Legal Tax Resolution

Legal Tax Resolution We are here to take care of all your individual and business tax needs. The combined experience of our team members adds to more than 50 years.

Our team has CPA’s and tax attorney, as well as bookkeeping and accounting professionals. Our team has CPA’s and tax attorney, as well as bookkeeping and accounting professionals.We all work together striving to achieve the best tax savings for our clients. We believe our knowledge and expertise position us uniquely to be your tax advisors throughout the year, minimize your tax bill and achieve th

e biggest and fastest tax refund possible. We boast impressive record helping individual and business clients with their new or existing federal and state tax problems and challenges. If you or your business is audited, please contact us for assistance. If tax authorities are levying against your home, please contact us. If you have unfiled tax returns, we stand ready to extinguish this problem as well.

03/28/2014

California — Personal Income Tax — Taxpayers facing financial hardship.
The Franchise Tax Board (FTB) advises taxpayers who face financial hardship to contact the FTB for assistance because the FTB has many options to help taxpayers who cannot pay their tax liability in full. Taxpayers should file their state tax return on time and pay what they can as this can reduce the penalties and interest down the road. Once taxpayers receive a Statement of Tax Due sent to taxpayers who failed to fully pay their tax liability, they can begin to look at other assistance from FTB. The FTB (1) generally approves monthly installment agreement requests if the balance owed is less than $25,000 and can be completely paid within five years; (1) an Offer in Compromise (OIC) is for taxpayers who do not have, and will not have in the foreseeable future, the income, assets, or means to pay their tax liability—generally, the FTB will not accept an offer if FTB believes the liability can be paid in full or through an installment agreement. If taxpayers have a state tax lien and are trying to sell or refinance their home, the FTB can help; if they are selling or refinancing their home for less than the loan balance, taxpayers, their

03/28/2014

California — Personal Income Tax — Taxpayers facing financial hardship.
The Franchise Tax Board (FTB) advises taxpayers who face financial hardship to contact the FTB for assistance because the FTB has many options to help taxpayers who cannot pay their tax liability in full. Taxpayers should file their state tax return on time and pay what they can as this can reduce the penalties and interest down the road. Once taxpayers receive a Statement of Tax Due sent to taxpayers who failed to fully pay their tax liability, they can begin to look at other assistance from FTB. The FTB (1) generally approves monthly installment agreement requests if the balance owed is less than $25,000 and can be completely paid within five years; (1) an Offer in Compromise (OIC) is for taxpayers who do not have, and will not have in the foreseeable future, the income, assets, or means to pay their tax liability—generally, the FTB will not accept an offer if FTB believes the liability can be paid in full or through an installment agreement. If taxpayers have a state tax lien and are trying to sell or refinance their home, the FTB can help; if they are selling or refinancing their home for less than the loan balance, taxpayers, their representatives, or their lenders, may request that the FTB “subordinate” or lower the lien priority to allow a financial institution to refinance or modify the loan. When a home is selling for less than the loan balance, the FTB can remove the tax lien from the property to allow the homeowner to complete the sale.

03/26/2014

California — Sales And Use Tax — District sales tax rates effective April 1—reminder.
The State Board of Equalization (SBE) is reminding sellers and taxpayers of the following sales and use tax rate increases that take effect April 1, 2014, for the following municipalities: City of Antioch (Code 350), to 9% from 8.5%; City of Huron (352), to 9.225% from 8.225%; Town of Corte Madera (354), to 9% from 8.5%; City of Larkspur (356), to 9% from 8.5%; Town of San Anselmo (358), to 9% from 8.5%; City of San Rafael (360), to 9.25% from 9%; City of Stockton (362), to 9% from 8.25%; and City of Scotts Valley (364), to 8.75% from 8.25%. The e current sales and use tax rates for the City of El Monte (222) at 9.5% and the City of Rohmert Park (262) at 8.75% have been extended.

03/24/2014

California — Personal Income Tax — Nonresident's California-source LLC income.
A nonresident must treat 100% of his allocable share of the entire income of an limited liability company (LLC) as California-source income because all of the trade or business of the LLC is conducted in California. Although the LLC's primary activities involve management services for a private equity fund (PEF), the LLC is not a qualified investment partnership. Therefore, the taxpayer must use the rules under Cal. Rev. & Tax. Cd. § 17951 to determine the sourcing of his income from the LLC. Under Cal. Rev. & Tax. Cd. § 17951 , the gross income of a nonresident includes only the gross income from sources within California. Further, under Cal. Code Regs., Tit. 18, § 17951-4(a), if a nonresident's business, trade or profession is conducted wholly within California, the entire net income therefrom is deemed to be derived from sources within this state. In his case, taxpayer's income from LLC is thus properly sourced wholly to California under applicable regulation.

03/21/2014

California — Personal Income Tax — California Competes Tax Credit applications now accepted.
The California Governor's Office of Business and Economic Development (GO-Biz) has announced that for fiscal year 2013/2014, applications for the California Competes Tax Credit will be accepted at www.calcompetes.ca.gov from March 19, 2014, until April 14, 2014. The application form for the California Competes Tax Credit is available via an online application available at www.calcompetes.ca.gov. All applications must be submitted online. Paper copies will not be accepted, unless an applicant must submit it in this or an alternative form as an accommodation. Any applicant that will request to submit an application through an alternative form must contact GO-Biz to coordinate submission. An application is only considered timely submitted upon receipt of a confirmation notice from GO-Biz. Thirty million dollars is available as California Competes Tax Credit for the current fiscal year, 2013-14.

03/07/2014

IRS advice on its processing amended S corp return after running of statute of limitations
In Chief Counsel Advice, IRS has said that it will decide on a case-by-case basis whether to process an amended S corporation return that is submitted after the date that additional tax could be assessed on the S corporation and after the date that the S corporation could make a refund claim, where that amended return doesn't report any change to the S corporation tax reported on the original S corporation return. Chief Counsel Advice 201409005

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