If you’re an employee who’s been working from home during the past year because of the pandemic, you might wonder what tax deductions are available. The bad news: You can’t take any deductions if you’re an employee, either full or part-time. The (possibly) good news:...
Finding Real Life Solutions To Your Tax Problem
Attorney Robert T. Leonard
Los Angeles Tax Law Blog
Borrowed money may be a gift if businesses meet conditions
Despite the pandemic’s economic impact, many businesses were able to remain open due to the Paycheck Protection Program (PPP). However, organizations that benefitted from PPP loans need to determine whether they fulfilled loan forgiveness requirements or must begin...
Recent case will impact employee status in CA: 3 things to know
State and federal law requires business owners to classify their workers in one of two categories: employee or independent contractor. The designation is important, as it will impact a business’ tax obligations, insurance needs and requirement to pay overtime. The...
What does the IRS have to do with saying “I do”?
For many couples, getting married involves a substantial investment, no matter the size of the wedding. Making a commitment to your spouse might be the best day of your life. It may also be the most expensive. However, legally wed couples typically experience some...
What should I know about taxes before filing bankruptcy?
Mounting debt and troublesome financial situations can affect those in any income bracket. Unexpected changes such as a divorce or business dissolution can require life-altering reorganization. Meanwhile, the way you protect your interests could affect your tax...
What should you know about tax fraud?
Fraud probably never factors into the thought process of the Americans who faithfully file their annual tax returns and make payments accordingly. Although it can be difficult to satisfy delinquent tax liability, most individuals recognize its legality and, therefore,...
Tattling isn’t welcome as a child, but may hold rewards for adults
Despite disagreements about countless matters, Americans typically agree on two things: Filing taxes is the last thing anyone wants to do It's best to avoid dealing with the Internal Revenue Service (IRS) Regardless of whether your paychecks total $50,000 per year or...
What might taxpayers anticipate in the year ahead?
To say 2020 has presented unique economic challenges may be the understatement of a lifetime. Along with health scares, political uprisings and shelter-in-place orders, many income earners experienced business closures. Whether temporary or long-term, the threat to...
Is retroactive liability the next trend for California taxpayers?
It is no secret that California maintains the highest income tax rate in the nation. Yet, nearing the tail end of a catastrophic global pandemic, more judicial proposals seek to target earnings.Pending tax bills would extend beyond an increase on future income. If...
A payroll tax suspension could come with legal gray area
To curb economic disruption caused by the pandemic, The White House is pitching an executive order to ease tax liabilities on workers and businesses by giving them a “tax holiday.” The holiday would halt the collection of payroll taxes, temporarily putting...