On March 27th, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was put into effect, which will provide taxpayers and businesses significant tax and non-tax relief during these unprecedented times. Individuals and businesses should remain informed about the tax and non-tax implications of the legislation and The CARES Act. WHAT INDIVIDUALS CAN EXPECTIf
irs tax matters san diego
Does the CARES Act Create a New Standard of Who is an Employee?
Does the CARES Act Create a New Standard of Who is an Employee? Congress recently based CARES (Coronavirus Aid, Relief, and Economic Security Act) in an effort to ameliorate the effects COVID-19 has had on the economy. Millions of workers have found themselves “out of a job” in recent weeks because of the Coronavirus. Many
IRS Form 8300 Compliance and Audit
If we deal with large cash payments of more than $10,000.00, we must report this to the IRS by filing the IRS Form 8300. The form needs to be finished timely, correct, and complete notices to the person(s) required to be identified on the Form 8300. The purpose of this requirement is to provide valuable
California Marijuana Tax
California Marijuana Tax. The legalization of cannabis use and sales is becoming more widespread. What Tax consequences should tax payers be aware of? We opened a cannabis business in a legalized state, is there anything we should be aware of? Yes! With legalization of cannabis comes a myriad of concerns about health, social and criminal
Who is Eligible for the California Sales Tax Exemption?
Who is Eligible for the California Sales Tax Exemption? California is among the majority of states that have a sales tax, and sales tax applies to most types of product sales. However, there are a number of exceptions, and these exceptions can apply either: (i) based on the type of product being sold; or, (ii)
What are California’s Income Tax Brackets?
It is the holiday season; and, while that means different things for different people, there is one thing that all U.S. residents share in common this time of year: It is time to start thinking about your California income tax returns. Learn more about California income tax brackets. California residents have to pay income tax
Criminal Tax Evasion vs. Civil Tax Fraud: What’s the Difference?
While the federal Internal Revenue Code establishes a number of specific tax-related offenses, in broad terms, failing to pay what you owe can be described as “tax evasion” or “tax fraud.” If your tax returns are being audited, or if you are under investigation by the Internal Revenue Service (IRS), it is critical to understand
How Long Do IRS Audits Take?
If you are being audited by the Internal Revenue Service (IRS), it makes sense to want to know how long the process will take. Unfortunately, the IRS itself does not provide much guidance. On its website, after asking, “How long does an audit take?” the IRS simply states: “The length varies depending on the type
Are gambling losses deductible?
Are gambling losses deductible? Any money won gambling is considered taxable by the IRS. Gambling winnings include cash prizes and the fair market value of any item won from lotteries, casinos, racetracks, game shows, etc. If you’ve won big, you may be subject to a rather large tax penalty on those winnings. However, gambling losses
When Does an IRS Tax Lien Expire?
If you fail to pay your federal income taxes (or what the Internal Revenue Service (IRS) says you owe), the government can use a variety of different tools to collect your tax debt. One of these tools is an IRS tax lien, which establishes a claim against your property. If you attempt to sell the
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