The 2017 Tax Cuts and Jobs Act or TCJA has a number of important segments presently scheduled to expire on December 31, 2025. How does the TCJA sunset affect business taxation going forward? What planning could be accomplished to prepare for developments down the road? How likely is it for...
The Sunset of the TCJA – Tax Cuts and Jobs Act of 2017 – Is Scheduled for the End of 2025
The sunset of the TCJA – the Tax Cuts and Jobs Act of 2017, is currently scheduled for the end of 2025. The TCJA contributed substantial changes to the US tax code that have benefited many US taxpayers. How should a US taxpayer approach this risky contingency? Prudent investors and...
Is there a Target on Short-term Rental Homes for New Taxation?
Is the target on short-term rental homes for new taxation? What about rental properties in general? When is income from a short-term rental presently taxable? Presently, homeowners can generally earn tax-free income if their home is a short-term rental for 14 days or less in a given tax year, based...
ABCast Episode 23 – What Can A Tax Attorney Do For You?
Episode 23 - What Can A Tax Attorney Do For You provides insight an answers into why you should have a tax attorney in your inner circle of advisors. Your tax attorney should provide resolution of tax issues, transactional planning including ...
It’s Time to Start Making Estimated Tax Payments Again California
The IRS and the State of California provided significant relief to millions of taxpayers across our state last year extending deadlines for estimated tax deposits, as well as personal and business tax returns. It’s time to get back into the discipline of tax planning and start making estimated tax payments...
A Decision in US Tax Court Affects Limited Partners and SECA
A recent decision in the US Tax Court affects limited partners and SECA – the Self Employed Contributions Act. In this case, Soroban Capital Partners LP (a hedge fund management company) was formed as a Delaware limited partnership and had excluded self-employment tax (under SECA) and associated levies on millions...
Tax Tips for Lottery Winners
Today is the anniversary of the largest Powerball lottery victory in the United States of $2.04 billion. Just over the $1.765 billion jackpot claimed last month (Oct 2023). What are some tax tips for lottery winners and what impact will taxation play when you hit it big in a lottery?...
What Are the Statute of Limitations on an IRS and California Tax Audit?
What are the statute of limitations on an IRS audit and a California tax audit? There is a time limit, known as the "statute of limitations", when the IRS and/or California must complete an audit of your tax returns. It is important to understand the concept of the statute of...
California and IRS Extended Income Tax Deadlines are Rapidly Approaching
The California and IRS extended income tax deadlines are rapidly approaching as we near the deadline in mid-October. In the first few months of 2023 California and the IRS extended income tax deadlines and associated payments until October 16, 2023. This extension applied to all businesses and individual taxpayers (married...