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.
June 3, 2020
Sales taxes are a significant obligation for many California businesses. Businesses subject to sales tax are required to collect the sales taxes from their customers, file quarterly sales tax returns, and timely pay the taxes owed for each quarter to the California Department of Tax & Fee Administration (“CDTFA”).
- November 11, 2020 U.S. News and Best Lawyers Release 2021 “Best Law Firms” Awards
- November 6, 2020 Was an IRS Penalty Correctly Imposed Against You or Your Client?
- November 6, 2020 Taxpayers filing returns with Section 199A deductions—more likely to incur accuracy-related penalties under Section 6662
- November 5, 2020 Battening Down the Tax Hatches for the Coming Economic Storm:
- November 4, 2020 California Franchise Tax Board Penalties 101