Any money won gambling is considered taxable by the IRS. Gambling winnings include cash prizes and the fair market value of any item won from lotteries, casinos, racetracks, game shows, etc. If you’ve won big, you may be subject to a rather large tax penalty on those winnings. However, gambling losses can offset tax liability,
Tax Tips
Tax Advantages & Disadvantages of C-Corps, S-Corps, and Other Business Entities
When forming a new business or subsidiary, your choice of business entity (and where you form your business entity) can have a number of legal and financial implications. While this includes things like owner liability, management and control rights, and transferability of shares, it also includes potential income tax, property tax and other tax liability.
What is a Tax Court Memorandum Opinion?
When you disagree with what the Internal Revenue Service (IRS) says you owe, your first formal step is generally to file an IRS appeal. Most tax controversies get resolved at this stage without the need for courtroom litigation. However, sometimes taxpayers need to go to court in order to avoid the imposition of unjust tax
Streamlined Filing Compliance Procedures
Filing your taxes is often a confusing, overwhelming process. For some individuals who mistakenly fail to report certain assets on their tax returns, there are a couple of options available to remedy the situation. To ensure that all IRS requirements are met—and to avoid penalties or other consequences—it is best to seek the advice and
A Complete Guide to California Payroll Taxes
As a California business owner, there are many different tax laws that impact your company. What taxes are you responsible for? How do you calculate your payroll taxes? To learn about the answers to these questions and more, check out our guide below. Payroll Taxes: What Are They and How to Calculate Liability In California,
Five Things to Do if You Owe Money to the Board of Equalization
One of the most common problems we help our clients address at our tax law offices in San Diego and Orange County is taxes owed to the California State Board of Equalization. In this blog post we’ll take a look at the five best ways to address that issue and resolve them in a timely
Orange County Tax Attorney-Tax Penalties For the Uninsured
One of the issues that we are starting to see more of at our tax law offices in Orange County and Los Angeles revolves around tax penalties for not having health insurance. It may have been easy to ignore the tax penalties for not having insurance in the past, but that is rapidly changing and
Same-Sex Marriage and Taxes
The discussion continues and people are still debating the legal merits of the Supreme Court’s landmark ruling legalizing same-sex marriage. But there is one area people on all sides of the issue can agree upon—the ruling adds a lot of uncertainty to tax and property issues across the country. At our tax law offices in
Stop Identity Theft-Part Two
As a Southern California tax law firm that deals with the IRS on a daily basis, we’ve seen first-hand the devastating effects of what can happen to unsuspecting people who are the victims of identity theft. It can take months and sometimes years to repair the damage done by thieves. We counsel people every day
Stop Identity Theft in its Tracks-Part One
It seems like we keep reading the same stories over and over again—thieves have cracked a corporate network and stolen credit card and personal information from thousands of people. The latest breach comes from of all places, the IRS where thieves stole personal and sensitive information from more than 100,000 people. We hear about its
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