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
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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
E-Commerce Sales Tax
E-Commerce Sales Tax The rise of e-commerce has led many online retailers to seek guidance on calculating, documenting, and paying sales and use tax on their online sales. Questions about e-commerce sales tax like, “Do I charge the same sales tax rate for every customer?” or “Am I supposed to charge sales tax relative to
Tax On Cryptocurrency
Cryptocurrency and Capital Gains Tax Bitcoin quietly made its appearance on the world stage in 2014. Initially, cryptocurrencies were merely obscure novelties. They were discussed by niche circles in tech and academia, if at all. It was only with the arrival of significant gains in 2017 that Bitcoin, and the cryptocurrency space as a whole,
What is a Guardianship?
What is a Guardianship? Guardianship and Advance Health Care Directives What is a guardianship? Many people used to think that estate planning was only for extremely wealthy individuals. This is a common misconception, but in recent years, more and more people are realizing that a comprehensive estate plan can provide many benefits. Regardless of wealth