Recently, Dennis was interviewed by Bankrate.com on his thoughts on tax implications of a cash-out mortgage refinance. Below is an excerpt of the quote: “Capital improvements must substantially improve your home,” explains Dennis Brager, a certified tax specialist with Los Angeles-based Brager Tax Law Group. “Kitchen and bathroom remodels, room…
Due to the ongoing COVID-19 Pandemic, the IRS has provided relief to taxpayers by extending filing and other deadlines. Now, in an internal memorandum from Fred Schindler the Director of Headquarters Collection (SBSE), the IRS continues to provide relief to taxpayers with tax debt by suspending most tax collection activities.…
On Tuesday evening our tax lawyers sent out an announcement discussing some of the tax filing and payment implications of the Covid-19 virus. We indicated that Secretary of Treasury Mnuchin had announced payment and filing extensions for the 2019 income tax returns. Mnuchin was quoted as saying “We encourage those…
The California Franchise Tax Board (FTB) has the authority to collect your delinquent tax balance via a bank levy under California Revenue and Taxation Code Sections 18817 and 18670. The FTB has the authority to take 100 percent of the balance owed directly out of your bank account. They can…
California tax problems can come as a result of an IRS tax audit, if the IRS sends the result to the California Franchise Tax Board (FTB). The FTB can also initiate its own audit, or you can simply find yourself in a difficult financial situation and be unable to pay…
A California sales tax audit is conducted by the California State Board of Equalization (BOE). The objective of the audit is to determine if you have paid the correct amount of sales taxes. The main question the auditor is attempting to answer is: Did you report all gross receipts from sales…
Tax laws vary greatly from state to state, and in fact, nine states don’t even charge a state income tax. With such diversity of tax laws, it isn’t feasible for a tax lawyer to be fully versed in the statutes of all the other 41 states. However, federal tax laws…
When you need tax help, it only makes sense to look for in-depth experience in all of the tax laws relevant to you and your business. Federal and California state tax laws are constantly changing, and it isn’t easy for the average taxpayer to keep up with all of the…
As a California employer, you are responsible for making payroll tax payments to the California Employment Development Department and the IRS. These payroll tax deposits must be made regularly, often monthly or weekly as taxes are withheld from payroll disbursements. If you become behind on making these deposits, you could…