California Tax Attorney Blog

The Franchise Tax Board (FTB) in California has written useful material to help explain the various types of business entities that can be formed in California. A business attorney with knowledge about the benefits and tax implications of these types of entities should be consulted before one is formed. But to give you some useful background information about choices that can be made when forming your business, please read the highlighted topics.

Sole Proprietorship

S corporation

C corporation

Partnership

Limited Liability Limited Partnership

Limited Liability Partnership

Series Limited Liability Company

Limited Liability Company

Consult with Mitchell A. Port, a business attorney in Los Angeles, for more assistance when selecting and forming an entity. Call (310) 559-5259.

It's crunch time for California’s taxpayers and their accountants alike in the rush to get state and federal income taxes postmarked in by tonight's 11:59:59 p.m. deadline.

Some of my CPA friends can't wait to teach their teenagers how to drive.

My other friends who are tax preparers are just looking forward to getting some sleep.

Another California tax season over – at last.

Here is a link to the "Top Frequently Asked Questions for IRS Procedures".

Try this link to the "Frequently Asked Question Subcategories for IRS Procedures".

For tax assistance with the IRS or California's tax authorities such as the Franchise Tax Board or California State Board of Equalization, call a qualified tax attorney. Call Mitchell A. Port at (310) 559-5259.

Curious about what tax law changes occurred in California that impacts your income tax return (Form 540)? The Franchise Tax Board (FTB) publised a summary of those changes which you can view here.

Some of the tax changes cover these topics:

Electronic payments

Mortgage forgiveness debt relief

Net operating loss

Tax shelters

Business tax credit limitation

Estimated tax payments

Same-Sex married couples

Voluntary contributions

Third party designee

Conformity

Rice Straw Credit

Withholding on California Real Estate

Consult your tax preparer to determine whether any of these changes may apply and benefit you.

The IRS makes available the Tax Code, Regulations and Official Guidance at its website. Proper tax planning is available by proper use of the Code, Treasury Regulations and other government resources. Here is your source for last minute planning opportunities which can treat last year's income, expenses and deductions in a way advatageous to you.

California's tax season means proper tax planning. A most important tool is the tax code. Access to the entire tax code for California is available by clicking here.

Here's a list of the tax code's table of contents.

CALIFORNIA REVENUE AND TAXATION CODE

TABLE OF CONTENTS

GENERAL PROVISIONS ................................................... 1-38
DIVISION 1. PROPERTY TAXATION
PART 0.5. IMPLEMENTATION OF ARTICLE XIIIA OF THE CALIFORNIA
CONSTITUTION

Continue reading "California Revenue and Taxation Code" »

The IRS website is a fantastic resource during this tax season for providing information and answers to commonly asked questions. Here is a few of the topics covered:

2009 Tax Year Highlights

Recovery Rebate Credit

First-Time Homeowners Credit

Earned Income Tax Credit

Facing Difficult times financially?

Use Online Tools

Find out if you qualify for Earned Income Tax Credit

Calculate your optional itemized deduction for state and local sales taxes

See if you might be subject to the Alternative Minimum Tax

Find out the status of your refund and more

Products and Services in Spanish

Frequently Asked Questions and Answers

Are you or your spouse a member of the U.S. Armed Forces?

Tax relief in disaster situations

Tips for Choosing a Tax Preparer

Commonly Requested Tax Forms and Instructions

Taxpayer Advocate Service

Need more assistance? The IRS wants to help; lots of information is available for individuals and businesses.