“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
In these tough economic times, employers are seeking to save money wherever they can. Employers sometimes seek to save money by classifying a worker as an independent contractor rather than an employee to save on employment taxes and worker’s compensation insurance. However, an incorrect determination as to classification can severely damage or even destroy a...Read More
Recently, the IRS issued its Dirty Dozen Tax Scams for 2011. The IRS issues this list each year. In times of economic trouble, scamsters often prey on the vulnerable. It does not make sense to engage in a tax scam to save money now when you consider the magnitude of the tax, interest and penalties...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.
