Although a favorite saying of IRS revenue officers is that “The IRS is not a bank” and takes collection of taxes owed seriously, the IRS is prevented from collecting assets that a person needs to survive and meet their basic living requirements.
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Your Rights as a California Taxpayer
The California Department of Tax and Fee Administration (CDTFA) administers the tax program for both business and property taxes for the State of California. Business taxes include:
How to Prepare for a 1099 Independent Contractor Audit
In this article, we are going to dive into the nuts and bolts of how to really prepare for a 1099 Independent Contractor Audit and potential misclassification issues.
4 Frequently Asked Questions about California State Taxes
As a tax attorney, I get asked a lot of questions everyday regarding – you guessed it – the rather specialized world of California taxation. To be sure, some questions are asked more frequently than others. In light of this, I’ve given some thought to four frequently asked questions and hope that my answers provide you with the information that you’re interested in.
IRS Prioritizes More Delinquent, High-Income Taxpayers
Imagine yourself working as an IRS agent. Your department is in charge of identifying delinquent, high-income taxpayers who gross $200,000 or more per year in your state.
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.