The Supreme Court Will Hear a Case That Could Change the Tax Law

The Supreme Court Will Hear a Case That Could Change the Tax Law

The Sixteenth Amendment to the United States Constitution, ratified in 1913, grants Congress the power to levy and collect income taxes. But what becomes of income that hasn’t been received or realized? The Supreme Court will hear arguments in a tax law case addressing such issues. The case arose from a one-time tax on accumulated

Polselli v IRS. What Will the Supreme Court’s Decision Be?

Polselli v IRS. What Will the Supreme Court’s Decision Be? According to the IRS, Remo Polselli underpaid his federal taxes for over ten years. He currently owes $2 million in taxes. In the search for his assets, the IRS issued summonses demanding records from his wife’s bank and the law firm’s banking records where he

Deciphering the SALT Workaround

The state and local tax (SALT) deduction permits taxpayers who itemize when filing federal taxes to deduct certain taxes paid to state and local governments. However, the 2017 Tax Cuts and Jobs Act imposed a $10,000 SALT itemized deduction limit. This affected California in particular because of the high-income tax rates in the state. What

Tax Cuts and Jobs Act of 2017

By R. Zebulon Law, Esq. LL.M., CPA This morning (December 22, 2017), President Trump signed H.R. 1, the Tax Cuts and Jobs Act.  This is the most significant tax legislation in 30 years, and we wanted to share some of our initial impressions and observations with our clients and friends. Probably the most signification change

New Deed Recording Tax

Dear friends, family and clients: We wanted to make you aware of a recent legislative change that will go into effect in the new year. The California State Senate passed the Building Homes and Jobs Act (SB-2). The bill’s purpose is to provide funding for affordable housing in California, it will be funded by an