Bruce Givner – Givner & Kaye, A Professional Corporation

Taxpayers have now filed their personal income tax returns, or extensions to file their returns by the October 15, 2013 extended due date. With that pain in mind, it is time to begin the planning to impact the Federal and state…more

The maximum federal income tax bracket is now 39.6%. For lawyers prudent enough to have accumulated investment real property or other sources of passive income, either through their own efforts or through picking the right…more

The Franchise Tax Board (“FTB”) is headed by a very impressive executive: Selvi Stanislaus. Polite, courteous, professional, and with a photographic memory that helps in overseeing the more than six thousand employees of the…more

Families are trying to take advantage of the $5,120,000 gift tax exclusion before it is reduced on January 1, 2013, to $1,000,000. On that same date the estate and gift tax rate will increase from 35% to 55%. Will the tax laws…more

The most common penalty facing an individual taxpayer is the “substantial understatement” penalty. It is imposed for any taxable year if the understatement exceeds the greater of (i) 10% of the tax or (ii) $5,000. The penalty…more

"What is the relationship of substance abuse to the tax laws? Tax crimes, of course, have a willfulness requirement. Also, some civil tax penalties have a willfulness requirement. Finally, taxpayers sometimes try…more

"There is a financial product that is seldom discussed as a tax shelter. However, it also has three of the five features, and one that it lacks seems irrelevant. Unfortunately, this product is despised. Therefore, we try not to…more

"Very few people enjoy getting a notice of an Internal Revenue Service audit. IRS Form 4564 – Information Document Request – labeled “Request Number 0001” – may be the first of several requests that will require you and your…more

"Normally, when the parent dies and leaves an estate to children, the estate tax, if any is imposed, is paid out of the parent’s estate. If the parent’s assets are in a “family” (revocable) trust, it is the duty of the trustee…more

Very few taxpayers prevail in the U.S. Tax Court. Why? First, because the Internal Revenue Service (“IRS”) usually settles with taxpayers who have attractive facts. Second, because perhaps as many as 90% of all taxpayers…more

In many cases, asset protection and tax planning initiatives are introduced by the Financial Planner. Understanding these concepts will help Financial Planners deliver more value to their clients. Often setting up and funding…more

"The Economic Substance Doctrine (ESD) was codified in March, 2010, effective for transactions entered into after the date of enactment. Estate tax planning clearly was not an intended target; there is an exception for…more

Naming the spouse, the children or the living trust as the beneficiary of your retirement plan is not the best approach. Sometimes it is best to create a free-standing IRA beneficiary trust to gain the maximum stretch-out and…more

The IRS wants to use California's property transfer records to catch people who failed to file gift tax returns. After this article was published the Federal court rejected the IRS request. However, the IRS is still trying to…more

You must clearly delineate which portion of a settlement relates to personal injuries, recovery of lost profits and other forms of recovery. Otherwise the IRS will take the position which generates the most income tax. The…more