Did your business incur and report a loss for tax year 2013? By now, you’ve probably made the decision of whether to carry the loss forward to future tax years or back to a prior tax year. Here’s a quick overview of carrybacks and carryforwards. Carryback: As a general rule, you…
Every year we add new clients to our Whittier, Los Angeles, CA firm, usually the client is looking for a change because their taxman, tax preparer, bookkeeper, CPA (Certified Public Accountant) or EA (Enrolled Agent), has retired, or passed away, or sold their practice / business or just need…
The taxpayer may be subject to several different penalties. Failure to File If a taxpayer fails to file on the date the return should have been filed (determined with regard to any extension of time for filing) the taxpayer will be subject to a failure to file penalty unless it…
Generally, the statute of limitation for collection expires 10 years after the date the tax was assessed (for tax assessed after November 5, 1990). For tax assessed before November 5, 1990, the statute of limitation for collection is six years. This period may be extended by an agreement between the…
Did you buy a new home in Los Angeles, Whittier, Norwalk, Santa Fe Springs, Downey, Pico Rivera, Montebello, Hacienda Heights, La Habra Heights, West Covina, La Habra, Brea, Fullerton, Yorba Linda, Cerritos, La Mirada, Lakewood, Anaheim, Santa Ana, Long Beach, Compton, Torrance, Los Angeles, Pasadena, Beverly Hills, Santa Monica and…
The following is a summary of the most important tax developments that have occurred in the past three months that may affect you, your family, your investments, and your livelihood. Please contact us for more information about any of these developments and what steps you should implement to take advantage…
Do you owe unpaid back taxes? There are tax relief solutions to your IRS tax problems. The IRS could file a federal tax lien to protect the US government from the back taxes owed by the taxpayer. Although the federal IRS tax lien attaches to all the taxpayer’s property, some…
You recently asked what will happen and what you should do in the event that you cannot pay your taxes on time. First and most importantly, don’t let your inability to pay your tax liability in full keep you from filing your tax return properly and on time. It is…
Do you owe back Taxes? Did you receive an audit letter from the IRS? First, do not to panic. The IRS uses various letters to communicate with taxpayers about IRS back taxes and IRS tax audits. As with most IRS communications, there are strict deadlines associated with these letters that…
Tax relief experts have a job pretty similar in nature to specialists of any other field. For example, if you are traveling on the road and suddenly your car breaks down due to a mechanical fault, you cannot fix it without the service of an expert mechanic, unless you possess…