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

What to Do If You Receive Notice of a Tax Audit

Posted on January 12, 2021January 20, 2021 by moskowitz Tax Planning & Compliance,

It’s every taxpayer’s nightmare—receiving a tax audit notice from the IRS. If you’re among the less than 1% of filers who receive a tax audit letter each year, don’t panic. An audit notice doesn’t mean you’re being accused of a crime or that you owe additional tax. There are many...

Business Income Tax—how Does It Differ from Personal Income Tax?

Posted on January 5, 2021August 26, 2022 by moskowitz Business Law,

Under U.S. tax law, both individuals and businesses must pay tax on earned income. The way in which personal and business income are taxed, however, is very different. Here we’ll look specifically at business income tax, who must pay it, how tax rates are determined, and how business income tax...

Proposition 19. What It Means to You.

Posted on December 29, 2020September 23, 2022 by moskowitz Real Estate Law,

In November 2020, voters approved Proposition 19 (Prop 19) in California and contained two relevant California property tax changes that may impact your estate planning and ownership of real estate. Lost a home in a natural disaster? Transfer your tax assessment to a new home beginning April 1, 2021 Proposition...

The Lost Art of Tracking Home Improvements

Posted on December 22, 2020January 5, 2021 by moskowitz Real Estate Law,

Proper record retention to maximize tax savings One of the more popular provisions in the federal tax code is the $250,000 capital gains exclusion ($500,000 for a married couple) of any profit made when selling your residence. But what happens if you rent out your home? What if you cannot...

I Missed the Tax Filing Deadline – Now What?

Posted on December 17, 2020January 5, 2021 by moskowitz Estate Planning & Taxation, Tax Planning & Compliance,

This year has been incredibly uncertain in many personal and financial aspects, and many people missed the tax filing deadline and payments. The most important thing to do is to have your tax return(s) prepared and filed as soon as possible. This is because not only is it unlawful not...

Amend or Not to Amend Your Tax Return?

Posted on December 8, 2020December 17, 2020 by moskowitz Tax Planning & Compliance, Tax Services,

Is it always a good idea to amend your tax return if you find an error? There's usually an element of relief after your annual tax return has been filed. But what do you do if you find an error on your tax return? Should you always file an amended...

Please Join Us for a Free Retirement Planning Webinar

Posted on December 2, 2020December 17, 2020 by moskowitz Webinar, Tax Planning & Compliance, Tax Services,

We’re writing to invite you to a free Zoom webinar about pension and benefit planning for business owners. Steve Moskowitz and Stephen Dobrow will discuss the tax incentives of the 24 available retirement plans, new legislation governing those plans, and creative reward programs. Stick around for a Q&A session after...

6 End of Year Tax Accounting & Planning Considerations for Businesses

Posted on November 30, 2020August 26, 2022 by moskowitz Tax Planning & Compliance,

Businesses have unique opportunities to lower tax burdens for themselves and their owners/shareholders. The end of the calendar year is the perfect time to look forward and to make plans to meet your business goals. 6 End of Year Tax Planning Considerations for Businesses: Did You Place Qualified Improvement Property...

California’s “exit Tax” Explained

Posted on November 24, 2020December 6, 2021 by moskowitz State & Local Taxation, Tax Planning & Compliance,

California is in the midst of a significant overhaul of its tax code, and there’s one bill in particular that has lots of people talking. Assembly Bill 2088 (AB 2088), which was introduced in Sacramento in August of 2020, would impose the state’s first wealth tax. And more controversially, it...

November 2017 Tax Planning News from Moskowitz LLP

Posted on November 17, 2020August 26, 2022 by moskowitz Tax Planning & Compliance,

Section 1: Tax Planning Section 2: PPP Loans for $50,000 or less Section 3: Donating Stock to Charities Section 4: Retirement Savings for Small Business Owners Tax Planning ‘Failing to Plan is Planning to Fail’ ~ Benjamin Franklin Franklin also wrote that “nothing is certain but death and taxes.” He...

Common Types of Business Structures: Why They Matter

Posted on November 17, 2020November 24, 2020 by moskowitz Business Law, Tax Planning & Compliance,

If you’re considering purchasing an existing business or starting a new one from scratch, you’re going to need to consider what form of structure your business will take. There are several different types of business entities commonly used in the U.S., and each has its specific applications and advantages. The...

End of Year Tax Planning 101 – It Pays to Be Prepared

Posted on November 10, 2020September 23, 2022 by moskowitz Tax Planning & Compliance,

Although everyone’s financial and life situation is unique, the following are examples of tax opportunities and strategies that may be helpful to lower your overall tax burden. Individual taxpayers, please consider: No. 1 Tip: Have You Prepaid Enough Tax for 2020? One of the reasons for doing year-end tax planning...

Business Restructuring, Workout, and Turnaround – Bankruptcy Strategies for Business Coping with the Pandemic Economy

Posted on November 3, 2020November 3, 2020 by moskowitz Business Law, Distressed Business/COVID-19,

Rapid or unexpected changes in the marketplace can leave even the most well-managed business facing turnaround, business restructuring, or bankruptcy. The COVID-19 pandemic and ensuing quarantine have interrupted business processes around the world, stalling supply chains, shuttering offices, and leaving many companies scrambling to find new paths to profitability. If...

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