What does the recent OTA ruling tell you about a California tax audit? What can we learn from the results of an investigation by the Office of Tax Appeals (OTA) into the practices of a California tax agency? Why do you need an experienced San Diego tax attorney if you...
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...
How Does the IRS Use AI to Identify Tax Cheats?
Could Artificial Intelligence (AI) increase the likelihood of an IRS audit in your future? How does the IRS use AI to identify US taxpayers who attempt to hide assets, under-report income or otherwise cheat the IRS? In a recent interview, IRS Commissioner Danny Werfel began to lay out a vision...
Do You Have to Pay Taxes When Selling Goods or Services Online?
We are often asked if one has to pay taxes when selling goods or services online. That question became even more relevant this week when the IRS postponed the new “$600 Rule.” This is a particular relief for those wo receive payments through popular third party payment applications such as...
Are There Strategies to Avoid an IRS Audit?
Are there strategies to avoid an IRS audit? What are some of the known risks for triggering an IRS audit? What should you do if you have are concerned about the information provided a previous tax return? Is there a way to amend a previous return or come into compliance...
IRS to Leave More in Our Paychecks in 2024
Is it possible for the IRS to leave more in our paychecks in 2024? What has changed for the 2024 federal income tax brackets and how will these apply to the tax return(s) you’ll file in 2025? The IRS released a new bulletin, IR-2023-208, earlier this month that provides good...
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...
The High IRS Tax Rates on a Foreign Trust
Are you concerned about the high IRS tax rates on a foreign trust? It is important to understand the tax and reporting consequences on this specific type of investment. It may very well be time to evaluate the net value of this form of investment based upon current IRS taxation...