California Small Estate Affidavit Estate planning is an important part of financial planning, but it can be complex. Many times, assets fail to be protected from probate proceedings. However, assets may nonetheless be transferred to the decedent’s successor in interest without having to go through probate by utilizing a Small Estate Affidavit. However, there are
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Good News and Bad News – IRS Announces Penalty Relief – Also Announces Collections to Ramp up in 2024
IRS Penalty Relief The IRS just gave us some good news and possibly some bad news. The IRS recently announced that approximately 4.7 million taxpayers may get IRS penalty relief for 2020 and 2021 late payment penalties. The bad news (at least for some taxpayers) is the IRS announced it plans to resume the collection
Year-End Tax Strategies to Optimize Savings
Year-End Tax Strategies As we move through the holiday season take some time to give yourself and loved ones a year-end bonus. Implementing smart year-end tax strategies now can help retain a greater portion of earned income and save money on 2023 taxes owed when filing federal and state returns in April. It is effectively
AB Trusts: Navigating the Shifting Landscape of Estate Planning
In the world of estate planning, AB trusts have long been a popular tool for married couples seeking to minimize estate taxes. However, recent tax law changes have brought about a significant shift in their relevance and effectiveness, leaving many couples wondering if AB trusts still hold value in their estate plans. Understanding AB Trusts:
Paycheck Protection Program – PPP Fraud Investigations
PPP Fraud Investigations It was three years ago when a dreaded virus, we would later know as COVID, was first introduced to us. Not only did it introduce unknowns to our health, but it instilled fears in us economically and financially. So much that Congress thought it was best to create several COVID financial relief
California Employment Development Department (EDD) Liens and Levies: What Businesses Need to Know about an EDD Lien
What Businesses Need to Know about an EDD Lien The California Employment Development Department (EDD) is responsible for administering the state’s unemployment insurance, workers’ compensation, disability insurance, and personal income tax programs. When businesses and employers fail to pay their payroll taxes or file required reports, the EDD may take collection action, including liens and
Franchise Tax Board New One-Time Penalty Abatement
One-Time Penalty Abatement The California Franchise Tax Board has implemented a new one-time Penalty Abatement program. This new program began on April 17, 2023. California Assembly Bill 194 has granted the FTB authority under Revenue Taxation Code(R&TC) Section 19132.5 to issue one-time abatements for timeliness penalties on individual income tax returns including Form 540, Form
Navigating Financial Planning: Understanding the 2024 IRS Gift and Estate Tax Changes
2024 IRS Gift and Estate Tax Changes As the year 2023 draws to a close, the landscape of financial planning is undergoing a significant transformation due to the Internal Revenue Service’s (IRS) recent updates to the gift and estate tax exemption limits. Understanding the 2024 IRS Gift and Estate Tax changes is pivotal for individuals
IRS Provides Some Relief for Required Minimum Distributions from Retirement Accounts and IRA Rollovers
Required Minimum Distributions The IRS recently issued official guidance providing relief to taxpayers who may not have taken a Required Minimum Distribution (RMD) from their IRA or other retirement accounts. The official guidance also provides relief to taxpayers who took a distribution in 2023 from a retirement account and wish to make a rollover. Learn
California Residency Tax Issues – Mr. Buehler Did Not Get a Day Off
California Residency Tax Issues The recent California Office of Tax Appeals (OTA) decision in the Buehler case highlights some of the California residency tax issues a California resident (or nonresident) may face when they have business interests or property inside and outside of California. Buehler involved a taxpayer who resided in California but held an