It is quite common for a rental property to generate a loss for tax purposes, particularly where there are significant improvements made...

In our previous blog post we discussed the first six tax scams. In this post, we will take a brief look at the additional scams...

For some taxpayers it may seem that they have an ever-expanding collection of 1099s. 1099 income is simply a fact of life for many...

A common issue that comes up in trust administration matters is whether a successor trustee will be paid for serving as the successor...

A majority of people do not have sufficient assets to warrant the time and expense of filing a probate petition. For estates where there...

In February 2015, the IRS released a list of the top twelve illegal tax scams for which people must watch out. Included on the list are...

As discussed in our blog on Heggstad petitions, revocable living trusts may be funded from property that is not identified by deed or...

There are two categories of powers of attorney: (1) durable power of attorney and (2) advance health care directive. Questions about this...

A life estate may be an effective estate planning tool when the goals are to preserve a home for elderly parent(s) for Medi-Cal planning...

The reason most people use revocable living trusts is to avoid probate. However, if the trust is not properly funded, a probate may be...

When purchasing a home, married couples and domestic partners need to decide how they wish to hold title on their deeds. In 2001, the...

Failing to file an FBAR carries a steep penalty—$10,000 per account per year in most instances, or the greater of $100,000 or 50% of the...

Many people interpret the statute of limitations on the assessment of tax as the statute of limitations for an audit. However, there is...

A married couple buys their first house, and perhaps over the years, bigger houses with all the trimmings suitable for raising a family....

The IRS recently announced the Early Interaction Initiative (EII) in attempts to prevent payroll tax delinquencies before they start....

In general, the IRS has ten years to collect any unpaid tax, with the ten-year period commencing from the date that tax is assessed. For...

Most accounts, i.e., savings, checking, brokerage, etc., authorize the designation of one or more payable on death beneficiaries. This...

Many business entities in California are formed with the expectation of generating a profit, but things do not necessarily go as planned....

If you owe back taxes to the Internal Revenue Service (IRS), you will want to do everything that you can to eliminate that debt as soon...

Developing an estate plan can feel strange as you must determine what property you want to pass on to others when your time comes....

The years 2020 and 2021 were very unusual, to say the least. Because of the COVID-19 pandemic, many Americans lost their jobs. Many...

Every American citizen is required by law to pay their taxes. The amount of money in taxes you owe will depend on many different factors...

Understanding and complying with state tax requirements is key for any California LLC hoping to avoid stiff penalties. But the...

If you are mired in tax debt, you likely wonder how you can escape from this crushing debt. Fortunately, the IRS has some regulations to...