Tesla made waves when it announced in an SEC filing on February 8, 2021 that it purchased $1.5 billion worth of bitcoin. Tesla also announced that it will start accepting bitcoin as payment for its products, which makes it the first major automotive manufacturer to do so.
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Know about Tax Debt before Filing for Bankruptcy
Filing for bankruptcy may feel like accidentally stepping off a cliff – it’s not something most people can mentally prepare themselves for in advance.
Establishing Residency or Domicile in California Can Be Taxing
Robert Wood, tax expert and frequent contributor to Forbes.com, wrote that “many would-be former Californians have unrealistic expectations about establishing residency in a new state. They may have a hard time distancing themselves from California, and they may not plan on California tax authorities pursuing them.”
Can Internal Revenue Code Section 1202 Benefit You?
There is a generous tax benefit that only select taxpayers qualify for. Not well known, it is called ‘‘qualified small business stock,’’ or QSBS for short, and is found in Section 1202 of the Internal Revenue Code. Titled the “Partial Exclusion for Gain from Certain Small Business Stock,” it allows taxpayers to exclude gain from certain stock.
California FTB Knocking Harder on Business Doors
We are now more than a year removed from the first reported COVID-19 case in the United States. Since then, government-forced shutdowns have rocked hundreds of thousands of businesses. When the catastrophic news hit, most business owners made the health and safety of themselves and their employees priority one.
Offers in Compromise, The IRS and COVID-19
Back taxes can be a sore subject – one that never makes anyone smile – except perhaps in the movies. In the first season of the The Kominsky Method, an American comedy-drama on Netflix, an aging but still debonair Michael Douglas plays a once successful actor now Hollywood acting coach named Sandy Kominsky, who finds himself neck-deep in tax debt.
The State of FTB Tax Collections for Individuals
“Whether you agree that raising taxes during an economic recession is bad for the economy or not, state and local governments should be doing everything in their power to bid Congress to provide more direct aid. This would minimize the need for tax increases or spending cuts,” wrote Michael Mazerov in Tax Notes.
Owning a Business & Owing Taxes in the Present-Day Pandemic
“Time and the hour run through the roughest day,” wrote William Shakespeare over four centuries ago. Had he lived during our present-day plague, what might he have written? Indeed, 2020 was a very challenging year for everyone. Outside of individual health risks, most businesses were sorely impacted.
Criminal Liability and Voluntary Tax Disclosure
If you know you have violated a tax law there’s still a number of things that can be done to help avoid or reduce the most serious penalties. It is important to discuss your options with an attorney at this stage because the best practice can be different for each individual case.
What Is the Tax Crime of Omission?
Death. Taxes. The words added together give us the well-known slogan about the two certainties of life: death and taxes. Is it unfair to pair “taxes” with “death”? Maybe, but only because taxes are treated so (pardon the pun) gravely.