Blog

Tax Rates Lowest for Wealthiest Taxpayers According to New Report

Tax Rates Lowest for Wealthiest Taxpayers According to New Report

Many tax lawyers would agree that the average taxpayer may not find Warren Buffett’s famous remark amusing. In this long-remembered statement, Buffett said he essentially paid a lower tax rate than his secretary. Unfortunately, there is quite a bit of truth in that...

Super-Rich Headed to Puerto Rico With an Eye on Tax Breaks

Super-Rich Headed to Puerto Rico With an Eye on Tax Breaks

Because Puerto Rico offers substantial tax advantages, a new trend has begun: cryptocurrency traders, hedge-fund managers, and wealthy individuals have been exiting the mainland to Puerto Rico to avoid President Biden’s proposed increases on capital-gains tax. These...

Sen. Elizabeth Warren Goes After Wealthy Tax Cheats

Sen. Elizabeth Warren Goes After Wealthy Tax Cheats

Massachusetts Democrat Senator Elizabeth Warren has proposed giving the Internal Revenue Service a mandatory yearly budget of $31.5 billion for the 2021 fiscal year. Previously, the agency’s budget was set at $11.9 billion, which they received from Congress for the...

Proposal to Increase IRS Oversight of Tax Preparers

Proposal to Increase IRS Oversight of Tax Preparers

Many tax attorneys are keeping their eye on the Biden administration's proposal to increase the Internal Revenue Service budget, giving it more resources to catch tax cheats while reducing the number of audits completed on a regular basis. According to Biden’s...

The $1.9 Trillion Stimulus Plan Includes These Four Changes

The $1.9 Trillion Stimulus Plan Includes These Four Changes

Both chambers of Congress have passed the $1.9 Trillion Stimulus Package, a plan based on President Biden's proposal. Our tax attorneys in San Francisco have learned that the plan includes four primary tax changes to assist taxpayers in several different income...

Alameda Tax Service Allegedly Filed More Than 35 Fake Tax Returns

Alameda Tax Service Allegedly Filed More Than 35 Fake Tax Returns

Each time the new tax season rolls around, it seems like there’s yet another story involving tax evasion or some type of new tax scheme. This year is no different. Recently, the U.S. Attorney’s Office brought charges against two Bay Area tax preparers who allegedly...

Is the US Tax-Filing System Deliberately Complicated?

Is the US Tax-Filing System Deliberately Complicated?

According to Chuck Rettig, Internal Revenue Service Commissioner, the IRS is trying to help taxpayers navigate the unusual circumstances related to this year’s tax-filing season. Most of the confusion is due to temporary tax-regulation changes related to the 2020...

IRS Mistakes Are Not Uncommon

IRS Mistakes Are Not Uncommon

California Attorney Says “No, Thanks” to $285,000 IRS Refund Check Todd Rothbard, an attorney in Santa Clara, California, received a startling letter from the Internal Revenue Service several weeks ago where they indicated that they had discovered a miscalculation in...

Tax Rates for Wealthy Americans Continue to Fluctuate

Tax Rates for Wealthy Americans Continue to Fluctuate

Top 1 Percent Paying Higher Share of All U.S. Taxes Recent data shows that the percentage of the country’s individual income taxes being paid by the nation’s top earners has increased over the past few decades. Additionally, the adjusted gross income of this...

Robinhood Traders May Face Tax Penalties in 2021

Robinhood Traders May Face Tax Penalties in 2021

Virtually everyone who earns money eventually crosses paths with the Internal Revenue Service. This reality is quickly dawning on American investors who began using apps such as Robinhood during the pandemic to buy and sell stocks when they were cut off from other...

IRS to Restart In-Person Visits to Collect Back Taxes

IRS to Restart In-Person Visits to Collect Back Taxes

IRS Set to Restart In-Person Visits to Collect Back Taxes Our tax attorneys have learned that on Monday, two IRS officials stated that the Internal Revenue Service plans to resume in-person visits to individuals who have not filed or owe back taxes.  Agents plan to...

Should Work-from-Home Benefits be Taxed?

Should Work-from-Home Benefits be Taxed?

Should Work-from-Home Benefits be Taxed? Our tax lawyers have become aware of a recent survey conducted by Deutsche Bank Research. The objective of the survey was to take a look at the significant shift toward working remotely that is now taking place across the...

Understanding President Trump’s Claim of Prepaid Taxes

Understanding President Trump’s Claim of Prepaid Taxes

Understanding President Trump’s Claim of Prepaid Taxes During last week’s presidential debate, the incumbent and his contender clashed over several points concerning taxes. The president stated that he “prepaid tens of millions of dollars in taxes” following a remark...

How Wealthy Americans Avoid Paying Taxes

How Wealthy Americans Avoid Paying Taxes

How Wealthy Americans Avoid Paying Taxes According to the Internal Revenue Service, tax lawyers, and independent researchers alike, rich Americans are the biggest source of underreported income. The National Tax Journal reports that Americans in the top 1% are...

IRS Dirty Dozen Tax Scams During the Coronavirus Pandemic

IRS Dirty Dozen Tax Scams During the Coronavirus Pandemic

IRS’s “Dirty Dozen Tax Scams” During the Coronavirus Pandemic The Internal Revenue Service has released a list of its "Dirty Dozen Tax Scams,” as scamming typically escalates during a crisis like the novel coronavirus pandemic. Anyone targeted or duped by scams should...

Work at Home Tax Breaks Still Exist but Beware of Audits

Work at Home Tax Breaks Still Exist but Beware of Audits

Work at Home Tax Breaks Still Exist, But Beware of Audits Nobody wants to find themselves in need of tax-audit help, but with the recent coronavirus pandemic and its effect on how and where people work, tax problems have become more common. In certain cases, people...

Fantasy Sports Contests Subject to Federal Taxes

Fantasy Sports Contests Subject to Federal Taxes

Daily Fantasy Sports Contests Subject to Federal Taxes, Says IRS A Chief Counsel Memorandum recently issued by the Internal Revenue Service says that sports contests like FanDuel and DraftKings must pay federal excise taxes on the companies’ entry fees on wagers, plus...

Joe Biden’s 2020 Tax Plan – Key Points

Joe Biden’s 2020 Tax Plan – Key Points

Joe Biden's 2020 tax plan: The key points Biden says the tax code should be more progressive and equitable Trump says Biden's tax plan will cause the market to crash President Trump says if presumptive Democratic nominee Joe Biden wins the presidential election, Biden...

A Second Round of Stimulus Checks Is Likely

A Second Round of Stimulus Checks Is Likely

Americans, who have been severely impacted by the pandemic, are very likely getting a second stimulus check, according to Treasury Secretary Steven Mnuchin’s announcement of July 24 on CNBC. Although Democrats want to add people who were excluded from the first round,...

Will the Tax Deadline be Extended past July 15th?

Will the Tax Deadline be Extended past July 15th?

In the past, our tax attorneys informed clients of the extended filing date for U.S. taxpayers. Because of the Coronavirus crisis, the deadline, normally April 15, was extended to that same day in July. However, if you have consulted a tax attorney recently, you may...

Rich Tax Cheats Given a Free Pass by IRS

Rich Tax Cheats Given a Free Pass by IRS

The Internal Revenue Service has left tens of billions of dollars on the table by failing to pursue rich Americans who have refused to file tax returns. The IRS Treasury Inspector General has discovered that almost 880,000 high-income filers did not submit returns for...

TAXES on remote workers

TAXES on remote workers

Our tax attorneys have been following the numerous changes taking place in the American workforce during the Covid-19 crisis. For example, social distancing and other safety orders have forced certain businesses to allow employees to work remotely from home or another...

Second Round Stimulus Check Predictions from Goldman Sachs

Second Round Stimulus Check Predictions from Goldman Sachs

Second Round Stimulus Check Predictions from Goldman Sachs Our tax attorneys have learned that strategist for Goldman Sachs Jan Hatzius has predicted that one more round of stimulus payments may be going out to American households in 2020. He was referring to the...

Are You Eligible for a Covid-19 Stimulus Check

Are You Eligible for a Covid-19 Stimulus Check

Economic Stimulus Payments to Tax Filers Impacted by Coronavirus At the end of March, the Treasury Department and the Internal Revenue Service announced plans to distribute funds to assist filers whose finances have been negatively impacted by the Coronavirus...

IRS Tax Filing and Tax Payment Deadlines Moved

IRS Tax Filing and Tax Payment Deadlines Moved

IRS Tax Filing and Payment Deadlines Officially Revised With coronavirus on the verge of creating a recession, an extended deadline for filing tax returns has been announced. According to our tax attorneys in San Francisco, the new filing deadline is July 15, 2020, a...

Deferred Tax Payments for San Francisco Business Owners

Deferred Tax Payments for San Francisco Business Owners

New Measures for San Francisco Businesses May Offset Financial Losses from Coronavirus Most tax attorney in San Francisco would agree that businesses are experiencing financial losses due to the impact of coronavirus. However, for San Francisco business owners, there...

pay taxes on your bitcoin profits

pay taxes on your bitcoin profits

Why Your Cryptocurrency Is Not Immune from IRS Scrutiny  Many investors and other individuals have made or lost money through the use of cryptocurrency, such as Bitcoin. However, our tax attorneys believe that this type of currency is not exempt from IRS scrutiny and...

Bloomberg tax plan walks back Trump’s corporate tax breaks

Bloomberg tax plan walks back Trump’s corporate tax breaks

Bloomberg Tax Plan Seeks to Undo Trump’s Tax Breaks for Corporations Our tax attorneys have been following a developing story concerning presidential candidate Mike Bloomberg. The billionaire has recently unveiled a tax plan that would undo President Donald Trump’s...

Avoiding IRS Audits Just Made Easier by Congress

Avoiding IRS Audits Just Made Easier by Congress

Avoiding IRS Audits Just Made Easier by Congress Every year, Congress members promise better funding for the IRS so it can serve taxpayers more efficiently, which benefits everyone. However, our tax attorneys have found that people believe Congress has once again...

Judge Rules Gig Law Inapplicable to Independent Truck Drivers

Judge Rules Gig Law Inapplicable to Independent Truck Drivers

On January 15, 2020, William Highberger, a Los Angeles Superior Court judge, ruled that truck drivers are exempt from California’s new gig-work law, as federal law preempts the new legislation. This first court decision on the validity of the law, AB5, affects...

House passes bill restoring SALT Tax to higher income Americans

House passes bill restoring SALT Tax to higher income Americans

Last month, the United States House of Representatives voted to reestablish the SALT tax deduction for local and state taxes. According to our tax attorneys in San Francisco, the restoration of this tax deduction may save higher-income homeowners thousands of dollars...

Will Smith’s Past Problems with IRS for Back Taxes

Will Smith’s Past Problems with IRS for Back Taxes

It’s a fact that Will Smith was involved in one of his biggest fights ever just before becoming the leading man on the popular TV series “Fresh Prince of Bel-Air.” However, it seems that the fight was with the Internal Revenue Service. Smith’s Rise to Fame and the...

5 Celebrities with tax troubles. 

5 Celebrities with tax troubles. 

Most of us realize that paying our taxes is a part of our duty and something that we cannot avoid. Unfortunately, for some of the rich and famous trying to avoid dealing with the IRS has come with significant consequences. Below are five of the famous faces that have...

New W-4 Form and how it affects your tax withholding

New W-4 Form and how it affects your tax withholding

Important Tax Filing Information According to our tax attorneys in San Francisco, the IRS released its final version of the new W-4 form for 2020. The form features some essential changes that may impact workers and employers alike. Some Taxpayers Surprised by Low...

Tori Spelling Owes Over 1M in Back Taxes

Tori Spelling Owes Over 1M in Back Taxes

Although Tori Spelling is known for growing up in Beverly Hills, she is currently battling financial issues that have been following her for years. Most recently, the reboot of Beverly Hills 90210 "BH90210" that she produced was canceled after one season. BH90210's...

New Jersey Issues Uber $650 Million Tax Bill

New Jersey Issues Uber $650 Million Tax Bill

Our tax attorneys in San Francisco have learned that the state of New Jersey is pursuing Uber Technologies, Incorporated for approximately $650 million in disability and unemployment insurance taxes. New Jersey’s Labor Department believes that the rideshare company...

Todd Chrisley Denied Flight to Cayman Islands

Todd Chrisley Denied Flight to Cayman Islands

    Still trying to maintain their luxurious lifestyle, reality stars Todd and Julie Chrisley requested to travel to the Cayman Islands for the Thanksgiving holidays. The famous couple is currently embroiled in a fraud and tax evasion case.​   Even...

New Per Diem Rates in Effect for Business Travelers

New Per Diem Rates in Effect for Business Travelers

If you are an employee that travels for work, or an employer that sends your employees on business trips -- making sure that expenses are reimbursed in a way that doesn't create a taxable event is crucial. Anyone who travels for business incurs expenses for lodging,...

California Cities Prohibited from Taxing Solar Rooftop Projects

California Cities Prohibited from Taxing Solar Rooftop Projects

Our tax attorneys have learned that financial protections were signed into law last month for Californians who invest in solar energy for their rooftops. The law–AB 1208–was signed by California’s Governor, Gavin Newsom, and prevents homeowners and businesses from...

Todd Chrisley Settles Georgia Tax Case for $77,000

Todd Chrisley Settles Georgia Tax Case for $77,000

Our tax attorneys have been following the progress of Todd and Julie Chrisley’s ongoing tax troubles, and there may be some light at the end of the tunnel for the couple.The reality show stars were indicted in August on numerous counts of tax evasion, bank fraud,...

How Retirees Can Avoid a Surprise Tax Bill

How Retirees Can Avoid a Surprise Tax Bill

The way taxes are calculated changed considerably after the implementation of the Tax Cuts and Jobs Act. Our tax attorneys can quickly confirm that even retirees must be mindful of these changes in order to avoid an unexpected tax bill. The new law included many...

Throngs of Unhappy Taxpayers Exit California and New York

Throngs of Unhappy Taxpayers Exit California and New York

People move from one state to another for a variety of reasons, including housing costs, employment opportunities and climate. However, our tax attorneys observed a pattern among those planning to relocate, which indicated that taxes play a significant role in the...

Mike Sorrentino a Free Man After Eight Month Prison Stint

Mike Sorrentino a Free Man After Eight Month Prison Stint

After serving eight months behind bars for tax evasion, our tax attorneys have learned that Mike “The Situation” Sorrentino, has been released from a New York prison. He became a free man as of September 12th, 2019, and was reunited with his family that same day....

NYC Mayor and Presidential Candidate Bill de Blasio Suggests Robot Tax

NYC Mayor and Presidential Candidate Bill de Blasio Suggests Robot Tax

Our tax attorneys have learned that the mayor of New York City, Bill de Blasio–who is also a 2020 Democratic presidential candidate–has publicly endorsed something referred to as a “robot tax,” as well as the creation of a new government agency to oversee automation....

Top Tax-Friendly States for NBA Players

Top Tax-Friendly States for NBA Players

Our tax attorneys have noticed that several big NBA players may find certain teams more attractive than others if they are looking to boost earnings. However, taxes can take a large chunk of their wages, depending on where they live and play. For example, according to...

Reports of Possible Payroll Tax Cut Denied by White House Officials

Reports of Possible Payroll Tax Cut Denied by White House Officials

The Washington Post reported in August that top White House officials were considering a payroll tax cut as a viable way to prevent an economic decline. However, shortly thereafter in a statement to CNBC, a White House official denied the report. The official stated...

Todd Chrisley’s Tax Troubles Continue to Grow

Todd Chrisley’s Tax Troubles Continue to Grow

On August 13th, a federal grand jury in Atlanta indicted "Chrisley Knows Best" stars, Todd and Julie Chrisley, on numerous counts of wire fraud, bank fraud, conspiracy, and tax evasion. Peter Tarantino was also indicted on several offenses related to tax fraud....

Those With Substantial Tax Debt at Risk for Passport Revocation

Those With Substantial Tax Debt at Risk for Passport Revocation

Our tax attorneys have learned that the Internal Revenue Service–IRS–has now instituted changes, enabling the State Department to revoke passports from American travelers who owe a significant amount of back taxes. This week, the IRS stated that the government can now...

Red Meat Latest Item Targeted for Sin Tax

Red Meat Latest Item Targeted for Sin Tax

Red meat may be the next item to be hit with a “sin tax,” although the idea is still being debated. Our tax attorneys have learned that targeting meat for such a tax stems from long-term criticism of the industry’s role in animal cruelty, deforestation and climate...

San Francisco Pulls Controversial IPO Tax From November Ballot

San Francisco Pulls Controversial IPO Tax From November Ballot

The city of San Francisco is now redrafting a measure that would impose a new tax on companies on the brink of going public. Critics stated that the first draft of the proposal would have taken too much of the local economy along with it, and therefore requires...

IRS Tips to Protect You From Cybercriminals

IRS Tips to Protect You From Cybercriminals

The Internal Revenue Service has boasted significant progress against identity theft with regard to tax returns. However, taxpayers’ sensitive data is still under threat due to new tactics being used by cybercriminals. The IRS contacted tax industry professionals and...

IRS Seeking Back Taxes From Scott Weiland’s Estate

IRS Seeking Back Taxes From Scott Weiland’s Estate

Scott Weiland–best known for his role as lead singer in the band, Stone Temple Pilots–died approximately three years ago; however, his estate has apparently failed to settle his tax bill. This has resulted in the IRS and the state of California coming to demand what...

Hefty Tax Bill Awaits World Cup Soccer Players

Hefty Tax Bill Awaits World Cup Soccer Players

The FIFA Women’s World Cup has now commenced, with spectators across the globe having watched 24 teams compete in 52 total matches across nine host cities, the last of which was held July 7th at Stade de Lyon, where the top-ranked United States Women’s National...

Taxpayer Stress Index on the Horizon

Taxpayer Stress Index on the Horizon

In the future, the IRS may have an avenue through which to measure tax season anxiety among filers. Our tax attorneys heard more about this proposal last Thursday when Nina Olson, National Taxpayer Advocate, submitted a final report on the topic to members of...

Tax Deductions That May Save Business Owners Thousands of Dollars

Tax Deductions That May Save Business Owners Thousands of Dollars

Business owners searching for ways to offset their tax burden are typically pleased to discover that several money-saving deductions are available. A tax attorney can advise you about both old and new deduction options, such as the following: Car and Truck Expenses...

Jeopardy Phenomenon Owes Large Portion of Prize Money to IRS

Jeopardy Phenomenon Owes Large Portion of Prize Money to IRS

Jeopardy phenomenon James Holzhauer has finally lost a game on the popular quiz show after 32 straight wins. Holzhauer earned Jeopardy Phenomenon Owes Large Portion of Prize Money to IRSprize money totaling $2,462,216–an amount that is only...

IRS Makes New Changes to Paycheck Withholding Procedure

IRS Makes New Changes to Paycheck Withholding Procedure

If you have finally familiarized yourself with the Tax Cuts and Jobs Act, with or without the help of a tax attorney, you may be a bit dismayed to learn that another complication is on the way. The Internal Revenue Service is also making...

San Francisco Considers IPO Tax to Help Homeless in Bay Area

San Francisco Considers IPO Tax to Help Homeless in Bay Area

California residents in San Francisco and Mountain View may soon be voting on an initial public offering–IPO–tax, also frequently referred to as a “tech tax.” The tax would target a high number of multibillion-dollar tech companies planning to...

Military Families Demand Tax Reform

Military Families Demand Tax Reform

Although the Trump Administration has cited many benefits concerning the 2017 tax reform bill, Republicans are now facing anger from families of fallen service members due to the financially negative consequences they have experienced as a...

What to do if You Missed the Tax Deadline

What to do if You Missed the Tax Deadline

Our tax attorneys understand that there are various reasons why people sometimes fail to file tax returns. In some cases the person may not be able to pay the amount of taxes owed, or he or she may have erroneously believed that filing was not...

When Can I Expect my Tax Refund?

When Can I Expect my Tax Refund?

One common question I get around this time every year is "when can I expect my tax refund?". As a San Francisco tax attorney, I talk to a lot of people who look forward each year to receiving a tax refund. A lot of folks depend on that money to...

Helpful Tax Tips for Last Minute Filers

Helpful Tax Tips for Last Minute Filers

Most people would agree that tax laws change on a regular basis: just when you think you understand the current policies, they are suddenly upended due to the ever-shifting political wind. Some people benefit from these changes, while others...

IRS Gives Millions of Citizens Pass on Tax Penalties

IRS Gives Millions of Citizens Pass on Tax Penalties

United States taxpayers who failed to pay a specific percentage of their federal tax bill this season may find themselves owing an underpayment penalty. Fortunately, the Internal Revenue Service has made it somewhat easier on these taxpayers by giving...

Six Tax Credits for Parents

Six Tax Credits for Parents

Any parent knows that raising children can be a costly venture. However, there are some ways to save money on the expenses that come from having a family. Tax credits and deductions for parents often result in a higher refund or a lower amount...

Why Failing to File a Tax Return is Always a Mistake

Why Failing to File a Tax Return is Always a Mistake

As a tax attorney in San Francisco, I can tell you from my many years of experience that a substantial amount of people procrastinate when it comes to filing taxes. This is because it may seem like a daunting endeavor to organize tax...

Top Tax Myths Everyone Should Know About

Top Tax Myths Everyone Should Know About

The yearly appearance of the 1040 Booklet always marks the start of yet another tax season. While any tax attorney in San Francisco can help filers with complicated returns or problems with the IRS, it is still important for taxpayers to educate themselves...

Will Your Tax Refund be Lower This Year?

Will Your Tax Refund be Lower This Year?

Although it is not very far into the 2019 tax season, some tax filers are already discovering that their refunds are less than they were in the past. According to the Internal Revenue Service, refunds dropped approximately 8.7%  throughout the...

Elizabeth Warren Proposes New Tax Rate for the Ultra-Wealthy

Elizabeth Warren Proposes New Tax Rate for the Ultra-Wealthy

Democratic presidential hopeful Elizabeth Warren has outlined an idea for a new tax plan that would target wealthy Americans, specifically those with a net worth of fifty million or more. Warren’s recently created plan would tax the top 75,000...

Top Red Flags That May Lead to a 2018 Tax Audit

Top Red Flags That May Lead to a 2018 Tax Audit

Although earning a substantial amount of money always raises a person’s chances for an audit, it is not the only reason the IRS may choose to scrutinize your return. Because of the Tax Cuts and Jobs Act, which is now a factor for the first...

Marriage Penalty May Remain in Effect for Some Taxpayers

Marriage Penalty May Remain in Effect for Some Taxpayers

Many people are aware that the “marriage penalty” was eliminated under the new Tax Cuts and Jobs Act. However, married couples who are high earners may ultimately end up paying more taxes under the new laws. Married filers with low incomes may...

Why You May Want to Hire a Tax Preparer This Year

Why You May Want to Hire a Tax Preparer This Year

Many tax filers complete their yearly return online, but a survey released by H&R Block indicated that numerous individuals who do so also participate in other activities at the same time. For example, approximately 50% state that they have watched TV...

Government Shutdown Will Delay Tax Refunds

Government Shutdown Will Delay Tax Refunds

Due to the partial government shutdown that went into effect December 22, 2018, our tax attorneys in Oakland have learned that taxpayers who file early this year may have to wait for their refunds. The Wall Street Journal reports that should...

Pop Artist Shakira Charged With Tax Evasion in Spain

Pop Artist Shakira Charged With Tax Evasion in Spain

Colombian singer, Shakira, has been charged by officials in Spain with tax evasion. It is alleged that the pop artist, who is also the founder of the Bare Foot Foundation–a charity to help impoverished children–avoided paying approximately £13m...

Is a Tax for Texting Looming in California?

Is a Tax for Texting Looming in California?

In the near future, the state of California may implement a sending surcharge for cellular phone users when texting. Our tax attorneys in Oakland recently learned that the proposal was made by the California Public Utilities Commission–CPUC. A...

Last Minute Ways to Lower Your 2018 Taxes

Last Minute Ways to Lower Your 2018 Taxes

Even if you have already earned the majority of your income for 2018, there are still some last-minute ways you can reduce the amount of taxes you owe in the current tax year. Below, our tax attorneys in Oakland have written out some helpful...

Royal Wedding Puts Duke & Duchess Under IRS Scrutiny

Royal Wedding Puts Duke & Duchess Under IRS Scrutiny

The Royal Family may find it necessary to deal with an unusual and uncomfortable tax situation for the next five years until Prince Harry’s new wife, Meghan Markel, now the Duchess of Sussex, ultimately relinquishes her United States...

Wesley Snipes Offer in Compromise Rejected

Wesley Snipes Offer in Compromise Rejected

This past Thursday, a tax court judge ordered actor Wesley Snipes to pay back taxes in spite of his considerable effort to persuade the Internal Revenue Service to believe he does not have the money. Initially, the IRS made an attempt to collect $23.5...