Employee Retention Tax Credit COVID-19 has affected us all economically in some form or fashion, and this certainly includes small businesses across the country. In response to these troubled times, Congress approved the creation of the Employee Retention Tax Credit (“ERTC”) to encourage small businesses to retain their employees. This is a refundable tax credit
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IRS Penalty Relief for Certain Taxpayers Filing Returns for Taxable Years 2019 and 2020
IRS Penalty Relief The IRS announced on August 24, 2022, it will be waiving late-filing penalties and processing refunds to taxpayers who missed the filing deadlines on their 2019 and 2020 federal income tax returns (IRS Notice 2022-36). Before this IRS penalty relief announcement there were two ways to petition for a waiver of penalties.
Tax Treaty Provisions Are an Important Part of International Tax Reporting File IRS Form 8833 to Avoid Penalties!
What is a Tax Treaty? A tax treaty is an agreement between two countries intended to address and resolve issues such as double taxation of income for each country’s citizens or residents. The United States has tax treaties in place with numerous countries. These treaties seek to provide reciprocal reduced tax rates or exemptions for
Breaking Down the Attorney Client Privilege Break Down
Attorney Client Privilege The concept of attorney client privilege as we know it could be shifting in the Ninth Circuit. The 1981 case Upjohn Co. v. United States determined the purpose of attorney client privilege is to “encourage full and frank communication between attorneys and their clients.”1 However, when it comes to legal tax professionals
The Value of the Right Bankruptcy Attorney
Finding the Right Bankruptcy Attorney Bankruptcy can be a scary word. However, with the right bankruptcy attorney, it may spell relief. Filing for bankruptcy may provide a solution to debt problems and give you a fresh start. All bankruptcy proceedings are governed by the Bankruptcy Code, which classifies bankruptcy matters in different chapters depending on
Employment Development Department Audits: EDD Audit Penalties
EDD Audit Penalties The Employment Development Department (EDD) is a California government agency that administers employment service programs and controls and collects California’s employment payroll taxes. Additionally, EDD directs other tax and benefit programs including Unemployment Insurance (UI), Employment Training Tax (ETT), State Disability Insurance (SDI), and enforces EDD audit penalties. What Is an EDD
Will I lose My Retirement Account to Creditors in Bankruptcy?
Will I lose My Retirement Account to Creditors in Bankruptcy? For those considering bankruptcy as a debt relief strategy, a main concern is whether they will lose their retirement account to creditors as part of the process.The short answer is, “it depends.” In many situations, keeping retirement savings is possible, but this is not always
Benefits of Estate Planning: Why Updating Your Estate Plan Helps You Keep Up with Life’s Contingencies
Benefits of Estate Planning The sun is out, the birds are chirping, and you are feeling jubilant. You have just left an experienced Trusts and Estates attorney’s office, and your robust estate plan is assembled exactly to your specifications. You have created a will, designated your medical and financial powers of attorney, and executed a
Avoiding Probate Hassles with a Heggstad Petition
Avoiding Probate Hassles with a Heggstad Petition Creating a living trust allows a person to control their assets while still alive, and to then distribute such assets upon their death to the people or organizations selected beforehand, thereby avoiding probate. But what happens when an asset that should have been included in a living trust,
Estate Planning with Cryptocurrency
Estate Planning with Cryptocurrency Estate planning with cryptocurrency can quickly devolve into a futile treasure hunt. However, it does not have to be that way. Careful planning can turn a wild goose chase into an orderly process with minimal surprises. Estate planning with cryptocurrency requires a more deliberate process than other types of estate planning
NFTs and Taxes
NFTs and Taxes NFTs, short for Non-Fungible Tokens, have become a hot commodity. Built on the same style of blockchain networks that power cryptocurrencies like Ethereum and Bitcoin, NFTs are unique pieces of virtual art that are easy to buy and sell. What is substantially less easy, though, is understanding NFTs and taxes. Indeed, at
