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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>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/</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>

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		<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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		<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/</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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		<slash:comments>0</slash:comments>
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		<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/</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>

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		<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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		<slash:comments>0</slash:comments>
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		<title>Assets Subject to California Probate</title>
		<link>http://lernerveit.com/2011/11/02/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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		<slash:comments>0</slash:comments>
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		<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/</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>
		<wfw:commentRss>http://lernerveit.com/2011/11/01/new-credit-card-reporting-requirement-will-impact-small-businesses/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>What is California Probate?</title>
		<link>http://lernerveit.com/2011/10/25/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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		<title>Last Chance to Apply for Tax Amnesty Program &#8211; Oct. 31, 2011</title>
		<link>http://lernerveit.com/2011/10/24/last-chance-to-apply-for-tax-amnesty-program-oct-31-2011/</link>
		<comments>http://lernerveit.com/2011/10/24/last-chance-to-apply-for-tax-amnesty-program-oct-31-2011/#comments</comments>
		<pubDate>Mon, 24 Oct 2011 22:21:25 +0000</pubDate>
		<dc:creator>Alec Harrington</dc:creator>
				<category><![CDATA[Tax]]></category>
		<category><![CDATA[california]]></category>
		<category><![CDATA[Deadline]]></category>
		<category><![CDATA[FTB]]></category>
		<category><![CDATA[tax]]></category>
		<category><![CDATA[Voluntary Compliance Initiative 2]]></category>

		<guid isPermaLink="false">http://lernerveit.com/?p=770</guid>
		<description><![CDATA[There is still time to participate in VCI 2, but you need to act now!  It takes time to assemble the disclosure package so please do not wait until you&#8217;re donning your Halloween outfit to get started. Franchise Tax Board News Release Last Chance to Apply for Tax Amnesty Program Sacramento — The Franchise Tax Board (FTB) today reminded taxpayers that Monday, October 31, is the deadline to participate in its Voluntary Compliance Initiative 2 (VCI 2) for taxpayers who may have underreported their tax liabilities through the use of abusive tax avoidance transactions or offshore financial arrangements. The amnesty program, directed by recent legislation (SB 86, Ch. 14) is an opportunity for taxpayers to voluntarily amend their 2010 and prior year income tax returns. Participating taxpayers must pay both the tax and interest in full. In return, taxpayers receive a waiver of most penalties and avoid potential criminal prosecution. Advancements in technology, reporting requirements, and the data sharing between agencies (including the IRS) has allowed FTB to better identify taxpayers who may have underreported their income due to these schemes. FTB encourages taxpayers who qualify for this initiative to participate rather than risk a full range of penalties, interest, and [...]]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>The IRS Is Interested in Google&#8217;s Offshore Profits</title>
		<link>http://lernerveit.com/2011/10/17/the-irs-is-interested-in-googles-offshore-profits/</link>
		<comments>http://lernerveit.com/2011/10/17/the-irs-is-interested-in-googles-offshore-profits/#comments</comments>
		<pubDate>Mon, 17 Oct 2011 17:53:41 +0000</pubDate>
		<dc:creator>Alec Harrington</dc:creator>
				<category><![CDATA[Business]]></category>
		<category><![CDATA[Tax]]></category>
		<category><![CDATA[audit]]></category>
		<category><![CDATA[Google]]></category>
		<category><![CDATA[international business]]></category>
		<category><![CDATA[international tax]]></category>
		<category><![CDATA[IRS]]></category>
		<category><![CDATA[offshore]]></category>
		<category><![CDATA[subsidiary]]></category>

		<guid isPermaLink="false">http://lernerveit.com/?p=763</guid>
		<description><![CDATA[Moving your business offshore to avoid US tax exposure is an option, but doing so comes with significant risks, including increased scrutiny by the IRS. IRS Auditing How Google Shifted Profits By Jesse Drucker  The U.S. Internal Revenue Service is auditing how Google Inc. (GOOG)avoided federal income taxes by shifting profit into offshore subsidiaries, according to a person with knowledge of the matter. The agency is bringing more than typical scrutiny to how the company valued software rights and other intellectual property it licensed abroad, said the person, who requested anonymity because the audit isn’t public. The IRS has requested information from Google about its offshore deals after three acquisitions, including its $1.65 billion purchase of YouTube, the person said. The transfer overseas of these kinds of rights has enabled Google to attribute earnings to foreign units that pay lower taxes, Bloomberg News reported a year ago. While Google’s potential liability isn’t clear, similar deals between companies and offshore arms are often the subject of disputes over hundreds of millions of dollars in taxes, said Daniel Frisch, an economist at Horst Frisch Inc. which advises businesses on transfer pricing &#8211; the allocation of income between units in different countries. In 2006, the IRS settled a case with [...]]]></description>
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		<slash:comments>0</slash:comments>
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		<item>
		<title>National Estate Planning Awareness Week!</title>
		<link>http://lernerveit.com/2011/10/12/national-estate-planning-awareness-week/</link>
		<comments>http://lernerveit.com/2011/10/12/national-estate-planning-awareness-week/#comments</comments>
		<pubDate>Wed, 12 Oct 2011 18:18:30 +0000</pubDate>
		<dc:creator>Alec Harrington</dc:creator>
				<category><![CDATA[Estate Planning]]></category>
		<category><![CDATA[Probate]]></category>
		<category><![CDATA[Tax]]></category>
		<category><![CDATA[10% off]]></category>
		<category><![CDATA[discount]]></category>
		<category><![CDATA[sale]]></category>

		<guid isPermaLink="false">http://lernerveit.com/?p=757</guid>
		<description><![CDATA[October 17-23, 2011 is National Estate Planning Awareness Week! Did you know that over 140,000,000 people in the U.S. do not have up-to-date plans to protect themselves or their families in the event of sickness, accidents, or untimely death? Do you need some planning to care for your family?  Call October 17-23 and ask about our National Estate Planning Awareness Week 10% discount for eligible customers &#8211; 415-781-4000.]]></description>
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		<slash:comments>0</slash:comments>
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		<title>IRS Announces Voluntary Worker Classification Settlement Program (&#8220;VCSP&#8221;)</title>
		<link>http://lernerveit.com/2011/10/06/irs-announces-voluntary-worker-classification-settlement-program-vcsp/</link>
		<comments>http://lernerveit.com/2011/10/06/irs-announces-voluntary-worker-classification-settlement-program-vcsp/#comments</comments>
		<pubDate>Thu, 06 Oct 2011 22:35:01 +0000</pubDate>
		<dc:creator>Alec Harrington</dc:creator>
				<category><![CDATA[Business]]></category>
		<category><![CDATA[Tax]]></category>
		<category><![CDATA[2011]]></category>
		<category><![CDATA[employee]]></category>
		<category><![CDATA[employment tax]]></category>
		<category><![CDATA[independent contractor]]></category>
		<category><![CDATA[IRS]]></category>
		<category><![CDATA[payroll tax]]></category>
		<category><![CDATA[VCSP]]></category>
		<category><![CDATA[Voluntary Worker Classification Settlement Program]]></category>

		<guid isPermaLink="false">http://lernerveit.com/?p=744</guid>
		<description><![CDATA[Past Payroll Tax Relief Provided to Employers Who Reclassify Their Workers The Internal Revenue Service launched a new program on September 21, 2011 giving many employers an affordable option to resolve past and present worker classification issues by voluntarily reclassifying their independent contractor or nonemployee workers as employees.  The Vountary Classification Settlement Program (&#8220;VCSP&#8221;) is part of a broader IRS &#8220;Fresh Start&#8221; initiative.  “This settlement program provides certainty and relief to employers in an important area,” said IRS Commissioner Doug Shulman. “This is part of a wider effort to help taxpayers and businesses to help give them a fresh start with their tax obligations.” The new VCSP is designed to achieve tax compliance while also reducing the financial impact on employers.  The program is intended to provide greater certainty for employers, workers and the government.  Under the program, eligible employers can obtain relief from federal payroll taxes they may owe for the past tax years on the condition that they treat workers as employees going forward. The VCSP is available to sole proprietorships, joint ventures, partnerships, C corporations, S corporations, tax-exempt organizations and both state and local government entities that erroneously treat their workers as nonemployees or independent contractors that now want to properly [...]]]></description>
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