Category: Tax Planning

Financial stability is a cornerstone of a successful law firm. However, managing reserves and distributions effectively can be a challenging balance. Without a well-thought-out approach, law firms may face cash flow issues, be unable to reinvest in growth, or even risk financial instability during...

Giving to charities has been a pillar of American philanthropy, supporting communities and causes all around the world. But the IRS now warns of a concerning trend: an increase in scams that use fake charitable contribution schemes to target taxpayers. These frauds harm taxpayers’...

The tax law will keep changing as the year progresses. One important change so far is the addition of IRS Form 15620, which will make 83(b) election filing easier. Early-stage workers, business entrepreneurs, and those negotiating equity pay may be impacted by this development....

In the wake of severe storms that swept through San Diego County the first two months of 2024, the Internal Revenue Service (IRS) announced an automatic filing relief for individual and business taxpayers impacted by the natural disaster. As detailed in IRS announcement IR-2024-51...

By: Tamara B. Pow, Esq. As of July 1 st , important changes are now being implemented regarding the administrative side of California tax law. The state Legislature has restructured the Board of Equalization (BOE) into three separate entities: the BOE, the California Department...

By: Tamara B. Pow, Esq. Very recently, the Franchise Tax Board (FTB) has had to notify certain California limited liability companies (LLCs) that their 2017 LLC annual tax/estimated fee payment were misapplied to the 2016 tax year, which resulted in the FTB mistakenly sending...