How Are Transfers of Property Taxed in a Divorce?

Tax attorney consultation at Brotman Law

Timing of the Transfer

Under 26 U.S. Code §1041, you typically have a 6-year window of time from the date your divorce is finalized to make a transfer that is not subject to taxation. Once you go beyond 6 years, you are looking at two individuals that are divorced, transfer assets between each other could be considered a gift subject to different rules. Unless there is a valid reason that is beyond your control, the sooner you complete the transfer the better off you will be. Because the code specifies that the tax-free transfer must be incident to divorce, it may also help to include what the other spouse will receive under the divorce agreement.

Read more

What Records are Required for a California Payroll Tax Audit?

Tax attorney consultation at Brotman Law

Documents You Will Need for the Tax Auditor

What usually happens in a payroll tax audit is that the auditor will send you a laundry list of documents that they want to examine. Of the different types of audits, payroll tax audits are usually the ones that have the most flexibility because in a payroll tax audit they are basically running tests.

Read more

Tax Return Demand from the FTB Intensifies

Canva Design DAEMyYAhBvw

{{cta(’09b64408-9310-4451-9a41-0234b45d370e’,’justifyright’)}}Are you a marketplace facilitator or out-of-state business who has received a tax return demand from the California Franchise Tax Board? If so, read this before you respond. We’ve provided the essential background information you need to formulate a plan prior to your response.

Read more

How to File Delinquent International Tax Returns

Tax attorney consultation at Brotman Law

If you are not in need of the Streamlined Procedures because you do not owe additional tax, and you have reasonable cause for not filing an informational return, you may file the delinquent information returns along with an explanation of the facts that support your claim of having reasonable cause for failing to file on time. You must do this before a civil examination or criminal investigation has been opened.

Read more

Brotman Law Featured in Inc. Magazine - Fastest Growing Law Firm in California