Filing 2012 tax returns is bound to be a more frustrating process for California’s wealthiest residents

Posted on by Moskowitz LLP Posted in State & Local Taxation, Tax Planning & Compliance
For California's wealthiest residents, filing their 2012 tax returns is bound to be a more frustrating process. In November 2012, a public vote led to the passage of Proposition 30, which retroactively increases tax rates for state residents earning $250,000 or more per year. The federal fiscal cliff deal that...
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Californians: Expect higher taxes if mortgage deductions aren’t renewed

Posted on by Moskowitz LLP Posted in State & Local Taxation
Of all the deductions the federal government may be eliminating to avoid the looming fiscal cliff, mortgage-based relief measures may have the biggest impact on Californians. According to an article from The Wall Street Journal last month, the Golden State has the highest average mortgage break in the country, which...
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California Offshore Voluntary Disclosure – New Voluntary Compliance Initiative for California

Posted on by Moskowitz LLP Posted in State & Local Taxation
In March 2011, California passed legislation to allow a program similar to the federal 2011 Offshore Voluntary Disclosure Initiative (OVDI). Senate Bill 86 was passed by the California legislature, signed by Governor Brown, and entered into California law.  While SB 86 amends several sections of the Revenue and Taxation Code,...
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Tax Tales: Married Couples Filing Separate Taxes

Posted on by Moskowitz LLP Posted in Tax Planning & Compliance, State & Local Taxation, Tax: Audits, Litigation & Collection
In today’s age of technology we enjoy access to information at the push of a button. The latest advances in technology not only benefit us greatly, but also the government. After 9/11, the Patriot Act gave the government more access to financial institutions both domestic and foreign. Personal and business financial...
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