TAX TIP – INNOCENT SPOUSE RELIEF IN THE STATE OF CALIFORNIA

Both federal and California law provide relief for “innocent spouses” determined not to be responsible for taxes due on returns filed using a married filing status.  The majority of innocent spouse cases involve joint returns filed by taxpayers who were married at the time the return was filed. Where a joint return is filed, both […]

Tax News –Passport Revocation for Seriously Delinquent Taxpayers

The federal government recently signed the Fixing America’s Surface Transportation Act (“FAST Act”) into law allowing the Secretary of State to deny, revoke or limit the United States passports of individuals with “seriously delinquent” tax debt. This legislation allows the IRS and Department of Treasury to notify the Secretary of State where any individual taxpayer […]

Equity Compensation Part 4 ‐ Restricted Stock Units

What They Are Restricted Stock Units (“RSU”s) are considered a hybrid of stock options and restricted stocks. RSUs are generally granted by an employer either at a specified point in the future, after a specified amount of time, or after required performance milestones are achieved. If the employee does not satisfy the vesting requirements, then […]

EQUITY COMPENSATION PART 3 – RESTRICTED STOCK

What It Is “Restricted stock” refers to shares of stock granted to an employee at a reduced or no cost, sometimes linked with a cash bonus to offset tax liability.  Restricted stock constitutes actual ownership but is subject to restrictions on transferability and substantial risk of forfeiture. The recipient’s rights in the shares are restricted until the shares vest, […]

Yearend Tax Planning

As the end of the year draws near, small business owners need to review their tax-planning strategies.  It is important to understand what tax planning strategies you can still take advantage of, both personally and on the business side, before the end of the calendar year. Given that so many small businesses are organized as […]

Tax Tips for Professionals

Hoping to lower your tax bill?  Many professionals miss tax deductions each year because they aren’t aware of them or fail to keep the necessary records required to substantiate such deductions.  Below are some of the tax deductions that are often missed. 1. Local transportation: Professionals can deduct the costs of local transportation expenses if […]