California is unique in the structure of its tax system. Most States operate under a single tax agency. The Federal government uses a single tax agency called the IRS. But California has three tax agencies! They are the Franchise Tax Board (“FTB”), Board Of Equalization (“BOE”) and the Employment Development Department (“EDD”). What does FTB […]
A Federal Tax Lien just makes sure the IRS eventually gets paid. A levy means now the IRS gets paid. A levy is a legal seizure of your property to satisfy a tax debt. Levies are different from liens. A lien is a claim used as security for the tax debt, while a levy actually takes the property […]
A lot of people get confused between Tax Liens and Tax Levies – let us break this down for you. A lien is not a levy. A lien secures the government’s interest in your property when you don’t pay your tax debt. A levy actually takes the property to pay the tax debt. If you […]
If you think that by keeping sloppy records, the IRS cannot determine how much income you earned – think again. The Worth family, Donald, Marie, and their son, Frank, operated a chain of seven surf and skateboard shops across California, called White Sands. Their business was selected for audit by the IRS. In the course […]
[powerpress channel=”podcast”] Topics Covered: Jade’s Story Of Her IRS Audit Would Your Business Survive an IRS Worker Classification Audit? When Payroll Taxes Pyramid It Means Penalties, Even Jail Questions from our listeners: What is the new maximum wage amount in 2015 that would be subject to a total Social Security FICA tax of 12.4%? What is […]
If you have an IRA beware of this new rule that limits the number of IRA Rollovers that are not “trustee to trustee” to one per year. When you receive a distribution from a traditional IRA or your employer’s plan, you would normally report it as income unless you rollover that distribution to another IRA […]
Do not be at risk for a major tax penalty. Don’t let the hustle and bustle of the holiday season distract you into a hefty tax penalty come April. As the end of a year approaches, many consumers begin taking distributions from many of their retirement accounts-including 401(k) and 403(b) plans, and traditional IRAs-starting in […]
Description: Tax planning: What’s the good news? It’s never a waste of time… there still are some tax breaks on the books that you can use to your advantage before the end of 2014. Some types of time or monetary investments have risks, but not tax-planning. This is why EVERYONE should do it. The bad […]
Topics Covered: The Story Of Bradley Charles Birkenfeld And How Because Of His Actions No Longer Can Foreign Accounts Be A Secret. A. With full implementation of FATCA, Foreign Account Tax Compliance Act, when do you start disclosing your foreign bank accounts and foreign income and how should you disclose? Nine Things That Will Elevate […]
If you have at least one employee, you are responsible for payroll taxes. These include withholding federal (and, where appropriate, state) income taxes and FICA tax from employees’ wages as well as paying the employer share of FICA tax and federal and state unemployment taxes. The responsibility is great and the penalties for missteps make […]
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