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...
Assets Subject to California Probate Following a death, you may find yourself looking for guidance about how to deal with all of the “stuff,” all of the estate assets. Sometimes it is easy to deal with the small things. Your daughter gets dad’s guitar and your son gets dad’s carved mahogany bar, done and done. But who...
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...
Probate in California – What’s the Purpose? Probate. You’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...
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...
See the article here. Though the deadline for participation in the 2011 Offshore Voluntary Disclosure Program passed September 9, 2011, and the unofficial deadline passed last friday, keep in mind that the standard Voluntary Disclosure Program remains in effect. Please give us a call at 415-781-4000 if you have concerns. (Reuters) – The U.S. pursuit of offshore...
The drama continues - AOC Agrees to Advocate for Local Revenue Solutions, Restoration of Trial Court Funding SAN FRANCISCO — An emergency funding compromise reached with the Administrative Office of the Courts (AOC) would significantly reduce the San Francisco Superior Court’s staff layoffs from 177 to 75 and allow the Court to keep 11 civil...
Recovering From the Shock Odds are that you just received notice of proposed assessment in the mail and, after a stiff belt from the closest bottle to calm your nerves, you popped online to see if there is anything you can do to lessen the burden. The good news is that you can appeal your...
On August 26, 2011, the Internal Revenue Service extended the deadline for participation in the 2011 Offshore Voluntary Disclosure Initiative to September 9, 2011. My communications with the IRS during the past week indicate that the Service will be much more ridged during this 2011 Initiative than it was during the 2009 Initiative. The civil review...
As a follow-up to the Franchise Tax Board’s recent press release, I wanted to follow up with the details of California’s Voluntary Compliance Initiative 2 (VCI 2) that began August 1, 2011, and runs through October 31, 2011. If you’ve already taken part in the IRS’ Voluntary Disclosure program, or are considering doing so before the August...
Are you Feeling Lucky? You may be on the fence as to whether you want to raise your hand and tell the IRS you’ve been moving money around overseas for the past 20 years. You may also be considering rolling the dice and betting that you won’t be caught. Of course, one risk you’re running...
Time is running out to avoid some major penalties and potential criminal liability. We’ve discussed this program in our posts here and here. We’re getting more and more phone calls of people trying to get in before this opportunity ends. There has been no indication from the IRS that there will be a third disclosure initiative....
