Newport Beach, CA
Tax Lawyer at Newport Beach, CA
Practice Areas: Tax, Estate Planning
Under Section 183 of the Internal Revenue Code if an activity is not engaged in for profit the losses from the activity are limited to the revenue received. In Dennis v Commissioner, T.C. Memo. 2010-2...
See Full GuideIf funds are taken out from an Individual Retirement Account in other than a trustee to trustee transfer, an individual has 60 days from the date of the transfer to roll over the amount into another IR...
See Full GuideIn a recent U.S. Tax Court Case entitled Moss v. Commissioner 135 T.C. No. 18 (2010). an individual who owned four real estate rental properties could not count the hours that he considered himself "on...
See Full GuideUnder the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Acto of 2010 (P.L. 111-312) the following changes were made with regard to Bonus Depreciation and the Section 179 Expensing...
See Full GuideUnder Revenue and Taxation code section 61(j) in California, all transfers of real property interests to or from a legal entity results in a change in ownership that is subject to reassessment for prop...
See Full GuideThe Treasury has issued new regulations to clarify that FBAR's (Report of Foreign Bank and Financial Accounts) are required when several conditions are satisfied. These are: A U.S. Person had a "fi...
See Full GuideJust a reminder for anyone that has a foreign bank account that had a balance that exceeded $10,000 in the calendar year. If you did an FBAR filing is due by June 30, 2012. If the return is not filed t...
See Full GuideThe Board of Equalization in California is requiring "qualified" taxpayers to file Use tax returns whether they owed any Use tax - this applies for the last three taxable years to include 2008, 2009, a...
See Full GuideWhen a person dies an IRS lien is automatically placed on the estate for the payment of any estate tax liability and any income tax liability. The executor of the estate is responsible to pay all taxe...
See Full GuideYou received an IRS CP 2000 notice in the mail; now what? The CP 2000 notice is sent by the IRS to show proposed changes that they are making to your income tax return. The changes that the IRS pro...
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