Delinquent Taxpayer List The California Franchise Tax Board or FTB publishes a list of the top 500 largest past due tax balances in the state. Any taxpayer who owes $100,000 or more to the Franchise Tax Board is at risk of appearing on the top 500 delinquent taxpayer list, known as the FTB 500 list.
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IRS Announces Reopening of ERC Voluntary Disclosure Program
The IRS recently announced it was re-opening a second Employee Retention Tax Credit, or ERC, Disclosure Program. Under the terms of the ERC Voluntary Disclosure program, employers who submitted incorrect ERC claims can come forward and file a disclosure. In exchange for coming forward, those employers will receive a 15% discount on the tax owed
Do I Have to Pay Tax on That? Tax Consequences of S-Corporations, LLCs, Partnerships, and other Pass-Through Earnings
Tax Consequences of S-Corporations, LLCs, Partnerships, and other Pass-Through Earnings This new blog series will discuss the question we tax professionals often hear: “Do I have to pay tax on that?” This first installment will focus on the earnings and tax consequences of S-Corporations, LLCs, Partnerships, and other Pass-Through entities. To provide a little background,
Retirement Planning Mistakes Can Be Costly
Retirement Planning Mistakes Can Be Costly Retirement accounts like 401(k)s and IRAs are useful retirement planning tools. However, like any useful tool, they can be misused. As a tax controversy firm, we see clients make mistakes with their 401(k) and IRA accounts such as incorrect rollovers and failing to take Required Minimum Distributions. This blog
IRS Announces Employee Retention Tax Credit or ERC Refunds as Early as September for Some Businesses, While Many Other Businesses Will Remain in ERTC Limbo
The IRS issued another announcement on how it intends to process Employee Retention Tax Credit or ERTC claims and issue ERTC refunds. In previous announcements the IRS stated it was lifting the moratorium on Employee Retention Tax Credit or ERC refunds, but was going to leave most businesses in bureaucratic limbo. The IRS recently announced
Dynasty Trusts
Dynasty Trusts Families should consistently seek methods to preserve family wealth for future generations. Developing an effective strategy to minimize estate transfer taxes is critical to preservation. Unfortunately, poor planning may result in repeated taxes on familial wealth which can heavily erode and diminish the value of an estate as it passes from generation to
Wyoming Asset Protection Trusts
Wyoming Asset Protection Trusts If you insure your home, car, and health, then why not insure your other assets? Wyoming is one of the few states in which you can set up a domestic Asset Protection Trust (APT). For high-net-worth individuals looking into ways to safeguard their assets against creditors, lawsuits, and ex-spouses, creating a
How to File for Bankruptcy in California
How to File for Bankruptcy in California Filing for bankruptcy can be a daunting decision, but for many individuals facing insurmountable debt, it can provide a necessary lifeline and a fresh financial start. If you are considering bankruptcy, it is important to understand how to file for bankruptcy in California. This blog discusses the basic
Maximizing Your Wealth: Delaware Statutory Trusts (DSTs) and 1031 Exchanges
Delaware Statutory Trusts and 1031 Exchanges Are you a real estate investor looking to build your wealth through investments while minimizing your tax liability? If so, then Delaware Statutory Trusts (DSTs) and 1031 Exchanges are two powerful tools to be incorporated into your portfolio. Overview of 1031 Exchanges A 1031 exchange (26 U.S.C. § 1031),
Employee Retention Tax Credit (ERTC Claims) Updates – IRS Announces Warning Signs of Incorrect ERTC Claims and Re-Opening of Voluntary Disclosure Program
ERTC Claims The IRS issued a recent announcement regarding Employee Retention Tax Credit (ERTC Claims) updates. Previously, the IRS announced it was lifting its moratorium on processing Employee Retention Tax Credit or ERTC claims, but was going to reject about 15-20% of claims and leave most other claims in limbo. This most recent IRS announcement