IRS Collection Financial Standards The IRS recently released the new Collection Standards for 2023. The IRS Collection Financial Standards are significant because they often determine what a Taxpayer can “reasonably afford” when a Taxpayer makes a payment arrangement such as an Offer in Compromise, Currently Non-Collectable Status, or an Installment Agreement with the IRS for
Blog
An Employer’s Guide to California Payroll Taxes – You are the Boss and We Help Bosses
California Payroll Taxes Part 1 – Are you a Boss? This first installment on our blog series regarding federal and state (EDD) payroll taxes for California employers focuses on whether a business owner is a boss or not. In other words, are the people the business owner contracts with employees for federal employment tax and
Received an IRS Notice of Tax Lien?
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
Increased Bankruptcy Homestead Exemption Allows More Homeowners To Keep Homes
California 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 California homestead exemption law is to help limit liabilities while protecting homeowners from losing their homes in
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
What Happened to Silicon Valley Bank?
Silicon Valley Bank On Friday, March 10, 2023, Silicon Valley Bank collapsed. Silicon Valley Bank (SVB) was the 16th largest bank in the United States, and its collapse was the second largest bank collapse in United States history. How Did SVB End Up Here?Over the span of just a couple of days, thousands of SVB’s
Tax and Vice – A California Retailers Guide to Tobacco Taxes and Vape Taxes
California Vape Taxes This next installment of the Tax and Vice blog will provide a brief rundown of what tobacco and vape retailers in California (such as liquor stores, smoke shops, and convenience stores) need to know about state and federal tobacco taxes. Tobacco is subject to both federal and state (CDTFA) excise taxes. While
Tax and Vice – Federal Tobacco Taxes
Federal Tobacco Taxes In the installment of our Tax and Vice blog, we discuss California State (CDTFA) Federal Tobacco Excise Taxes. The Alcohol and Tobacco Tax and Trade Bureau (TTB) is responsible for collecting Federal Tobacco Taxes, not the IRS. The CDTFA collects state excise taxes in California. This post will provide a basic rundown
Are My State Stimulus Payments Taxable?
Are Stimulus Payments Taxable Did you receive relief or stimulus payments last year from your state? Are stimulus payments taxable? Do you need to report these payments on my federal tax return? Well, there might be some good news. On February 10, 2023, the Internal Revenue Service (IRS) issued guidance to taxpayers in 21 predetermined
Tax and Vice – The Treatment of Gambling Tax and Gaming Losses
Gambling Tax and Gaming Losses This first installment of our Tax and Vice series will discuss the treatment of gambling tax and gaming losses. How are gambling winnings taxed? Are there any tax deductions available for gambling losses and lost wagers? What are the tax implications if a casino, the lottery, or racetrack issues me