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	<title>Lerner, Veit &#38; Stanaland, LLPLerner, Veit &amp; Stanaland, LLP | Lerner, Veit &amp; Stanaland, LLP</title>
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	<link>http://lernerveit.com</link>
	<description>San Francisco Tax, Business, Trust, Probate and Litigation Attorneys</description>
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		<title>Should I Participate in The 2012 Offshore Voluntary Disclosure Program (OVDP)?</title>
		<link>http://lernerveit.com/2012/04/10/2012-offshore-voluntary-disclosure-program-ovdp/?utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=2012-offshore-voluntary-disclosure-program-ovdp</link>
		<comments>http://lernerveit.com/2012/04/10/2012-offshore-voluntary-disclosure-program-ovdp/#comments</comments>
		<pubDate>Tue, 10 Apr 2012 18:17:27 +0000</pubDate>
		<dc:creator>Alec Harrington</dc:creator>
				<category><![CDATA[Tax]]></category>
		<category><![CDATA[2012 Offshore Voluntary Disclosure Program (OVDP)]]></category>
		<category><![CDATA[california]]></category>
		<category><![CDATA[civil penalties]]></category>
		<category><![CDATA[Cost]]></category>
		<category><![CDATA[criminal prosecution]]></category>
		<category><![CDATA[disclosure]]></category>
		<category><![CDATA[IRS]]></category>

		<guid isPermaLink="false">http://lernerveit.com/?p=875</guid>
		<description><![CDATA[This post updates and rehashes my earlier post on the 2011 Offshore Voluntary Disclosure &#8220;Initiative.&#8221; The initiative is now a &#8220;Program&#8221; with no stated deadline.  As of this date, the IRS has not yet published the official guidelines for the program other than to inform us that the OVDP penalty for failure to disclose offshore accounts will be 27.5% of the highest aggregate balance in foreign bank accounts/entities or value of foreign assets.  It is presently unclear whether the examination period will look back eight or nine years. Otherwise, we expect the guidelines to remain substantially similar to those for the 2011 program found here. I will update this post as the IRS makes more information available. Are You Feeling Lucky? You may be on the fence as to whether you want to raise your hand and tell the IRS you&#8217;ve been moving money around overseas for the past 20 years.  You may also be considering rolling the dice and betting that you won&#8217;t be caught.  Or, you may be thinking that I&#8217;ll &#8220;quietly disclose&#8221; by beginning to report my foreign account this year and hope the IRS never investigates. Of course, one risk you&#8217;re running is criminal investigation and prosecution by the IRS. [...]]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>California LLC Tax and Franchise Fee</title>
		<link>http://lernerveit.com/2012/03/30/california-llc-tax-and-franchise-fee/?utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=california-llc-tax-and-franchise-fee</link>
		<comments>http://lernerveit.com/2012/03/30/california-llc-tax-and-franchise-fee/#comments</comments>
		<pubDate>Fri, 30 Mar 2012 18:14:53 +0000</pubDate>
		<dc:creator>Alec Harrington</dc:creator>
				<category><![CDATA[Business]]></category>
		<category><![CDATA[Tax]]></category>
		<category><![CDATA[california]]></category>
		<category><![CDATA[entity]]></category>
		<category><![CDATA[fee schedule]]></category>
		<category><![CDATA[fee structure]]></category>
		<category><![CDATA[Franchise Fee]]></category>
		<category><![CDATA[Franchise Tax]]></category>
		<category><![CDATA[FTB]]></category>
		<category><![CDATA[Limited Liability Company]]></category>
		<category><![CDATA[LLC]]></category>

		<guid isPermaLink="false">http://lernerveit.com/?p=862</guid>
		<description><![CDATA[I fielded a series of California LLC questions yesterday that I am sure come up quite frequently for people beginning new ventures and selecting an appropriate California entity for that venture. How is the California Franchise Tax Calculated? California LLCs are subject to a $800 annual tax. The annual tax is due on the 15th day of the 4th month after the tax year begins. LLCs are also subject to the LLC fee, commonly referred to as the franchise tax. This fee is based on the LLC’s total income &#8220;from all sources derived from or attributable to this state&#8221; (R&#38;TC Section 17942).  California has a broad interpretation of income attributable to the state addressed here. LLCs must estimate and pay the annual fee by the 15th day of the 6 month of the current tax year. Here is the breakdown of the fee structure: If the total income is: $250,000 &#8211; $499,999 $900 $500,000 &#8211; $999,999 $2,500 $1,000,000 &#8211; $4,999,999 $6,000 $5,000,000 or more $11,790 LLCs must file and pay the annual tax and fee if any of the following conditions apply: It organized in California. It registered with the SOS to transact business inCalifornia. It does business in California. Depending on the total [...]]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>California Probate &#8211; How Much Does It Cost?</title>
		<link>http://lernerveit.com/2012/03/12/california-probate-how-much-does-it-cost/?utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=california-probate-how-much-does-it-cost</link>
		<comments>http://lernerveit.com/2012/03/12/california-probate-how-much-does-it-cost/#comments</comments>
		<pubDate>Mon, 12 Mar 2012 17:46:10 +0000</pubDate>
		<dc:creator>Alec Harrington</dc:creator>
				<category><![CDATA[Estate Planning]]></category>
		<category><![CDATA[Probate]]></category>
		<category><![CDATA[2012]]></category>
		<category><![CDATA[Alameda]]></category>
		<category><![CDATA[attorney]]></category>
		<category><![CDATA[Bay Area]]></category>
		<category><![CDATA[calculate]]></category>
		<category><![CDATA[california]]></category>
		<category><![CDATA[estate planning]]></category>
		<category><![CDATA[executor]]></category>
		<category><![CDATA[fees]]></category>
		<category><![CDATA[filing fees]]></category>
		<category><![CDATA[letters testamentary]]></category>
		<category><![CDATA[Marin]]></category>
		<category><![CDATA[Oakland]]></category>
		<category><![CDATA[paid]]></category>
		<category><![CDATA[probate]]></category>
		<category><![CDATA[Probate Code § 10810]]></category>
		<category><![CDATA[San Francisco]]></category>
		<category><![CDATA[San Mateo]]></category>

		<guid isPermaLink="false">http://lernerveit.com/?p=375</guid>
		<description><![CDATA[Basic Court Fees Let&#8217;s get the boring things out of the way first. For the most straight forward probate, there largest filing fees are incurred at the beginning and end of the process. The 2012 fee charged to file a probate petition is $410. There will be a $395 filing fee to file the petition for final distribution of the estate assets. Of course, there will be miscellaneous fees for items such as publication of the probate notice, fees associated with the probate referee, and fees for certified copies of court documents. How Much Will the Executor and Attorney Be Paid? I expect this will be the more interesting topic for most people. Either you&#8217;ve been to the bank and have been told you need &#8220;Letters Testamentary&#8221; or a &#8220;Court Order&#8221; to gain access to your deceased spouse&#8217;s checking account or you&#8217;ve been named executor of your rich uncle&#8217;s estate and you&#8217;d like to decide whether to put the down payment down on that cabin in Tahoe. For everyone&#8217;s sake (except your late uncle), I hope the latter scenario is what led you here. Sadly, dealing with financial institutions following the death of a loved one is the more likely [...]]]></description>
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		<slash:comments>0</slash:comments>
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		<item>
		<title>What is the Transfer Tax Rate for the City and County of San Francisco?</title>
		<link>http://lernerveit.com/2012/02/03/what-is-the-transfer-tax-rate-for-the-city-and-county-of-san-francisco/?utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=what-is-the-transfer-tax-rate-for-the-city-and-county-of-san-francisco</link>
		<comments>http://lernerveit.com/2012/02/03/what-is-the-transfer-tax-rate-for-the-city-and-county-of-san-francisco/#comments</comments>
		<pubDate>Fri, 03 Feb 2012 18:54:33 +0000</pubDate>
		<dc:creator>Alec Harrington</dc:creator>
				<category><![CDATA[Real Estate]]></category>
		<category><![CDATA[Tax]]></category>

		<guid isPermaLink="false">http://lernerveit.com/?p=855</guid>
		<description><![CDATA[If entire value or consideration is: More than $100 but less than or equal to $250,000, the tax rate is $2.50 for each $500 or portion thereof; More than $250 but less than $1,000,000, the tax rate is $3.40 for each $500 or portion thereof; $1,000,000 or more but less than $5,000,000, the tax rate is $3.75 for each $500 or portion thereof; $5,000,000 or more but less than $10,000,000, the tax rate is $10.00 for each $500 or portion thereof; $10,000,000 or more, the tax rate is $12.50 for each $500 or portion thereof.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Brief Estate and Gift Tax 2012 Update</title>
		<link>http://lernerveit.com/2012/01/24/brief-estate-and-gift-tax-2012-update/?utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=brief-estate-and-gift-tax-2012-update</link>
		<comments>http://lernerveit.com/2012/01/24/brief-estate-and-gift-tax-2012-update/#comments</comments>
		<pubDate>Wed, 25 Jan 2012 00:40:47 +0000</pubDate>
		<dc:creator>Alec Harrington</dc:creator>
				<category><![CDATA[Estate Planning]]></category>
		<category><![CDATA[Tax]]></category>
		<category><![CDATA[annual exclusion]]></category>
		<category><![CDATA[estate tax]]></category>
		<category><![CDATA[exemption]]></category>
		<category><![CDATA[Gift Tax]]></category>
		<category><![CDATA[IRS]]></category>

		<guid isPermaLink="false">http://lernerveit.com/?p=818</guid>
		<description><![CDATA[This is a brief estate and gift tax update for 2012  (UPDATED). For an estate of any decedent dying during calendar year 2012, the basic exclusion from estate tax amount is $5,120,000, up from $5,000,000 for calendar year 2011 and the estate tax rate will be 35%.   The lifetime gift tax exemption and generation-skipping transfer tax exemption in 2012 will be also be $5,120,000 million each and the tax rate for both of these taxes will also be 35%. Also, if the executor chooses to use the special use valuation method for qualified real property, the aggregate decrease in the value of the property resulting from the choice cannot exceed $1,040,000, up from $1,020,000 for 2011. The annual exclusion from gift tax in 2012 remains at $13,000. Beware people advising making gifts up to the gift tax exemption amount of $5,120,000.  We&#8217;re finding that taxpayers are getting incomplete advice in this area.  It is true you can make a gift up to your lifetime exclusion amount without facing immediate gift tax consequences.  However, your lifetime gifts are added back into the value of your estate for estate tax purposes at the time of your death. Here is one scenario [...]]]></description>
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		<item>
		<title>IRS Offshore Voluntary Disclosure Program Reopens for 2012</title>
		<link>http://lernerveit.com/2012/01/13/irs-offshore-voluntary-disclosure-program-reopens-for-2012/?utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=irs-offshore-voluntary-disclosure-program-reopens-for-2012</link>
		<comments>http://lernerveit.com/2012/01/13/irs-offshore-voluntary-disclosure-program-reopens-for-2012/#comments</comments>
		<pubDate>Fri, 13 Jan 2012 18:42:29 +0000</pubDate>
		<dc:creator>Alec Harrington</dc:creator>
				<category><![CDATA[Tax]]></category>
		<category><![CDATA[2012]]></category>
		<category><![CDATA[disclosure]]></category>
		<category><![CDATA[FBAR]]></category>
		<category><![CDATA[foreign bank account]]></category>
		<category><![CDATA[IRS]]></category>
		<category><![CDATA[Offshore Voluntary Disclosure Initiative]]></category>
		<category><![CDATA[tax]]></category>

		<guid isPermaLink="false">http://lernerveit.com/?p=833</guid>
		<description><![CDATA[I&#8217;d have to reach to really tie this photo from NASA of glacial ice calving offshore into the IRS&#8217;s &#8220;offshore&#8221; disclosure program.  Posts are more interesting with photos included, so let&#8217;s avoid the awkward analogy and move on to the program! It looks like the IRS found success with its 2009 and 2011 voluntary disclosure programs and are moving forward with a new initiative in 2012, I&#8217;ve included the IRS&#8217;s press release on the new program below.  We&#8217;ve had success helping clients navigate the previous two programs.  If you have signatory authority over a foreign bank account, this program can help you avoid a significant amount of penalties.  If you&#8217;ve avoided disclosing, it looks like the program&#8217;s penalty amounts are slowly climbing, so the sooner you act, the better.  If you&#8217;re not sure whether you would benefit from participation, please give us a call at 415-781-4000 to discuss. To learn a little more about the previous programs, see my previous posts here, here and here. IR-2012-5, Jan. 9, 2012 WASHINGTON — The Internal Revenue Service today reopened the offshore voluntary disclosure program to help people hiding offshore accounts get current with their taxes and announced the collection of more than $4.4 billion so far from the [...]]]></description>
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		</item>
		<item>
		<title>McDermott&#8217;s &#8220;Sensible Estate Tax Act of 2011&#8243;</title>
		<link>http://lernerveit.com/2011/12/12/mcdermotts-sensible-estate-tax-act-of-2011/?utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=mcdermotts-sensible-estate-tax-act-of-2011</link>
		<comments>http://lernerveit.com/2011/12/12/mcdermotts-sensible-estate-tax-act-of-2011/#comments</comments>
		<pubDate>Tue, 13 Dec 2011 00:02:48 +0000</pubDate>
		<dc:creator>Alec Harrington</dc:creator>
				<category><![CDATA[Estate Planning]]></category>
		<category><![CDATA[Tax]]></category>
		<category><![CDATA[Trust Administration]]></category>
		<category><![CDATA[congress]]></category>
		<category><![CDATA[estate tax]]></category>
		<category><![CDATA[legislation]]></category>
		<category><![CDATA[McDermott]]></category>
		<category><![CDATA[reform]]></category>
		<category><![CDATA[Sensible Estate Tax Act of 2011]]></category>

		<guid isPermaLink="false">http://lernerveit.com/?p=822</guid>
		<description><![CDATA[&#160; McDermott Bill: “Making the Estate Tax Fair and Equitable Again” For Immediate Release: November 17, 2011 WASHINGTON, DC – Today, Congressman Jim McDermott (D-WA), a senior member of the House Ways and Means Committee, introduced the “Sensible Estate Tax Act of 2011” to restore fairness to the estate tax. It is the first estate tax reform bill introduced by a member of the tax-writing committee that does not simply extend or repeal the existing estate tax law. The McDermott bill would bring the estate tax rates back to the pre-2001 levels, levels that worked and helped drive growth for all Americans, with a maximum marginal rate of 55% and a $1 million exemption ($2 million for married couples) – both would be indexed for inflation beginning in 2000. Current law allows for a $5 million exemption at a maximum rate of 35%, which allows over 99% of estates to pass tax-free. “The U.S. economy and the American people are struggling through one of the worst recessions in our history,” said Congressman McDermott. “Now is the time to ensure our tax policy is fair and equitable for all Americans, and the estate tax bill that I am introducing today embodies these values.” In [...]]]></description>
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		</item>
		<item>
		<title>Assets Subject to California Probate</title>
		<link>http://lernerveit.com/2011/11/02/assets-subject-to-california-probate/?utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=assets-subject-to-california-probate</link>
		<comments>http://lernerveit.com/2011/11/02/assets-subject-to-california-probate/#comments</comments>
		<pubDate>Wed, 02 Nov 2011 16:00:44 +0000</pubDate>
		<dc:creator>Alec Harrington</dc:creator>
				<category><![CDATA[Estate Planning]]></category>
		<category><![CDATA[Probate]]></category>
		<category><![CDATA[Real Estate]]></category>
		<category><![CDATA[Tax]]></category>
		<category><![CDATA[Trust Administration]]></category>

		<guid isPermaLink="false">http://lernerveit.com/?p=782</guid>
		<description><![CDATA[Assets Subject to California Probate Following a death, you may find yourself looking for guidance about how to deal with all of the &#8220;stuff,&#8221; all of the estate assets.  Sometimes it is easy to deal with the small things.  Your daughter gets dad&#8217;s guitar and your son gets dad&#8217;s carved mahogany bar, done and done.  But who gets the lake house and who takes over the stock portfolio?  How do I change legal title to these assets so I can manage them as trustee or executor?  If these items are in a trust, the answers should all be in a properly prepared trust document and it should not be necessary to involve the California Superior Court in the administration of the trust estate.  But if dad died without a trust, or he died with assets not held in trust, and the value of his probate estate was over $100,000, you may need to start a probate proceeding to receive court authority to manage the probate estate. How do you value dad&#8217;s estate? Normally the following assets are considered part of the decedent&#8217;s probate estate and are subject to the probate process: All of the decedent&#8217;s separate property, generally assets in the deceased [...]]]></description>
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		<item>
		<title>New Credit Card Reporting Requirement Will Impact Small Businesses</title>
		<link>http://lernerveit.com/2011/11/01/new-credit-card-reporting-requirement-will-impact-small-businesses/?utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=new-credit-card-reporting-requirement-will-impact-small-businesses</link>
		<comments>http://lernerveit.com/2011/11/01/new-credit-card-reporting-requirement-will-impact-small-businesses/#comments</comments>
		<pubDate>Tue, 01 Nov 2011 23:28:50 +0000</pubDate>
		<dc:creator>Alec Harrington</dc:creator>
				<category><![CDATA[Business]]></category>
		<category><![CDATA[Tax]]></category>
		<category><![CDATA[1099]]></category>
		<category><![CDATA[1099-K]]></category>
		<category><![CDATA[ebay]]></category>
		<category><![CDATA[etsy]]></category>
		<category><![CDATA[paypal]]></category>
		<category><![CDATA[small business]]></category>
		<category><![CDATA[taxes]]></category>

		<guid isPermaLink="false">http://lernerveit.com/?p=814</guid>
		<description><![CDATA[There’s a new 1099 reporting form that looks like it may have a big impact by capturing unreported income earned by small businesses., Form 1099-K, Merchant Card and Third Party Network Payments. The form is the result of compliance reporting requirements for some credit card and PayPal payments.  By requiring compliance reporting by credit card companies and the like, the IRS is positioned to capture a lot more income earned by small businesses online that may now be slipping by as unreported.  Business owners will receive a 1099-K at the end of the year notifying them what the service providers are disclosing to the IRS.  Who will be impacted by this?  It is hard to say until we start to see how the IRS handles implementation and enforcement.  Also it looks like there is a de minimus exception if for the calendar year: The gross amount of total reportable payment transactions exceeds $20,000, and The total number of such transactions exceeds 200. Find the draft form here. Find the current instructions here.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>What is California Probate?</title>
		<link>http://lernerveit.com/2011/10/25/what-is-california-probate/?utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=what-is-california-probate</link>
		<comments>http://lernerveit.com/2011/10/25/what-is-california-probate/#comments</comments>
		<pubDate>Tue, 25 Oct 2011 16:00:32 +0000</pubDate>
		<dc:creator>Alec Harrington</dc:creator>
				<category><![CDATA[Estate Planning]]></category>
		<category><![CDATA[Probate]]></category>
		<category><![CDATA[Tax]]></category>
		<category><![CDATA[Trust Administration]]></category>
		<category><![CDATA[california]]></category>
		<category><![CDATA[probate]]></category>
		<category><![CDATA[procedure]]></category>

		<guid isPermaLink="false">http://lernerveit.com/?p=329</guid>
		<description><![CDATA[Probate in California &#8211; What&#8217;s the Purpose? Probate.  You&#8217;ve heard the word, but what is it?  Here is a brief overview to let you know what triggers the probate process and what is involved to complete the journey.  In general, probate is the court supervised collection of assets, payment of debts and expenses with the net amount being distributed to the beneficiaries.  The actual paperwork for submission to the court for its supervision is done by the personal representative of the estate and their attorney and the fees charged by the attorneys and personal representatives are set by statute. Who Needs Probate? Not everyone will need to take their loved one&#8217;s estate through probate.  As I will discuss in another post, if the value of the assets in the estate is less than $100,000 (this goes up to $150,000 in 2012), there are simplified procedures that will allow you to avoid having to file a petition in probate.  If these procedures allow you to gain control over the deceased assets, there will be no need to go through a full blown probate. If these procedures do not work and you are being told by banks, brokerage firms or title companies, [...]]]></description>
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