So you have passed the brink of no return in your relationship and decided to file for divorce. Before you do, it’s wise to make some financial preparations ahead of your court date. Getting pictures of assets, copies of bank statements and any retirement accounts is a good start.
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Common Tax Issues for Small Businesses
Small businesses, of which there are thousands in California, spend the highest percentage of time of any business entity preparing and submitting taxes. Federal, state, and local tax requirements are extremely complex and change every year.
Can Currently Non-Collectible (CNC) Status Stop the FTB?
Sometimes your financial fortunes take a turn for the worse, and you find yourself owing back taxes to the Franchise Tax Board. You don’t even have two coins to rub together, much less make installment payments, yet you are looking for an alternative to filing for bankruptcy. An Offer in Compromise is also off the table; you just don’t have the money.
How to Request an EDD Installment Agreement
There are many individuals – including famous ones – that don’t pay or haven’t paid their taxes in years. Take for instance the late Anthony Bourdain. Before he became a household name with “Kitchen Confidential,” he hadn’t paid his taxes in ten years. He lived with the unrelenting anxiety of the IRS finding out and taking the little money he had to live on.
California Payroll Tax: SUI, ETT, SDI & PIT Employer Guide
The California payroll tax structure for an employer in this state is based on four distinct taxes, commonly referred to as the CA SUI, ETT, SDI, and PIT payroll taxes. There are different rates for each of these taxes and the calculation methods are different as well.
What Happens During a California Independent Contractor Audit?
The auditor’s first goal in an independent contractor audit is establishing a system and a pattern of routine for the business’s operations. For example, if we have a retail store and the retail store has two locations, in each location, we have anywhere between five and seven employees at a time.
State Income Tax Considerations in Multi-State Tax Planning
Companies that have employees working in other states must pay close attention to each state’s payroll tax regulations. In many cases, payroll tax will be owed to California and to the other states where your employees are working.
Payroll taxes are determined on the proportion of income that is generated per state and must be paid to each state.
FBAR Penalty Appeals and Compliance Programs
If you cannot come to an agreement to resolve your FBAR issue during the IRS examination stage, you may have a few options. The options available to you will depend on where you are in the penalty process, whether you were found to be in willful violation, and your history of compliance.
What Living Expenses Does the IRS Allow?
Although a favorite saying of IRS revenue officers is that “The IRS is not a bank” and takes collection of taxes owed seriously, the IRS is prevented from collecting assets that a person needs to survive and meet their basic living requirements. The IRS does not have the best reputation of cutting delinquent taxpayers much slack, so that is why I wrote this article for you.
The Consequences of Running from the IRS
The consequences of running from the IRS are specific to federal tax laws that govern the ability of the agency to pursue and recover tax funds as well as those tax laws that govern your response to notices of tax deficiency.