Notice of Tax Lien Have you received an IRS Notice of Tax Lien? This is a notice stating a tax lien is about to or already has been placed on your property or other assets. Here is what it means and what you should do next. What?A tax lien is a legal claim against your
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Increased Bankruptcy Homestead Exemption Allows More Homeowners To Keep Homes
Bankruptcy Homestead Exemption New Assembly Bill 1885 expands California’s homestead exemption enhancing the benefits of filing a chapter 7 and chapter 13 bankruptcy. This new legislation went into effect January 1, 2021. The idea behind the new bankruptcy homestead law is to help limit liabilities while protecting homeowners from losing their homes in bankruptcy. For
Tax And Vice – Cannabis Tax
Cannabis Tax In our continuing series on Tax and Vice, we now discuss Cannabis Tax – the tax treatment of Cannabis Dispensaries and other businesses that sell cannabis, marijuana, and THC products like edibles. As this blog post will discuss, Section 280E of the Internal Revenue Code gives unforgiving tax treatment to cannabis dispensaries and
IRS and FTB Penalties for Filing Late Taxes Should Your Accountant Neglect to E-file
Penalties for Filing Late Taxes The IRS and Franchise Tax Board (FTB) can charge penalties for filing late taxes or for the late payment of taxes. The penalties for filing late taxes and late payments charged by the IRS and FTB can be up to 25% of the tax owed. The penalties may be excused
I Want My Money
In March 2020, Congress Passed the Coronavirus Aid, Relief, and Economic Security Act, CARES Act. The stimulus payments for the CARES Act is a $2.2 trillion legislative behemoth that seeks to stimulate the economy and provide relief to individuals and businesses affected by the COVID 19 epidemic. One provision of the CARES act are the
Paycheck Protection Program – PPP Loan – How to Use Them
The late and great Kenny Rogers once famously sang, “You gotta know when to hold them, know when to fold them.” Well when it comes to Paycheck Protection Program PPP Loan, business owners need to know when to spend it and when to end it. In March 2020, Congress passed the Coranavirus Aid, Relief, and
Can I Track My IRS Tax Refund?
Once most California taxpayers have gone through the ordeal of submitting their tax returns, they are eager to get their refunds. Many residents depend on their refunds to pay off bills or other types of expenses. Others are simply excited to have some cash coming their way. How do you track your IRS tax refund
How to File a Tax Extension with the IRS
For many California residents, filing federal tax returns by April 15th can be challenging. Perhaps you simply need more time to work on your returns, or you were late receiving documents that you needed to complete the return. In these scenarios, the Internal Revenue Service, or IRS, allows you to request an extension to get
California Tax Franchise Board Liens: How to Stop Collections
Both individuals and businesses in California may be subject to tax liens if they do not pay their taxes on time. Liens may be imposed on the taxpayer’s property to satisfy the debt. The California Tax Franchise Board is an agency that collects state income taxes and engages in enforcement as well. It is similar
Successful Whistleblower Claims
Did you know that in the past few years the IRS has created dozens of newly minted millionaires? The tax agency paid Bradley Birkenfeld 104-million dollars. Another example is Lynn Szymoniak, who walked away with 18-million dollars. In 2015, close to a hundred people walked away on average with more than a million-dollars apiece according to