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Everyone knows that there are penalties for failing to pay taxes. But in California, few know how severe the repercussions can be, especially when falling significantly behind in state tax obligations. If you are in arrears in paying your state taxes in California, it...
Some wealthy earners are leaving the Golden State. According to a recent report, high-income earners in California are moving to places where the tax burden isn’t as high. Part of the reason may be due to provisions in the Tax Cut and Jobs Act that capped state and...
Just a few weeks ago, the Treasury Department released a publication stating it did not require taxpayers to report cryptocurrency. Now the IRS says differently. Crypto-what?Cryptocurrency is a concept of digital currency that operates independently of a central bank....
Many settlement winners do not know that they will be taxed on the settlement. Tax costs have recently increased thanks to the new tax reform law. Plaintiffs may be taxed on attorney fees too if the attorney receives part of the settlement amount. Settlement taxes are...
While the 2017 election season pales in comparison to last year’s cycle, it is no less important for those who are in office on Capitol Hill and in state legislatures around the country. Senate Republicans may be feeling the pressure of producing at least one...
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...
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...
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...
Ringing bells and shiny red buckets are just one of the many opportunities that may result in an increase in charitable donations over the holidays. Monetary contributions to charities can lead to more than just a warm heart, if done wisely they can also lead to a tax...
The middle of November is not a very popular time to talk about tax refunds; unless, of course, you closely follow politics and are anticipating substantial change through tax reform. Nevertheless, it is still important to think about your tax return during this time...