First Steps to Establishing Your New Business: Know Your Business Taxes!

Posted on by Moskowitz LLP Posted in Business Law, State & Local Taxation, Tax Planning & Compliance, Tax: Audits, Litigation & Collection
Other Posts in this Series Choosing the Right Business Structure for You, Part I Choosing the Right Business Structure for You, Part II The Initial Paperwork Other Filings, Other States Management and Risk Your company is responsible for various types of business taxes, and if you don’t comply you could...
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First Steps to Establishing Your New Business: Other Filings, Other States

Posted on by Moskowitz LLP Posted in Business Law, State & Local Taxation, Tax Planning & Compliance
Other Posts in this Series Choosing the Right Business Structure for You, Part I Choosing the Right Business Structure for You, Part II The Initial Paperwork Know Your Business Taxes Management and Risk Establishing a new business is more than just submitting some initial paperwork to register with the state....
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IRS Blocks SALT Cap Workarounds

Posted on by Moskowitz LLP Posted in Tax Planning & Compliance, State & Local Taxation, Tax: Audits, Litigation & Collection
Attempts to Circumvent $10,000 SALT Cap Blocked The U.S. Treasury Department recently issued a new regulation stating that taxpayers cannot claim that they made a charitable contribution if they received a state tax credit in exchange for a “gift” to a state fund. This rule effectively blocks state proposals aimed...
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California’s Attempts to Circumvent the New Tax Law’s SALT Limitation

Posted on by Moskowitz LLP Posted in State & Local Taxation, Tax Planning & Compliance
Reports indicate that low-income and middle-class Californians are fleeing the state – most are relocating to Arizona, Nevada, and Texas. The reason? Housing costs and high taxes. The new tax law hasn’t necessarily helped wealthy California homeowners, either. For one thing, the Tax Cuts and Jobs Act (TCJA) capped their...
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$125,000 State Tax Problem Fixed by Correcting Previous Years’ Tax Returns

Posted on by Moskowitz LLP Posted in Business Law, State & Local Taxation, Tax Planning & Compliance
A Moskowitz LLP Success Story A business owner came to us after receiving a Franchise Tax Board (FTB) Notice. The Notice stated that the FTB was disallowing a $1,204,541 million corporate loan to shareholder, and consequently assessed $125,197 in additional state income taxes. There is a long history of IRS...
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Like-Kind Exchanges under IRC §1031 Part IV: Common 1031 Exchange Audit Issues in California

Posted on by Moskowitz LLP Posted in State & Local Taxation
Other Posts in this Series Part I: Background and Rationale Part II: What Qualifies as Property of "Like-Kind"? Part III: The Pros and Cons of Like-Kind Exchanges In recent years 1031 like-kind exchanges have fallen under the increased scrutiny of the California Franchise Tax Board (FTB).  As noted in our...
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