Dear Valued Clients and Visitors: As our nation responds to COVID-19, our firm is taking precautionary measures by closely following and reinforcing the guidelines from the CDC and local health authorities. Our physical office is open on a intermittent basis. However, please be assured that we are open for business and ready to serve your needs.

If you have a tax problem or inquiry please call and if we are not in leave a message. A return phone call will be made within a short period of time. Now is the time to address your tax matter. We remain committed to our clients and colleagues through these unusual times. Please stay safe and healthy.

Law Offices of Robert T. Leonard, APC
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January 2018 Archives

Taxpayers beware: IRS and settled credit card debt

The Internal Revenue Service (IRS) rarely makes life easy. This is particularly true for those who are able to negotiate with a credit card company about an outstanding debt. In some cases, a successful negotiation can result in a dismissal of the debt. Although the consumer may no longer need to pay off the bill with the credit card company or other lender, his or her financial woes are far from over.

Should you be paying estimated quarterly taxes for your side gig?

If you’re working in the gig economy, you may not be setting aside enough to pay your taxes. This is especially true if you’re used to working as an employee, receiving a W-2 and paying your taxes once a year. As a Lyft driver, a food delivery person or an AirBnB host, you’re probably classified as an independent contractor. That means receiving a 1099 and paying estimated taxes on a quarterly basis.

Will the quality of tax administration suffer due to new tax law?

The Internal Revenue Service (IRS) has experienced a number of budget cuts in recent years. These budget cuts have made it difficult for the agency to maintain the staff needed to provide quality tax administration. This reality has led many tax advocates to voice concerns about the agency’s ability to administer the new tax law.

Tax season can mean heightened security risks

With tax season rapidly approaching, the IRS warns that businesses could find themselves at risk with regards to cybersecurity. The agency recently stated that there’s been an uptick in identity thieves seeking out employees’ W-2 forms due to the sensitive information they contain. That information, in turn, can be used to falsify a wide variety of documents.

How does the new tax law impact lottery winnings?

Jackpots in some of the biggest lottery games have never been bigger. Mega Millions recently offered a $445 million dollar prize. Powerball has offered $550 million in winnings. Add these big winnings to the fact the new tax law cut rates for those in the highest brackets and it would seem those who win the lottery will end up even richer.

Different treatment for different assets under new tax plan

President Donald Trump signed the long fought GOP tax proposal into law before taking a holiday break. The president put together a news conference to televise the event and used a bold marker to make the changes official. The changes will likely impact everyone throughout the country, both businesses and individuals.

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Law Offices of Robert T. Leonard, APC

Woodland Hills Office
21700 Oxnard Street
Suite 2060
Woodland Hills, CA 91367

Toll Free: 888-408-9486
Phone: 818-224-7935
Fax: 818-587-3833
Woodland Hills Tax Law Office

Los Angeles Office
10100 Santa Monica Blvd.
Suite 300
Los Angeles, CA 90067

Toll Free: 888-408-9486
Phone: 818-224-7935
Fax: 818-587-3833
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