Individual Tax Planning in Pre-Settlement Negotiations

Sep 30, 2020 | News & Events, Tax

Litigation can be stressful; and with such a focus on winning, tax is often the last thing on anyone’s mind. As a result, individuals and their attorneys often fail to consider the tax ramifications of a settlement award until it is too late. Given the current...

Foreign Bank Account Reporting, Other Common Foreign Tax Reporting and Remedies for Non-Filing

Sep 11, 2020 | International, Tax

By Michael Wu, CPA, CGMA U.S. persons have legal duty to fully comply with U.S. tax laws which include Foreign Bank Account Reporting (“FBAR”) and other foreign information tax returns. This article will discuss the FBAR and most common foreign tax filing requirements...

COVID-19 BUSINESS PERSONAL PROPERTY TAX IMPACT

Aug 27, 2020 | Tax

In response to the COVID-19 outbreak, California, along with numerous other states and other filing jurisdictions, will allow taxpayers to defer payments and waive penalties associated with Business Personal Property Taxes (BPP). On the State / County / Local levels,...

COVID-19 Relief – White House Update

Aug 12, 2020 | News & Events, Tax

On August 8, 2020, President Trump signed a series of executive orders following a standstill in COVID-19 relief negotiations. These executive orders include a payroll tax “holiday” for workers earning under $100,000, a new round of enhanced unemployment benefits, a...

IRS Initiative to Target High Net Worth Individuals

Aug 11, 2020 | Audit, News & Events, Tax

Last month, the commissioner of the Large Business and International division of the Internal Revenue Service (IRS) announced plans to increase audits on high net worth individuals.  The examinations are expected to target several hundred individuals with assets or...

COVID-19 Losses May Be Deductible on 2019 Return

Aug 3, 2020 | Tax

On March 13, President Trump invoked the Stafford Act and declared a national emergency due to the COVID-19 pandemic. As a result, under Code Sec. 165(i), certain taxpayers may be able to deduct disaster losses that are attributable to COVID-19 on their 2019 return,...