Tax Planning & Compliance Blog Posts from the Tax Firm, Moskowitz LLP

Compromising with the IRS – Easier, But Still Not an Easy Out

Posted on June 18, 2019June 11, 2019 by moskowitz Posted in Tax Planning & Compliance, Tax: Audits, Litigation & Collection

If you can’t pay your full tax liability, an Offer in Compromise (OIC) may be an option to settle your tax debt for less than the full amount owed. Note, however, most OICs are not approved by the IRS, and even when accepted they may still pose a challenge to...

Failure to Report Foreign Account Results in Fine of 50% of Account Balance

Posted on May 7, 2019April 25, 2019 by moskowitz Posted in International Taxation, Tax Planning & Compliance

Taxpayer liable for maximum willful FBAR penalty of 50% of account balance for failing to report foreign assets. The willful FBAR penalty battle rages on. The recent holding in Kimble vs. United States is a tremendous setback to taxpayers who have been delinquent with their foreign account reporting. Here is...

Consult Now With Your Tax Attorney If You Have Businesses or Rental Properties

Posted on February 27, 2019April 25, 2019 by moskowitz Posted in Tax Planning & Compliance

The aggregation rules are one of the best features of the new tax law (TCJA 2017). These rules allow taxpayers to combine their trades or businesses, if they meet certain requirements, and treat them as a single trade or business for purposes of the section 199A calculation. This can result...

Why You Should Amend Your Partnership and LLC Agreements Now

Posted on February 27, 2019April 25, 2019 by moskowitz Posted in Tax Planning & Compliance

Congress recently enacted significant changes to partnership audit and adjustment rules, dramatically increasing the audit rates for partnerships and will require partners to carefully review, if not revise, their partnership’s operating agreement. The new rules generally apply to partnership returns filed after 2018, and careful planning today will help mitigate...

Fell a little short on your estimated tax payments? No worries!

Posted on February 6, 2019April 25, 2019 by moskowitz Posted in Tax Planning & Compliance, Tax Services

On January 16, 2019, the IRS announced that it will be waiving the tax underpayment penalty for those who fell short on their 2018 estimated tax payments. The federal tax underpayment tax penalty is usually waived for taxpayers who paid at least 90% of their tax liability during the year...

March and April Tax Deadlines To Look Out For

Posted on January 30, 2019April 25, 2019 by moskowitz Posted in Tax Planning & Compliance

Got your 2018 tax documents in the mail? Now is the time to have your individual and business tax returns prepared by Moskowitz LLP. With our new streamlined process, you’ll find that having your tax returned prepared by a tax professional is easier and faster than ever. Get started now...

Leaving California and the Franchise Tax Board Behind: A Little Q&A on California Exit Planning

Posted on January 29, 2019April 25, 2019 by moskowitz Posted in State & Local Taxation, Tax Planning & Compliance

Individuals and businesses alike are leaving California to take advantage of lower taxes, lower labor costs, more affordable living, and less stringent regulations elsewhere. If you are part of this exodus, it is important to plan your move carefully so that the State of California has no reason to continue...

Tax Information Deadlines

Posted on January 15, 2019April 25, 2019 by moskowitz Posted in State & Local Taxation, Tax Planning & Compliance

Deadline: January 31, 2019 Form 1040-ES: Estimated Tax Payment (4th Quarter 2018) If you don’t pay your income tax obligations through withholding because you are self-employed or are otherwise required to pay quarterly estimated taxes, be sure to postmark your fourth payment before the January 16th deadline. If you file...

2018 Tax Prep and Organizer Resources

Posted on January 15, 2019April 25, 2019 by moskowitz Posted in Estate Planning & Taxation, State & Local Taxation, Tax Planning & Compliance

Our attorneys and accountants have extensive experience preparing tax returns and other reports to federal, state and other taxing agencies. The firm handles both routine and complex tax filings at the federal, state and local levels. We prepare the full range of returns, including individual income tax returns,corporate tax returns,...

The State of California Hits “Rock Bottom”

Posted on January 8, 2019April 25, 2019 by moskowitz Posted in State & Local Taxation, Tax Planning & Compliance

This past June, Michael Steven Rock of “Rock Bottom Beds,” a furniture store in Roseville, California, was sentenced to one year in jail followed by five years’ probation for sales tax evasion and filing a false state income tax return. From July 2008 through June 20012, Mr. Rock had collected...

Category: Tax Planning & Compliance

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