THE GOOD THE BAD AND THE UGLY California Proposition 19Proposition 19, formally titled “The Home Protection for Seniors, Severely Disabled, Families, and Victims of Wildfire or National Disasters Act” (“Prop 19”) was narrowly passed by California voters on November 3, 2020, with 51.1% of the total vote. Despite Prop 19’s heartwarming title, its primary purpose
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California Franchise Tax Board’s Top 500 Delinquent Taxpayer List
Lists can sometimes be fun. David Letterman made a career out of his witty top 10 lists. College football fans like seeing where their favorite teams fall on the Top 25 polls. Netflix viewers may like perusing the Netflix Top 10 list to see which series they should binge watch next. One list that is
California Franchise Tax Board – Can You Ever Leave the Hotel California?
California Franchise Tax Board The Eagles famously sang in their hit Hotel California, “You can check out any time you like, but you can never leave.” The Eagles never gave an explanation as to what the cryptic lyrics of Hotel California truly meant. Fans gave various theories ranging from the song being about the excesses
How Are Stock Options Taxed
How a Little Tax Case Called Altera May Affect Your Paycheck We live in tumultuous times. The COVID 19 Pandemic, murder hornets, politics, and who knows what else are occupying the headlines. Beneath it all lies an important tax case called Altera Corporation v. the Commissioner of the Internal Revenue Service (“Altera”). This case involves
July 15th IRS Deadline – When their Gloves Come Off
IRS Deadline In response to the COVID-19 epidemic, the IRS launched a People First Initiative. Among other things, the IRS suspended most collection activity until July 15th, 2020as part of the People First Initiative. Other tax agencies like the California Franchise Tax Board (“FTB”) have implemented similar relief programs for taxpayers. The relief afforded by
What Happens to My Tax Liens and Tax debts When I Die?
Tax Debts Oh no! You just discovered you owe back taxes, penalties, and interest for the past three years! You are just about ready to retire and hoping to keep all your money to enjoy your golden years. That vintage Mustang you have had your eye on is calling your name. Maybe if you just
SBA PPP Loan – Misuse and Malfeasance
SBA PPP Loan In March 2020, Congress created the Paycheck Protection Program (“PPP”) to support small businesses through the financial difficulties posed by the COVID-19 epidemic. One of the most attractive features of an SBA PPP loan is its ability to be converted into a grant if the recipient business owners uses the funds for
The Impact Of Riots And Looting On Small Business
SMALL BUSINESS OWNERS ARE WORRIED The impact of riots and looting on small business can be devastating. Many of us who are watching the news on television or reading the newspaper these days are seeing large retail stores being vandalized and ransacked. Windows are being broken, cash registers smashed or stolen, and people are seen
Revocable Trust
What Happens to My “Stuff” When I Die? Think about all the “stuff” you have accumulated in your life: money, cars, real estate, personal items, stocks, and more. Have you thought about who should receive your possessions when you die? In California, if an estate has assets valued over $166,250, probate is necessary regardless if
Are Unemployment Benefits Taxed?
Unemployment Benefits During Coronavirus Americans have been filing for unemployment benefits in record numbers. As of April 2020, roughly 14.7% of all Americans have applied for benefits. The Coronavirus Aid, Relief, and Economic Securities (CARES) Act created additional unemployment benefits and America’s unemployed should be aware of these changes as well as any potential tax