On October 23, 2014, U.S. District Court Judge Reggie Walton dismissed two lawsuits against the Internal Revenue Service (IRS). True the Vote, an offshoot of the Tea Party-Affiliated King Street Patriots, sued the IRS claiming the IRS targeted conservative tax-exempt...
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Final Reminder from Oscar de la Renta regarding Business Succession Planning
Aside from prurient interest in a celebrity's estate plan, there is often a lesson to be learned in the structure of the estate plan of the wealthy. The passing of fashion icon Oscar de la Renta on October 20, 2014 is a reminder for all business owners, no matter how...
Business Entities using Tax Preparation Software must File Electronically with the FTB in 2015
Beginning in 2015, any business entity that files an original or amended tax return prepared by using a tax preparation software program will have to file electronically (e-file) with the FTB beginning January 1, 2015. A waiver may be obtained from the FTB if the...
New Annual Filing Requirement for California Like-Kind Exchanges
If you exchange real property after January 1, 2014 in California, you are now required to file Form 3840 each year to track your deferred gains and provide other information concerning any non-California replacement property. The new form will be available on the...
Canadian Retirement Plan Reporting Requirements are Simplified
Owners of Canadian retirement plans received good news today when the IRS announced that taxpayers with registered retirement savings plans (RRSPs) and registered retirement income funds (RRIFs) will now automatically qualify for tax deferral similar to that available...
