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
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The Three Types of California Franchise Tax Board FTB Audits
Three Types of FTB Audits As with all taxing authorities, the California Franchise Tax Board or FTB, conducts audits of tax returns. There are three types of FTB audits. This blog post will discuss the three types of FTB audits California Taxpayers may face. The first type of audit is a regular audit. This type
Strategies For Using U.S. Tax Credits
Keeping-Up with U.S. Tax-Savings for your U.S. Business! U.S. Tax Credits Are you operating or forming a U.S. business that can use U.S. tax-savings? Strategies for using U.S. tax credits and deductions may add substantial value to your business! Proposed U.S. tax benefits to watch You are probably aware of generous U.S. energy-related tax credits
Third Party Settlement Organizations (TPSOs) Will Need to Issue 1099-K forms Starting in 2024
1099-K forms Congress passed legislation in 2021 that required Third Party Settlement Organizations (TPSOs) such as Venmo, Zelle, and Cash App to issue 1099-K forms to payees who receive $600 or more in a tax year. While the IRS delayed implementation of the legislation for the 2022 and 2023 calendar years, it is not likely
The New 529 Rollover Provision: What It Means for Parents Saving for College
New 529 Rollover Provision For years, the 529 rollover has been a popular way for parents to save for their children’s education. These tax-advantaged accounts offer a variety of benefits, including tax-free growth and qualified withdrawals. However, one of the drawbacks of 529 plans has been that the funds may only be used for qualified
Free Tax Filing for Millions: A Guide to IRS Free File Program
IRS Free File Program Tax season is here and for many Americans, it is a time of stress and anxiety. Filing taxes can be complex and confusing, and the cost of hiring a tax preparer can add to the burden. But what if there was a way to file your taxes for free? Here is
Top 10 Overlooked Tax Deductions to Boost Refunds
Overlooked Tax Deductions Tax season is upon us, and taxpayers are diligently gathering W-2s, receipts and preparing their tax returns. And just like every other year, according to the IRS, millions of people will miss out on deductions to which they are eligible, that could significantly boost tax refunds. These hidden gems could substantially reduce
IRS Extends Tax Filing and Tax Payment Deadlines for San Diego County Taxpayers Affected by Severe Storms and Flooding
IRS Extends Tax Filing and Tax Payment Deadlines The IRS recently announced tax filing and tax payment deadline extensions for all San Diego county taxpayers.. To assist residents adversely affected by the recent winter storms, Federal filing deadlines have been extended to June 17, 2024. The Franchise Tax Board followed suit and also issued a
Beneficial Ownership Information Reporting: What Businesses Need to Know, Including Potential Pitfalls and Taxpayer Concerns
Beneficial Ownership Information Reporting The Corporate Transparency Act (CTA), enacted in 2021, has significant implications for many businesses in the United States. Effective January 2024, CTA introduced a new filing requirement for certain business entities to file reports with the Financial Crimes Enforcement Network (FinCEN) disclosing detailed information concerning their beneficial owners. To ensure compliance
IRS Announces Seven Warning Signs a Business’ Employee Retention Tax Credit (ERC or ERTC) May Be Incorrect or Fraudulent
IRS | ERTC | ERC The IRS issued a recent press release announcing Seven Warning Signs a business’ Employee Retention Tax Credit (ERC or ERTC) may be incorrect or even fraudulent. Businesses that filed incorrect or fraudulent ERC or ERTC claims may not only have to pay back the refunds they received but may also