Lottery Jackpot We play the lottery jackpot when we are feeling lucky. But how does a winner ensure they stay lucky when they hit it big? Hitting the lottery jackpot might seem like a dream come true: by spending a few dollars and selecting a few numbers, a person can win an enormous amount of
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Why Law Students Should Consider Tax Law and a Masters in Taxation – LL.M.
Masters in Taxation – LL.M. People gain a sense of purpose from the belief their work will be of use to everyone. For example, a gas station owner believes everyone needs gas, and a doctor believes everyone, at some point, will require medical assistance. Just like the gas station owner and medical professional, specialized tax
The Inflation Reduction Act of 2022 – What It Means For Americans
Inflation Reduction Act of 2022 The Inflation Reduction Act of 2022 was signed into law on August 16, 2022, by President Joe Biden. The Act includes subsidies for healthcare, clean energy, and energy efficiency. It also includes major tax implications that could affect both corporations and individuals. What can Americans expect from the Inflation Reduction
IRS Penalty Relief for Certain Taxpayers Filing Returns for Taxable Years 2019 and 2020
IRS Penalty Relief The IRS announced on August 24, 2022, it will be waiving late-filing penalties and processing refunds to taxpayers who missed the filing deadlines on their 2019 and 2020 federal income tax returns (IRS Notice 2022-36). Before this IRS penalty relief announcement there were two ways to petition for a waiver of penalties.
Tax Treaty Provisions Are an Important Part of International Tax Reporting File IRS Form 8833 to Avoid Penalties!
What is a Tax Treaty? A tax treaty is an agreement between two countries intended to address and resolve issues such as double taxation of income for each country’s citizens or residents. The United States has tax treaties in place with numerous countries. These treaties seek to provide reciprocal reduced tax rates or exemptions for
Breaking Down the Attorney Client Privilege Break Down
Attorney Client Privilege The concept of attorney client privilege as we know it could be shifting in the Ninth Circuit. The 1981 case Upjohn Co. v. United States determined the purpose of attorney client privilege is to “encourage full and frank communication between attorneys and their clients.”1 However, when it comes to legal tax professionals
The Value of the Right Bankruptcy Attorney
Finding the Right Bankruptcy Attorney Bankruptcy can be a scary word. However, with the right bankruptcy attorney, it may spell relief. Filing for bankruptcy may provide a solution to debt problems and give you a fresh start. All bankruptcy proceedings are governed by the Bankruptcy Code, which classifies bankruptcy matters in different chapters depending on
Employment Development Department Audits: EDD Audit Penalties
EDD Audit Penalties The Employment Development Department (EDD) is a California government agency that administers employment service programs and controls and collects California’s employment payroll taxes. Additionally, EDD directs other tax and benefit programs including Unemployment Insurance (UI), Employment Training Tax (ETT), State Disability Insurance (SDI), and enforces EDD audit penalties. What Is an EDD
Will I lose My Retirement Account to Creditors in Bankruptcy?
Will I Lose My Retirement Account to Creditors in Bankruptcy? For those considering bankruptcy as a debt relief strategy, a main concern is whether they will lose their retirement account to creditors as part of the process. The short answer is, “it depends.” In many situations, keeping retirement savings is possible, but this is not
Benefits of Estate Planning: Why Updating Your Estate Plan Helps You Keep Up with Life’s Contingencies
Benefits of Estate Planning The sun is out, the birds are chirping, and you are feeling jubilant. You have just left an experienced Trusts and Estates attorney’s office, and your robust estate plan is assembled exactly to your specifications. You have created a will, designated your medical and financial powers of attorney, and executed a