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...
Tax Controversy
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...
Employers will not longer be fined for reimbursing employees
While the news about politics has centered around President-elect Donald Trump’s transition team, little news about tax reform has hit the mainstream media. However, Congress has made some changes that could affect employers and employees alike as early as next...
Beware of Orlando related scams
It is expected that out of tragedy comes humanity. In the aftermath of the mass shootings in Orlando last week, scores of people have stepped up to provide relief in the form of monetary donations. GoFundMe pages have been established, and local charities have...
Should you use an accountant or a tax attorney for tax issues?
Generally speaking, no one really wants to deal with tax issues; whether they are figuring out what exemptions may apply given one’s tax bracket or dealing directly with the IRS on a Notice of Lien, it may be difficult to determine who is better equipped to help...
Three tips for dealing with the IRS
To many people, the IRS is like the “boogeyman.” Part legend, part myth; but every bit as scary as one’s childhood fears. Part of this is because the federal government’s vast power to collect on past due taxes. The other is that there are so...
You may want the swag bag, but not the tax bill
Last Sunday was the movie industry’s biggest night. Of course movie buffs and casual fans alike were interested in who wore what on the red carpet, who won awards and how long the show was overall.But while the show itself may have captivated audiences, the IRS...
What role should the IRS play in calculating taxes?
Who would you trust more: the IRS or tax preparation services like TurboTax?This question is at the heart of an ongoing debate over how our taxes should be calculated each year. Currently, the U.S. has the most complicated system for preparing taxes of any...
If you are facing a tax controversy have a lawyer on your side
If you or your business is facing a tax controversy it is likely that you are nervous and stressed about what the outcome will be. Will you have to pay more money to the Internal Revenue Service? Will you be assessed penalties? When you are facing collections, an...
Things we can learn from Rev. Al Sharpton’s tax issues
It is fair to say that the life of the average tax payer does not resemble that of civil rights leader Reverend Al Sharpton. That said, tax issues such as those he is currently facing are something that people throughout the nation, including the state of California,...