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Six Reasons to Get Your Tax Return Prepared Early

Don’t wait until April 17th to file your tax returns! The IRS begins accepting tax returns in January and we recommend filing as early as possible for numerous reasons, including but not limited to...more

Upcoming Tax Reporting and Compliance Returns: What’s Due in January 2018

Tax season commences soon – let’s review some upcoming tax reporting and compliance returns that are due in January of 2018....more

Franchise Tax Board Penalties: Accuracy-Related Penalties, Part III: Substantial Misstatements

We continue our discussion of Franchise Tax Board (FTB) accuracy-related penalties with penalties relating to substantial understatements or misstatements of income and asset values....more

Franchise Tax Board Penalties: Accuracy-Related Penalties, Part II: Negligence

The penalties for negligent errors on your tax return can be high, but they pale in comparison to those imposed if the government (federal and/or state) concludes that your mistakes were intentional. In this post, we are...more

Franchise Tax Board Penalties: Accuracy-Related Penalties, Part I: The Basics

It’s not enough to just file your tax returns and pay some amount to the government – the penalties for incorrect returns can be as significant as those for late filing and payment. There are quite a few accuracy-related...more

Major tax bill clears U.S. Senate by 51-49 margin, Part II

Other deductions will be eliminated entirely, including but not limited to: - Home office expense deductions... - Unreimbursed employee expense deductions, such as those for teacher’s out-of-pocket classroom...more

Major tax bill clears U.S. Senate by 51-49 margin, Part I

A 500-page long Republican tax bill, with numerous and significant last minute changes – as well as some illegible handwritten edits in the margins – cleared the U.S. Senate in the early hours of Saturday morning, by a 51-49...more

Undisclosed Foreign Accounts, Part II

The executor of a decedent’s estate has a duty to act in a prudent manner and in accordance with the law. At times, this may result in having to take an unpopular position or action that angers the beneficiaries....more

Undisclosed Foreign Accounts

Serving as Executor can at times be more of a headache than an honor. On top of a pile of paperwork and dealing with a multitude of family issues, you can be sued!...more

Disaster Losses and Gains for Business or Employee Property

I have business property that was destroyed in a disaster. Is the tax loss calculated the same way for business property as for personal use property?...more

Qualified Disaster Relief Payments: Federal Loans, Charitable Assistance, Etc.

What if I received a Small Business Association (SBA) Disaster Loan for my business or home? How will it affect my taxes? SBA loans are not treated as income and will not affect your taxes.....more

Calculating Gain from Reimbursement for Loss of Personal Use Property

The proceeds from my insurance coverage were more than the adjusted basis of the property I lost but less than the fair market value. Does that mean I can't take a tax deduction?...more

Claiming Disaster Loss Deductions for Personal Use Property

How do I calculate my disaster loss? Take the lesser of the adjusted basis of the property, or the decrease in fair market value due to the disaster, and subtract any insurance or other reimbursement you received or expect...more

California Wildfires: Tax tips, what you need to know.

What types of federal tax relief am I entitled to if I lost property in a disaster? You may be eligible for several types of federal income tax relief... ...more

Tax Relief for Victims of Natural Disasters

Losing a loved one, a home, or a livelihood due to a natural disaster is among the worst things that can happen to a person. And the last thing you should be worrying about in times of crisis is your tax bill....more

Tax Extensions Available to Victims of California Wildfires

Yesterday, the IRS announced that victims of the California wildfires have been granted extensions to file certain individual and business tax returns. ...more

Making an Effective (and Tax Deductible) Donation for Disaster Relief

Relief efforts are underway to assist victims of Hurricane Harvey and those affected by the catastrophic flooding in Texas and Louisiana. Many well-meaning Americans are making donations through a variety of organizations....more

"Money" Mayweather’s $22 Million Tax Problem

Floyd "Money" Mayweather certainly lives up to his nickname – the undefeated boxer is expected to cash in as much as $350 million for his recent win against Irish UFC fighter Conor McGregor....more

Tax Return Preparer Sentenced to 27 Months for Tax Evasion

Tax evasion carries severe penalties, even in cases in which no one else has been defrauded. The facts - From 2005 through 2011, Semere Tsehaye owned more than 20 Instant Tax Service (ITS) franchises in Illinois, Kansas...more

San Antonio Businessman Sentenced To Four Years in Prison for Defrauding Personal Injury Clients, the Bankruptcy court, and the...

From 2009 through 2014, Elpidio Gongora (aka “Pete Gongora”), operated a number of personal injury law offices in Texas, Arkansas and New Mexico. The lawyers in these firms apparently obtained settlements on behalf of their...more

18 Months in Prison for Cashing Client Checks and Not Reporting the Income to the IRS

A man who provided landscaping and snowplowing services to residential and commercial customers in Hartford, Connecticut is serving 18 months in jail for underreporting his income....more

Marijuana Accounting and Legal Compliance

Since marijuana is still illegal at the federal level and subject to continually evolving regulations at the state level, cannabis producers, distributors, and retailers need to develop compliance programs and procedures as...more

What You Can Do To Minimize the Likelihood of Someone Contesting Your Will

In our first two posts in this series, we discussed who has legal standing to challenge a will and what grounds may form the basis of a will contest. In this third and final post on will contests, we will introduce a few...more

Who Can Bring Forth a Challenge

Following Richard Pratt’s death in 2009, Madison Ashton claimed that she had left her profession as a sex worker to become the Australian billionaire’s kept mistress. Pratt had apparently promised the former Penthouse Pet a...more

Filing Your Own Return

In our last post, we reviewed the main advantages and disadvantages of joint tax returns for married couples. This post will focus on when a married couple should consider filing separately, and special considerations if they...more

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