Do you have a square to spare? Consult your estate planning attorney and ask whether hoarding is considered estate planning in light of COVID-19 pandemic. If you have made a trip to Costco or to your local grocery store to buy toilet paper you may have a surprise. For instance, you know that there is
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ESTATE PLANNING FOR COVID-19
Are your affairs in order?Estate Planning for COVID-19. Most people do not want to talk about the possibility of being physically or mentally incapacitated, about death, or what happens to your loved ones after you pass away. It is a sensitive subject, but without a comprehensive estate plan, family members can be caught off-guard when
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
Part B of the ABC Test for AB5
AB5 created a three-part test business must generally pass in order for it to classify a worker as an independent contractor under California Law. Part B of the Dynamex or ABC test is whether the worker “performs work that is outside the usual course of the hiring entity’s business.” Part B of the ABC Test
New Argument for Contesting the Trust Fund Recovery Penalty
Employers are responsible for withholding income and employment taxes from their employees. These taxes are referred to as trust fund taxes because the employer is only holding the money for the employee to pay the IRS. When an employer fails to withhold the money and pay it to the IRS, individuals who are “responsible” and
Is Health Insurance Mandatory?
Under the Affordable Care Act, also known as Obamacare, Americans were required to have health insurance coverage for their household. Failure to have health insurance coverage triggered a tax penalty. However, as of January 1, 2019, health insurance coverage is no longer mandatory at the federal level. This means that the Internal Revenue Service (IRS)
U.S. Tax Court Litigation Attorneys
If you have a tax dispute with the Internal Revenue Service (IRS) and you are not able to obtain a satisfactory resolution through the IRS appeals process, then in most cases your next step is to seek relief in the U.S. Tax Court. The U.S. Tax Court is a specialty court that exclusively handles matters
International Tax Attorneys
International Tax Matters International tax matters are uniquely complicated. Whether you live in the United States and owe taxes abroad, you live overseas and owe reporting or payment obligations to the Internal Revenue Service (IRS), or you are dealing with an investigation or enforcement matter under the Foreign Account Tax Compliance Act (FATCA) or any
Will Your Business Be Audited?
Will your small business be audited? If you want to send a small business owner’s blood pressure soaring just tell them they’re being audited. Even if they have all their documentation and they’re ready to defend deductions and support their income, the audit process is still enough to drive people crazy. So will get audited this