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The Corporate Transparency Act (“CTA”) was enacted by the Congress in 2021 to prevent money laundering, terrorism financing and other illicit activities. Reporting mandated by the CTA affects most domestic or foreign privately held corporations, limited liability...
After a divorce, formerly married persons must adjust to single life. For some, the process could involve embracing less stressful responsibilities during their married days. Tax season might bring several new responsibilities that require careful attention. The...
The Tax Cuts and Jobs Act of 2017 made several changes to the federal tax code that are scheduled to remain in effect until at least 2025. Generally speaking, it is a good idea to review your estate plan whenever tax laws are altered. Take a look at some steps that...
Property taxes in California are strictly capped at 1% of a property’s assessed value and can increase by no more than 2% each year. These rules were put into place in 1978 when voters in the Golden State approved Proposition 13. This greatly limits the amount of...
Property tax reassessments occur when a property changes ownership. There are exceptions for transfers between married couples, state registered domestic partners, transfers between parents and children and for other limited circumstances. For years, and even prior to...
By Dannielle M. Campbell What we know. The Tax Cuts and Jobs Act of 2017 repealed the alimony deduction to paying spouses for any divorce or separation instrument executed after December 31, 2018. What is the alimony deduction? The alimony deduction allows the payor...
By Yulissa Zulaica How do you determine capital gains? Capital Gains or losses = Amount Realized (AR) – Adjusted Basis (AB) How do you determine whether there is income from cancellation of debt from a foreclosure, deed in lieu of foreclosure or short sale?...
The IRS has recently announced that it will be ending the Offshore Voluntary Disclosure Program (OVDP) on September 28, 2018. OVDP is one of the programs established by the IRS to allow U.S. taxpayers to resolve lack of compliance with unreported foreign financial...
Meet Wanda and Jane. They have been a happy couple since January 1, 1986, and celebrated their silver anniversary by registering as Domestic Partners on January 1, 2011. In 1999, Wanda bought a home for them to share with $600,000 of an inheritance she received from...