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

Franchise Tax Board Penalties: Accuracy-Related Penalties, Part II: Negligence

Posted on December 14, 2017April 1, 2022 by Moskowitz LLP Business Law, Tax Planning & Compliance,

Other Posts in this Series Part I: The Basics Part III: Substantial Misstatements The penalties for negligent errors on your tax return can be high, but they pale in comparison to those imposed if the government (federal and/or state) concludes that your mistakes were intentional. In this post, we are...

Franchise Tax Board Penalties: Accuracy-Related Penalties, Part I: The Basics

Posted on December 14, 2017February 14, 2019 by Moskowitz LLP Business Law,

Other Posts in this Series Part II: Negligence Part III: Substantial Misstatements It’s not enough to just file your tax returns and pay some amount to the government – the penalties for incorrect returns can be as significant as those for late filing and payment. There are quite a few...

Major tax bill clears U.S. Senate by 51-49 margin, Part I

Posted on December 12, 2017April 1, 2022 by Moskowitz LLP Tax Planning & Compliance,

A 500-page long Republican tax bill, with numerous and significant last minute changes – as well as some illegible handwritten edits in the margins – cleared the U.S. Senate in the early hours of Saturday morning, by a 51-49 margin. We are now one step closer to a tax system...

Major tax bill clears U.S. Senate by 51-49 margin, Part II

Posted on December 12, 2017February 14, 2019 by Moskowitz LLP Tax Planning & Compliance,

This is a continuation of our first post on the tax bill. Other deductions will be eliminated entirely, including but not limited to: Home office expense deductions Unreimbursed employee expense deductions, such as those for teacher’s out-of-pocket classroom expenses State and local income tax or sales tax deductions for individuals,...

Undisclosed Foreign Accounts, Part II

Posted on November 6, 2017February 14, 2019 by Moskowitz LLP International Taxation,

This is a continuation of the first post on undisclosed foreign accounts. The executor of a decenent’s estate has a duty to act in a prudent manner and in accordance with the law. At times, this may result in having to take an unpopular position or action that angers the...

Undisclosed Foreign Accounts

Posted on November 3, 2017February 14, 2019 by Moskowitz LLP International Taxation,

Serving as Executor can at times be more of a headache than an honor. On top of a pile of paperwork and dealing with a multitude of family issues, you can be sued! Executors have a number of responsibilities, most importantly payment of the decedent’s outstanding tax liabilities, debts and...

Qualified Disaster Relief Payments: Federal Loans, Charitable Assistance, Etc.

Posted on October 31, 2017February 14, 2019 by Moskowitz LLP Real Estate Law, Business Law,

Other Posts in this Series Calculating Gain from Reimbursement for Loss of Personal Use Property Disaster Losses and Gains for Business or Employee Property What if I received a Small Business Association (SBA) Disaster Loan for my business or home? How will it affect my taxes? SBA loans are not...

Disaster Losses and Gains for Business or Employee Property

Posted on October 31, 2017February 14, 2019 by Moskowitz LLP Real Estate Law, Business Law,

Other Posts in this Series Calculating Gain from Reimbursement for Loss of Personal Use Property Qualified Disaster Relief Payments: Federal Loans, Charitable Assistance, Etc. I have business property that was destroyed in a disaster. Is the tax loss calculated the same way for business property as for personal use property?...

Calculating Gain from Reimbursement for Loss of Personal Use Property

Posted on October 31, 2017February 14, 2019 by Moskowitz LLP Business Law, Real Estate Law,

Other Posts in this Series Disaster Losses and Gains for Business or Employee Property Qualified Disaster Relief Payments: Federal Loans, Charitable Assistance, Etc. The proceeds from my insurance coverage were more than the adjusted basis of the property I lost but less than the fair market value. Does that mean...

California Wildfires: Tax tips, what you need to know

Posted on October 31, 2017February 14, 2019 by Moskowitz LLP Tax: Audits, Litigation & Collection, Tax Planning & Compliance,

How do I calculate my disaster loss? Take the lesser of the adjusted basis of the property, or the decrease in fair market value due to the disaster, and subtract any insurance or other reimbursement you received or expect to receive. For example, if a home with an adjusted basis...

Tax Relief for Victims of Natural Disasters

Posted on October 18, 2017February 14, 2019 by Moskowitz LLP Tax: Audits, Litigation & Collection, Tax Planning & Compliance,

See our last post on tax extensions recently granted to individuals, businesses, firefighters and relief workers in California Counties: Butte, Lake, Mendocino, Napa, Nevada, Sonoma and Yuba. Losing a loved one, a home, or a livelihood due to a natural disaster is among the worst things that can happen to...

Tax Extensions Available to Victims of California Wildfires

Posted on October 16, 2017February 14, 2019 by Moskowitz LLP Tax: Audits, Litigation & Collection, Tax Planning & Compliance,

Earlier today, the IRS announced that victims of the California wildfires have been granted extensions to file certain individual and business tax returns. Tax filing extensions Most tax filings and payments due as of October 16, 2017 have been extended to January 31, 2018. This includes: Quarterly estimated tax payments...

Making an Effective (and Tax Deductible) Donation for Disaster Relief

Posted on September 4, 2017February 14, 2019 by Moskowitz LLP Tax: Audits, Litigation & Collection, Tax Planning & Compliance,

Relief efforts are underway to assist victims of Hurricane Harvey and those affected by the catastrophic flooding in Texas and Louisiana. Many well-meaning Americans are making donations through a variety of organizations. Most of the donations will provide much-needed assistance, but a lot of it won’t. In this post, we...

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