June 18, 2021
As a taxpayer, you have the right to receive a refund from the IRS when there is an overpayment on your federal tax obligations. Even though this concept is quite simple, there are many procedural components that taxpayers must abide by to not compromise their ability to receive the funds to which they are entitled. The procedural requirements taxpayers must comply with are quite complex.
November 6, 2020
Section 6751(b)(1) provides that accuracy related penalties imposed by the IRS must have written approval from the immediate supervisor of the IRS employee making the “initial determination” to impose that penalty. But what exactly constitutes the initial determination? Is the initial determination made when the IRS internally decides the assessment of a penalty is appropriate?
Taxpayers filing returns with Section 199A deductions—more likely to incur accuracy-related penalties under Section 6662
November 6, 2020
In 2017 and through the Tax and Jobs Act of 2017, Congress enacted a new section of the Internal Revenue Code that greatly benefits certain business owners. Internal Revenue Code Section 199A provides eligibility to certain taxpayers, to deduct up to 20% of qualified business income (“QBI”) from a domestic business operated as a sole proprietorship, partnership, S corporation, or trust or estate for taxable years, beginning after December 31, 2017.
November 5, 2020
Please join our very own A. Lavar Taylor on Thursday, November 12, 2020 at 12:00 pm for a speaking presentation hosted by The Orange County Bankruptcy Forum. For this Zoom meeting you will learn taxpayer tips and strategies for large and small business owners. We encourage you to register online soon as the event will fill quickly.
November 4, 2020
When the California Franchise Tax Board conducts a state tax audit, the Franchise Tax Board looks to impose an additional tax liability upon the taxpayer. In addition, state tax liabilities may result from piggy-backing federal tax assessments imposed by the Internal Revenue Service. In this article, Rami M. Khoury, Attorney at Law Offices of A. Lavar Taylor, explores why taxpayers should be especially wary of penalties that are often imposed, and that may be able to be reduced or averted, with the right tax counsel.
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