What are the options for taxing an LLC?
Aug 23, 2010
Under the check the box rules you can now pick the way you want an LLC to be taxed for federal income tax purposes.
The LLC can be taxed as a partnership. This is by far the most often picked choice. T...
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California Conformity Bill
Aug 21, 2010
It has been a long time since California has enacted a tax conformity bill to conform to federal tax laws. In fact, the last conformity bill was in 2005. SB 401 was enacted by the California legislatur...
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Should you name your Living Trust as Beneficiary to your IRA?
Aug 19, 2010
A question often comes up in practice as to whether you should name your Living Trust as the Beneficiary of your lndividual Retirement Account. The answer is usually no if you are married. The reason...
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Can you Use the Small Claims Division of the US Tax Court?
Aug 18, 2010
Did you know that the United States Tax Court has a Small Claims Division? Many cases can be taken to this less formal court, rather than the regular United States Tax Court. To go to the Small Case Di...
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90 Day Letters - Your Ticket to U.S. Tax Court!
Aug 18, 2010
Why are 90 day letters from the IRS known as "your ticket to Tax Court?" Statutory Notices of Deficiency, otherwise known as 90 day letters are known as your ticket to Tax Court, because the only way y...
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Deduction for Gifts to Charitable Organizations
Aug 18, 2010
Donations that you make to charitable organizations are tax deductible expenses. These deductions are taken on Schedule A of your form 1040. This means that you will need to be able to itemizize in ord...
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Do I need to pay Sales or Use Tax in California?
Aug 18, 2010
If you are a retailer engaged in business in the State of California you must register with the California Board of Equalization and pay the state of California sales tax. The sales tax applies to all ...
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How are Single Owner LLC's Taxed for Federal Tax Purposes?
Aug 18, 2010
You formed a Single-Owner LLC, now how do you file for tax purposes? If you formed a Single-Owner LLC, that is their is only one member of the LLC, then for federal tax purposes it is a disregarded ent...
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When Do I Request an Appeal for IRS Audit Purposes?
Aug 17, 2010
When you are audited by the Internal Revenue Service your return is first reviewed by a Revenue Agent. Revenue Agents audit your return without any consideration for the risks to the government of pote...
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How Long Should You Keep Tax Records?
Aug 16, 2010
This seems like a simple question, but it is not as easy to answer as you would think. First, the answer varies depending on whether you filed on time, or not at all, and what type of transaction you a...
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