Bankruptcy and Taxes As a tax attorney, I am often asked if taxes can be discharged in bankruptcy. The answer to that question is . . . sometimes. Even when bankruptcy is available for a tax debt, bankruptcy may not be the best option for a person with a tax debt. Some tax debts are
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Coronavirus COVID-19 and Taxes
Coronavirus COVID-19 and Taxes. The first reported cases of Coronavirus (COVID 19) in the United States happen to coincide with income tax filing season. For tax people like us, Coronavirus COVID-19 and taxes begs the question, how will Coronavirus affect the taxes of individuals and businesses? This article will be based on the laws currently
WOULD A QUALIFIED OPPORTUNITY ZONE HELP US?
What is a Qualified Opportunity Zone? Created by the 2017 Tax Cuts and Jobs Acts, Qualified Opportunity Zones (QOZ) were designed to incentivize investment and assist in economic development in low-income communities throughout the United States and its territories. So, what is an opportunity zone? These zones are economically distressed communities throughout the country with
Head of Household Tax Mistakes
Every year the IRS and Franchise Tax Board send out thousands of questionnaires to taxpayers for clarification on their tax filing statuses. We regularly work with clients at our tax law offices in San Diego, Orange County and Los Angeles to help them choose the correct filing status from head of household tax mistakes. Head
I Paid My Taxes, Why Do I Still Owe Money to the Franchise Tax Board?
The California Franchise Tax Board (FTB) collects personal income taxes and corporate taxes due to the state. When you pay your state taxes, you pay them through the FTB as a franchise tax board payment. One of the most common questions we get from our clients in cities like Newport Beach, Irvine and Santa Ana
Criminal Tax Audits
At the RJS LAW tax offices located in Orange County and San Diego, we not only deal with civil tax issues, we help clients who face criminal tax audits and possible jail terms. CriminalTax Audits and charges are becoming more common as the California State Board of Equalization cracks down on and investigates tax evasion.
What to Expect From a Tax Audit
Tax Audit “What to expect from a tax audit?” It’s the most common question we’re asked regarding audit notices when people come to our tax law offices in San Diego and Orange County. The letters typically arrive without warning and it catches taxpayers off-guard. In this post we’ll try to dispel some myths and explain
Same-Sex Marriage and Taxes
Same-Sex Marriage and Taxes The discussion continues and people are still debating the legal merits of the Supreme Court’s landmark ruling legalizing same-sex marriage. But there is one area people on all sides of the issue can agree upon—the ruling adds a lot of uncertainty to tax and property issues across the country. At our
Stop Identity Theft-Part Two
Identity Theft Stop Identity Theft! As a Southern California tax law firm that deals with the IRS on a daily basis, we’ve seen first-hand the devastating effects of what can happen to unsuspecting people who are the victims of identity theft. It can take months and sometimes years to repair the damage done by thieves.
How Traders Write Off Large Losses – Mark to Market Securities Tax Code
Mark to Market Securities Tax Code One of the common problems we see in our tax law offices in San Diego and Orange County has to do with investors and financial traders who have improperly set-up their business and consequently are being audited after taking deductions under Section 475 of the mark-to-market securities tax code.
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