People often assume that an estate plan is only necessary for those with a certain level of net worth. The reality, however, is always everyone needs an estate plan, regardless of the value of the assets. There are so many reasons to establish an estate plan, none of...
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Month: October 2013
National Organization for Marriage sues IRS
People in California may have heard of the National Organization for Marriage (NOM). People may also have heard about people who donate money to the organization because, according to NOM, its list of donors was leaked from within the IRS. NOM says the information...
Individual Taxpayers can Obtain Transcripts During IRS Shutdown; Practitioners Cannot
Despite most lights being out at the IRS, taxpayers can still receive some services at the IRS. Crucial to many tax professionals are the IRS Transcripts of Account. Since it is an automated process, taxpayers can still use automated tools, such as IRS.gov, to request...
Governor Signs Bill to Reduce Excise Tax Penalty, Clarifies use of Motion Picture Tax Credit and Simplifies Tax-Exempt Process for some Nonprofits
Governor Brown signed AB 1173 by Assemblymember Raul Bocanegra (D-Los Angeles) which reduces the excise tax penalty from 20% to 5% for taxable years beginning January 1, 2013, amounts deferred under a nonqualified deferred compensation plan that does not meet the...
Songstress Kelis paid off nearly $400K in back taxes to IRS
People around the country and here in California often see news stories about celebrities that are in trouble with the IRS. When celebrities fail to pay their taxes, the amount of back taxes they owe tends to run in the hundreds of thousands, if not millions of...
