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
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Understanding Dischargeable and Non-Dischargeable Debts in California Bankruptcy
Dischargeable and Non-Dischargeable Debts Filing for bankruptcy can be a lifeline for individuals overwhelmed by debt, offering a fresh start and the opportunity to rebuild their financial lives. However, not all debts are treated equally in bankruptcy. It is crucial to understand which debts can be eliminated (discharged) and which cannot. For those considering bankruptcy,
What is the Difference Between Chapter 7 and Chapter 13 Bankruptcies in California?
Difference Between Chapter 7 and Chapter 13 Bankruptcies Filing for bankruptcy is a significant decision that can offer a fresh start for those overwhelmed by debt. In California, individuals have the option to file under Chapter 7 or Chapter 13 of the U.S. Bankruptcy Code. So, what is the difference between Chapter 7 and Chapter
Alternatives to Filing Bankruptcy
Bankruptcy Alternatives Filing for bankruptcy can provide a fresh start for those overwhelmed by debt, but it is a serious decision with long-term implications. Before taking this step, it is important to explore all available bankruptcy alternatives. As bankruptcy attorneys, we often advise clients on various strategies to help regain control of their finances without
Got Receipts? What Happens at an IRS or FTB Tax Audit When You Do Not Have Tax Receipts
Tax Receipts It is important to save your receipts in the event the IRS or FTB audits your tax return. There is a general rule that taxpayers should keep receipts for seven years for tax audit purposes. However, every general rule has its exceptions, and some taxpayers may need to keep some receipts longer than
Declaring Bankruptcy?
Declaring Bankruptcy In today’s complex financial landscape, consumers face challenging decisions when it comes to managing debt. Declaring bankruptcy may provide a viable path to financial recovery. This blog post explores the signs that indicate when it might be time to consider bankruptcy, the types of bankruptcy available, and the potential impacts on a one’s
IRS Unveils Next FATCA IDES Testing Phase
On June 13, 2024, the IRS announced the next testing phase for the FATCA IDES. The FATCA IDES will be open for testing from Monday, July 1, 2024, to Friday, July 26, 2024. The test session will be open to users who have completed IDES enrollment by Wednesday, June 26, 2024. In order to be
Good News / Bad News – IRS To Lift Moratorium on Employee Retention Tax Credit (ERTC) Claims, but Will Reject “Tens of Thousands” of Other IRS ERC Claims
The IRS recently announced it has lifted its moratorium on processing Employee Retention Tax Credit (ERC or ERTC) claims. Many businesses across the country have been waiting several months to receive their rightfully deserved refunds from their IRS ERC Claims. According to the IRS some of these businesses will begin to receive their refunds soon,
CDTFA Sales Tax Audits of Car Dealerships – The DMV is Watching Too!
CDTFA Sales Tax Audits Car dealerships, like any other retailer in California, must file sales tax returns and pay sales taxes for retail sales of goods. Unlike most retailers in California, car dealerships have two agencies watching them. Just like other retailers, car dealerships may have their sales taxes audited by the California Department of
CDTFA Gas Station Sales Tax Audits: Is Using a National Average Fair to Measure Fuel Sales?
The Office of Tax Appeals (OTA) recently issued opinions reviewing CDTFA gas station sales tax audits. (You can read the opinions here and here). The OTA opinions describe the CDTFA using national gas price averages to measure the audited sales prices of gas sold at local gas stations. These opinions appear troubling for gas station