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
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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
What to Expect From a Tax Audit
Tax Audit “What to expect from a tax audit?” It’s the most common question we’re asked regarding audit notices when people come to our tax law offices in San Diego and Orange County. The letters typically arrive without warning and it catches taxpayers off-guard. In this post we’ll try to dispel some myths and explain
How Traders Write Off Large Losses – Mark to Market Securities Tax Code
Mark to Market Securities Tax Code One of the common problems we see in our tax law offices in San Diego and Orange County has to do with investors and financial traders who have improperly set-up their business and consequently are being audited after taking deductions under Section 475 of the mark-to-market securities tax code.
SD Chargers
SD Chargers Local tax law firm throws its support behind the San Diego Chargers in their plight to a new stadium. Local officials are trying to devise an economically viable plan to build a new stadium while officials from the team are exploring options that may include them leaving San Diego, and RJS LAW is
Sales and Use Tax Audits
Sales and Use Tax Audits As many states begin to look for ways to boost revenues, state tax departments are increasingly looking at enforcement of current tax laws and making sure that taxpayers are in full compliance with paying their tax obligations using sales and use tax audits. One of the tax streams that states
Should You Hire a Tax Attorney?
Should You Hire a Tax Attorney? It’s the kind of mail nobody wants to receive—a letter from the IRS. It’s pretty much given that any mail you get from the agency is most likely not going to contain good news. If you receive a letter from the IRS you have an important decision to make.
Deduct With Care: These Write-Offs Could Lead to Audits
As a tax law firm we deal with IRS and Franchise Tax Board audits on a daily basis. As we review tax returns and prepare our clients for the audit process, one question comes to mind during many of these interviews: “What was their tax attorney thinking?” Deduct With Care: These Write-Offs Could Lead to
Credit Reporting Agencies – How fair are they?
Credit Reporting Agencies The ability to obtain credit is an important facet of American life. The ability of companies to grant an extension of credit drives a major portion of the economy, and much of that economy is based on businesses being able to extend credit to consumers. The ability to safely extend credit to
What to Do if You Have an Undeclared Foreign Bank Account
IRS OVDI – I have an undeclared foreign bank account. What do I do? Ownership of an undeclared foreign bank account can cause the average American taxpayer to feel a sense of impending doom. Due to the many disclosure laws that have been implemented over the years, and the potential fines and criminal penalties they