Newport Beach, CA
Tax Lawyer at Newport Beach, CA
Practice Areas: Tax, Estate Planning
A 90 day letter, or a Statutory Notice of Deficiency, is a letter that you receive from the IRS that proposes a tax deficiency against you. Once you receive this letter your options are limited. The le...
See Full GuideFor a business expense to be tax deductible it must be an ordinary and necessary paid or incurred in carrying on a trade or business (IRC Section 162(a). But what does "Ordinary and Necessary" really m...
See Full GuideWhen you borrow money in a loan transaction it is not a taxable transaction. However, when you are later discharged from the liability without repaying the debt, you have an accession to wealth when th...
See Full GuideI hear a lot of Taxpayers say regarding the tax code "that just doesn't make any logical sense. I usually say that if they knew the real motivation of Congress with our tax system it would all start to...
See Full GuideIn California under Revenue and Taxation Section 6829 a responsible person can be held liable for the non-payment of sales taxes by a company if they willfully failed to pay the taxes. A responsible pe...
See Full GuideBusiness bad debts can be written off on your tax return if certain requirements are met. A business bad debt is a debt that arises from your business activities. These bad debts can be written off a...
See Full GuideYou hear a lot about Health Savings Accounts (HSA's) these days, but what are they and should you have one. Health Savings Accounts create a taxed advantaged method for buying your health insurance. ...
See Full GuideThere is a separate tax system for the transfer of property during life and when your die. This is the gift and estate tax. Currently there is no estate tax, but we still have the Gift Tax. You are ent...
See Full GuideWhen you sell a rental real property you are subject to recapture on the depreciation that was allowed or allowable. What does this mean? Depreciation that is allowed or allowable means that even if yo...
See Full GuideMost people believe that life insurance proceeds are not taxable. This is true and not true at the same time. Life insurance proceeds that are received by a beneficiary in a lump sum are not subject to...
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