Employee Retention Credit COVID-19 has affected us all economically in some form or fashion, and this did not exclude small businesses across the country. In response to these troubled times, Congress approved the creation of the Employee Retention Credit (“ERC”) to encourage small businesses to retain their employees. This credit is a refundable tax credit
Blog
The Gift of Giving: What is a Charitable Trust?
What is a Charitable Trust? The simple answer is that a charitable trust is a trust in which a charity is a beneficiary. The more complex answer is that there are two main types of charitable trusts: charitable remainder trust and charitable lead trust. This article primarily focuses on charitable remainder trusts as they are
Classifying Workers in California – Contractor vs. Employee
Easier Access to Labor Complicates Workers’ EDD Classification You are an innovator. You have identified an underserved market, developed an application to facilitate the supply of the desired services, and found a pool of suppliers with the flexibility and motivation to provide such services. Now you can relax and let the invisible hand work its
What is the 2021 Advance Child Tax Credit?
What is the 2021 Advance Child Tax Credit? The Advance Child Tax Credit payments are early IRS payments of 50% of the estimated amount of the Child Tax Credit you may claim on your 2021 tax return. Meaning, you can receive half of your Child Tax Credit for each “qualifying child” in equal payments for
The Tax Gap: What It Means To You
Tax Gap The tax gap is a topic that has found its way into the news recently. Pundits are looking to how the Biden Administration’s ambitious (yet costly) infrastructure and COVID 19 relief bills will get funded. Although the latest revision of the infrastructure bill no longer contains increased funding for the IRS to close
What is an Opportunity Zone?
What is an Opportunity Zone? The Opportunity Zone (“OZ”) was originally discussed in Congress after the Great Recession of 2008, with an intent to lift Americans out of poverty and bring economic and community revitalization to the areas that were deeply affected by the 2008 economic downturn. Congress created section 1400Z under the 2017 Tax
RJS LAW San Diego Welcomes Of Counsel Andrea Cisneros Valdez
June 24, 2021 Andrea Cisneros Valdez has joined RJS LAW San Diego as an Of Counsel attorney. Ms. Cisneros Valdez brings her experience and knowledge to the firm’s Estate/Tax Planning, and Controversy Practice Groups. SAN DIEGO, CALIFORNIA – RJS LAW is pleased to announce Andrea Cisneros Valdez has joined the San Diego office as an Of
Crypto – A short guide to cryptocurrency and your taxes
Cryptocurrency Bitcoin, Dogecoin, and Litecoin, oh my! If you have been watching the stock market at all in recent years, you have probably heard of cryptocurrency or crypto. You have likely seen people become millionaires overnight from these “coins,” but what is cryptocurrency? How does it even work? Do you have to pay taxes on
What Is A Tax Lien?
Lien on me? Tax Liens are a powerful weapon in the arsenal of the IRS and other taxing agencies including the Franchise Tax Board (FTB), California Department of Tax and Fee Administration (CDTFA), and Employment Development Department (EDD). A Notice of Federal Tax Lien (or notice of State Tax Lien) can cause a great deal
Bankruptcy and Taxes
Bankruptcy and Taxes As a tax attorney, I am often asked if taxes can be discharged in bankruptcy. The answer to that question is . . . sometimes. Even when bankruptcy is available for a tax debt, bankruptcy may not be the best option for a person with a tax debt. Some tax debts are