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
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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
Generation Skipping Trusts
Generation Skipping Trusts, also known as GSTs, are an excellent estate planning tool created to avoid double estate taxation at the death of a grantor and the subsequent death of their children. Considering the potential changes in estate tax exemptions coming soon, this type of trust may become an increasingly useful tool in planning for
Preparing for the 2017 Tax Cuts and Jobs Act Sunset: Strategies for Wealthy Clients
Tax Cuts and Jobs Act Sunset For wealthy individuals and families, taxes are typically top of mind when it comes to managing their finances effectively. The 2017 Tax Cuts and Jobs Act (TCJA) provided significant relief by doubling the estate tax exemption, among other provisions. However, these favorable terms have a rapidly approaching expiration date
Corporate Transparency Act of 2021– Are You a Beneficial Owner?
Corporate Transparency Act of 2021 Congress passed the bipartisan Corporate Transparency Act in 2021 with the goal to combat illicit activity including tax fraud, money laundering, and financing for terrorism by capturing more ownership information for specific U.S. businesses operating in the country’s marketplace. The law went into effect on January 1, 2024. Many companies
What is Probate?
What is probate? In California, when a person dies having assets in their name worth over $184,500, their estate is subject to probate whether they had a will or not. A will does not prevent probate. The only difference between having a will and not having a will is that with a will, the testator