I was having lunch a while back with an international tax attorney colleague. A terrific guy. We were talking tax attorney stuff. Like his sailboat. He was incredibly knowledgeable and experienced at assisting his clients shelter their income. He was…
Well, the title of the article on the front page of the May 24, 2018 Business Section of the LA Times was "IRS targets state tax tactic." Here is a link to the article: http://www.latimes.com/politics/la-lb-767-44213-la-fi-treasury-state-local-tax-deduction-20180523-htmlstory.html. So, what is it that…
Public Service Announcement: What are the IRS's options when you can't (full) pay your tax liability? (I apologize for the length of this article - but I felt a comprehensive review of the subject is warranted). I get asked a…
Well if you love coffee like I do, I have some good news. In the Thursday 7/13/2017 California Section of the LA Times, under the "Science File," was an article written by Karen Kaplan entitled: "Brewing Up a Longer Life."…
Well it's your not so lucky day. You've received a letter from the IRS that your corporation has been selected for an examination. You call the designated IRS representative to discuss the letter and possibly to schedule a date for…
I know this wonderful young man. A delightful guy. A great son, son-in-law, husband, and father to four wonderful and well-behaved children. I will call him Fred. Fred came to me one day with a letter from the IRS letting Fred…
I have a soft spot for musicians. I am one. It is my "alter ego." Many of my professional colleagues know that I am a musician at heart. An old 70's classic rock guy. But I digress... I am going…
I am writing this article to remind you of the importance of paying over to the IRS taxes that are withheld from your employees' wages. As an officer/owner of your business, you are the first person the IRS will look…
A potential client (we will call him the "Taxpayer") recently handed me a letter from the California Franchise Tax Board (FTB). It struck me that the letter was still unopened. I took the unopened letter back to my office. Naturally,…
Definition A revocable trust is simply a trust that can be revoked by the settlor. A settlor who creates a revocable trust typically retains the power to revoke the trust during his or her lifetime. All revocable trusts are ''living''…