The Tax Lawyer Blog: Topical thinking from the lawyers at Moskowitz, LLP

What Is California Source Income?

Posted on October 24, 2019January 8, 2020 by moskowitz State & Local Taxation,

California nonresidents are subject to California state income tax on their California-source income. The State of California taxes its residents on all of their income, including income acquired from sources outside the state. Nonresidents are also subject to California income tax, but only on their California-source income. The California Franchise...

Discharging Tax Debt in Bankruptcy

Posted on October 10, 2019January 7, 2020 by moskowitz Tax Planning & Compliance,

Benjamin Franklin once said that nothing in this world is certain except death and taxes. If necessary, however, there is an escape from certain taxes. Despite the common misconception, some taxes can be discharged in bankruptcy. Under 11 U.S. Code 505, bankruptcy courts have jurisdiction to decide tax disputes, including...

Moskowitz LLP Offers Three Free Tax Seminars This October in the San Francisco Area

Posted on September 26, 2019January 8, 2020 by moskowitz Business Law, Estate Planning & Taxation, Real Estate Law, State & Local Taxation, Tax Planning & Compliance, Tax Services,

Moskowitz LLP is going to be hosting three free seminars this October! Participants will learn vital tax lessons from the Moskowitz team, drawing from their 30 years of experience helping domestic and international clients with tax challenges. You will learn: How to pay tax on only 80% of your profit,...

Captive Insurance Companies, Part Iv: Crackdown on Captive Insurance Abuses

Posted on September 24, 2019January 7, 2020 by moskowitz Business Law, Estate Planning & Taxation, International Taxation, Tax Planning & Compliance,

Previous Posts in this Series Part I: What is a Captive Insurance Company? Part II: Types of Captives Part III: Benefits and Risks A captive insurance company manages its parent company’s business risks while providing it with substantial benefits. However, abuse of the tax benefits of captives – particularly small...

Captive Insurance Companies, Part Iii: Benefits and Risks

Posted on September 19, 2019January 7, 2020 by moskowitz Business Law, Estate Planning & Taxation, International Taxation, Tax Planning & Compliance,

Previous Posts in this Series Part I: What is a Captive Insurance Company? Part II: Types of Captives Captive insurance companies provide businesses with savings opportunities, tax benefits, and greater flexibility in managing insurance needs. However, they are subject to pricing fluctuations, require significant capital, and pose some administrative challenges,...

Captive Insurance Companies, Part Ii: Types of Captives

Posted on September 17, 2019January 7, 2020 by moskowitz Business Law, Estate Planning & Taxation, International Taxation, Tax Planning & Compliance,

Previous Posts in this Series Part I: What is a Captive Insurance Company? Captive insurance companies were created to enable corporations to establish subsidiaries that can insure the company’s own risks. The captive insurance industry has developed over the years and now includes a variety of forms and group structures....

Captive Insurance, Part I: What Is a Captive Insurance Company?

Posted on September 12, 2019January 7, 2020 by moskowitz Business Law, Estate Planning & Taxation, International Taxation, Tax Planning & Compliance,

Captive insurance companies were originally established to help businesses cover risks otherwise difficult to secure. They have expanded to include nearly every type of insurance. To protect themselves from certain risks, many businesses have formed subsidiary companies that provide them with insurance and risk-management services. Captive insurance companies are a...

What Does the Irs Include in Your Estate?

Posted on September 10, 2019August 26, 2019 by moskowitz Estate Planning & Taxation,

The estate tax is the tax imposed on the amount of your gross estate at your death that exceeds the federal exemption amount (currently $11.4 million), minus deductions. Here is what the IRS includes in its calculation of your “gross estate”. One of the first things your estate planning attorney...

The Federal Estate Tax Exemption

Posted on September 5, 2019October 13, 2020 by moskowitz Estate Planning & Taxation,

The federal estate tax is a tax on the transfer of wealth, and the tax rate can reach up to 40%. These taxes can be minimized or even avoid entirely through proper estate planning, thereby saving your heirs a significant amount of money. Throughout history, estate and inheritance taxes have...

Dual Status Aliens – Part Ii: Tax Deductions, Exemptions and Credits

Posted on September 3, 2019October 13, 2020 by moskowitz International Taxation, Tax Planning & Compliance,

Dual Status Aliens are entitled to certain tax deductions, exemptions, and credits. As we noted in Part I, if you are a Dual Status Alien, you must pay taxes on your worldwide income for the part of the year that you are a resident alien and on your U.S. income...

Dual Status Aliens – Part I: Residency

Posted on August 29, 2019January 7, 2020 by moskowitz International Taxation, Tax Planning & Compliance,

For U.S. taxpayers arriving or departing the country, your tax status can have a significant impact on your year-end tax bill. The U.S. is notorious for being one of the only countries in the world that taxes its citizens and permanent residents on their worldwide income. If you are a...

Government Use of Marijuana Tax Revenue

Posted on August 27, 2019January 7, 2020 by moskowitz Cannabis Practice Group,

Tax revenue collected from legal sales of cannabis in California may have fallen short of projected amounts, but it nonetheless is being used to support the homeless, needy families, low-income entrepreneurs, and to fund scholarships. The passage of Proposition 64 (the Adult Use of Marijuana Act or AUMA) in 2016...

Revocable Living Trusts, Part Iii: Funding Your Revocable Living Trust

Posted on August 22, 2019November 25, 2020 by moskowitz Estate Planning & Taxation,

Other Posts in this Series Part I: The Elements of a Revocable Living Trust Part II: Why Set Up a Revocable Living Trust? A revocable living trust can provide many benefits, but not if you don’t fund it. In our previous post, we explained how a revocable living trust is...

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