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Resources

March 26, 2018

Dealing with the IRS – You Do Have Rights

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...
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January 1, 2018

Tax Cuts and Jobs Act

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...
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December 1, 2017

IRS Outsourcing Collection to Private Collection Agencies

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...
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November 1, 2017

Year-End Tax Planning for 2017

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...
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October 1, 2017

Estate Planning with Individual Retirement Accounts

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....
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September 1, 2017

Is Your Revocable Living Trust Income Tax Friendly?

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...
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August 1, 2017

Partnership Audit Rules Are Changing #2

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...
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March 23, 2017

Real Estate Professional and Losses

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...
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February 22, 2017

Tax Filing Season Audit Thoughts

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...
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January 25, 2017

California Competes Tax Credit

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...
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January 18, 2017

Estate Planning Under a Donald J. Trump Administration

One of Donald J. Trump’s campaign promises was a reform of the Internal Revenue Code. With respect to the Estate Tax, what does that mean? According to the website www.donaldjtrump.com, President-Elect Trump’s Plan “will repeal the death tax, but capital gains held until death and valued over $10 million will...
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December 18, 2016

Trump v. Clinton Tax Plans

Trump v. Clinton Tax Plans Darren J. Pluth American taxpayers will vote for the next president this November 8th and each candidate has wildly different tax plans. Trump stands by the Republican’s view of fiscal conservativism with a smaller government and less taxes. Clinton’s plan, on the other hand, mimics...
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February 22, 2016

Private Collection Of Federal Tax Debt: Recipe For Disaster

Private Collection Of Federal Tax Debt: Recipe For Disaster On December 4, 2015, President Obama signed into law the Fixing America’s Surface Transportation Act, or “FAST Act.” It provides long-term funding for transportation projects over a period of ten years.  The bill also requires the Internal Revenue Service (IRS) to...
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February 11, 2016

Debt Collection – Tips to Get Paid

Debt Collection – Tips to Get Paid A major challenge for each and every business owner is the arduous task of collecting past due account receivables.  Unfortunately, it is an all too often occurrence that a bill goes unpaid and a business owner is forced to take action to collect...
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December 19, 2015

The Protecting Americans From Tax Hikes Act Of 2015

The Protecting Americans From Tax Hikes Act Of 2015 The Federal Government loves to tweak the Internal Revenue Code (“Code”) to implement its social and economic policies.  Often times, the enacted tax laws will be temporary in response to a current economic condition that may exist or as an experiment...
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November 21, 2015

2015 YEAR END TAX REVIEW

2015 YEAR END TAX REVIEW             As we come upon the closing of another tax year, it is time once again to reflect upon the past year, plan for year end, and implement planning for tax year 2016.  If you have not implemented proper tax strategies throughout the year, it...
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October 11, 2015

The IRS Probably Knows (or will soon know) About Your Foreign Bank Account

The IRS Probably Knows (or will soon know) About Your Foreign Bank Account Congress has known for decades that American citizens are hiding money offshore.  Congress finally decided to give the IRS some strong enforcement tools and enacted the Foreign Account Tax Compliance Act (FATCA) back in 2010 to combat...
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September 15, 2015

Pre-Filing Planning For Bankruptcy

Pre-Filing Planning For Bankruptcy Bankruptcy is a powerful legal strategy that can allow individuals an opportunity to discharge (or eliminate) all or a significant portion of their debt.  However, bankruptcy is not without risk.  An improperly planned bankruptcy can result in the loss of assets, conversion of the case to...
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August 18, 2015

PROPERTY TAX ASSESSMENT NOTICES SENT OUT

PROPERTY TAX ASSESSMENT NOTICES SENT OUT If you own real property in California, the local county tax collector (ours is Shabbir A. Khan) sent you a property tax assessment notice that states the property’s valuation on which the future tax will be based.  Each year this bill seems to increase...
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July 20, 2015

Bankruptcy: An Option for More than You Think

Bankruptcy: An Option for More than You Think Although often times portrayed in a negative light or frowned upon when discussed in social circles, bankruptcy offers those in financial strife an opportunity to rebuild.  Further, bankruptcy is not just for low income individuals that found themselves in over their heads. ...
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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.