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
Tax Problems Solved ®
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
Working From Home – Can You Claim a Home Office Deduction on your IRS Tax Return?
Home Office Deduction John Doe is an accountant for Pizza Palace, Inc. With California under mandatory lockdown, due to the COVID-19 pandemic, John found himself forced to work from home for nearly all of 2020. He created a home office in his spare bedroom where he would work remotely. His friend, Paula Peterson, is a
WHERE’S THE MONEY, LEBOWSKI? CALIFORNIA PROPOSITION 19
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
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