person or business. The unfortunate reality is that the IRS has the power to completely disrupt an individual’s life or a business’ operations. However, taxpayers are not powerless. Individuals and businesses have rights when dealing with the IRS that...

Jan

Tax Cuts and Jobs Act

January 1, 2018chadminAll, Taxes

As of the writing of this article, the Senate and House of Representatives have passed the Tax Cuts and Jobs Act (the “Act”) and it is being sent to President Trump to sign into law. The new tax laws that are slated to become effective January 1, 2018 will be a bit of a shock...

Dec

IRS Outsourcing Collection to Private Collection Agencies

December 1, 2017chadminAll, Taxes

On December 2015, Congress enacted the Fixing America’s Surface Transportation Act (FAST Act). Contained within the FAST Act was the requirement that the IRS enter into qualified tax collection contracts with private collection agencies (PCAs) for the collection of outstanding inactive tax receivables. The assignment of inactive accounts to PCAs was scheduled to begin in...

Nov

Year-End Tax Planning for 2017

November 1, 2017chadminAll, Taxes

As of the writing of this article, the House has passed their tax reform bill and the Senate has advanced their tax bill out of committee with a proposed vote after Thanksgiving. This whirlwind tax reform session will throw some turbulence into year-end tax planning. The Republicans have proposed cutting many deductions that have been...

Oct

Estate Planning with Individual Retirement Accounts

October 1, 2017chadminAll, Estate Planning, Retirement

Individual Retirement Accounts (“IRAs”) can easily cause some problems in estate planning if not dealt with correctly. Most married individuals name their spouse as the primary beneficiary of their IRA and are often told not to worry about their IRAs in their estate planning because they’ve already designated a beneficiary. This can be a mistake....

Sep

Is Your Revocable Living Trust Income Tax Friendly?

September 1, 2017chadminAll, Taxes, Trusts

Many people, once they have executed their revocable living trust, put it in a drawer and never revisit it. However, circumstances change over time that may warrant a review of the revocable living trust and changes made to it. Over the last few years, the Applicable Exclusion Amount for estate taxes has risen to $5,490,000...

Aug

Partnership Audit Rules Are Changing #2

August 1, 2017chadminAll, Taxes

Last September 16th, I wrote an article in the Central Valley Business Journal (“CVBJ”) about the new partnership audit rules titled “Partnership Audit Rules Are Changing.” That article goes into the basic mechanics of the rules established by the Bipartisan Budget Act of 2015 signed by Barack Obama in 2015 and for your reference I...

Mar

Real Estate Professional and Losses

March 23, 2017chadminAll, Estate Planning

The Tax Reform Act (“TRA”) of 1986 brought with it a major revision to the Internal Revenue Code by way of Section 469 with what are known as the “passive loss rules.” The enactment of the passive loss rules changed the rules such that a taxpayer could only deduct losses from a passive activity against...

Feb

Tax Filing Season Audit Thoughts

February 22, 2017chadminAll, Taxes

The due date of April 15 for your federal and state taxes is fast approaching. However, don’t fret, you are getting a reprieve this year. The actual due date for your return is Tuesday, April 18, 2017 due to the 15th being a Saturday, and the following Monday being Washington D.C. Emancipation Date holiday. I...

Jan

California Competes Tax Credit

January 25, 2017chadminAll, Taxes

California is generally considered a business unfriendly state due to its high taxes and strict regulatory environment. Over the last few years, businesses have taken their operations to more friendly states, think Jamba Juice’s move to Texas and Tesla choosing Nevada instead of California for its Gigafactory. California has had an enterprise zone tax break...

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