Recent Posts in Tax Planning Category

In An Attempt to Avoid Identity Theft, The California Franchise Tax Board (FTB) is Sending Out Additional Forms to Taxpayers and Tax Professionals

By: Tamara B. Pow, Esq. Due to a dramatic increase in tax returns that appear to be related to possible identity thefts, the Franchise Tax Board “FTB” is sending out additional forms for ...
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Beware of the New Form W-2 Email Phishing Scam

By: Tamara Pow, Esq. On February 2 nd, 2017, the Internal Revenue Service, state tax agencies, and the tax industry sent out an urgent alert to all employers regarding a recent spike in cases of the ...
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How to Beat Real Estate Passive Loss Rules and Deduct Rental Losses

By: Tamara Pow, Esq. For anyone who is currently invested in real estate or is considering doing so, whether you intend on moonlighting as a real estate professional simultaneously with your day job, ...
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California Conforms to New Tax Due Dates - Update your Agreements!

By: Tamara B. Pow, Esq. On December 8, 2015 I published a blog about new federal partnership tax return filing deadlines. At that time, the IRS had just announced that partnership and S corporation ...
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Limitations on Deductibility of LLC Member's Share of Losses

By: Tamara B. Pow Will you be denied a deduction for your share of LLC losses? You may have pass through losses from your LLC membership interes t, but that does not mean you can deduct them against ...
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LLC Owners - Don't forget to pay your LLC's 2016 gross receipts fee by June 15!

By: Tamara B. Pow Even though we are not even halfway through the year, it is already time to pay your LLC gross receipts fee. LLCs classified as partnerships or disregarded entities are required to ...
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Make Sure You Understand Pass Through Entities Before Forming a Limited Liability Company

By: Tamara Pow One of the major considerations in determining the right entity for a business is how it is taxed. There are major differences in the taxation of owners in corporations that pay their ...
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Beware - Your Gift of LLC Interests to a Family Member May Be Disallowed

By: Tamara Pow Your gift or sale of an LLC interest to a family member may be disallowed for tax purposes. If you are gifting or selling a limited liability company (“LLC”) interest to a ...
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The Basics of Basis: Ten Things All LLC Members Should Understand About Basis

By: Tamara Pow Limited Liability Companies (LLCs) are complex entities for tax purposes. Generally, for LLCs choosing to be taxed as a partnership, the taxation of independent members depends on the ...
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Beware Of Income Taxes On Member Contributions To An LLC Taxed As A Partnership

By: Tamara Pow Before you make a contribution to an LLC in exchange for a membership interest, beware that some member contributions to LLCs are taxable. For a limited liabilty company ...
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LLC Members - Ignoring Self-Employment Taxes When Choosing Your Business Entity Can Be A Costly Mistake

By: Tamara Pow In addition to income tax considerations on forming a limited liability company (“LLC”) in California and making contributions to the LLC, potential LLC members should keep ...
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New Partnership Tax Return Filing Deadlines

By: Tamara Pow Since I started my career as a tax attorney at Price Waterhouse, and have been managing partner at two San Jose law firm limited liability partnerships (LLPs) since then, I am used to ...
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Partnership Alert!

By: Tamara Pow On November 2, 2015 the Bipartisan Budget Act of 2015 (the “Act”) was enacted, completely transforming partnership audit procedures going forward. The intent was to ...
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Why Tax Planning Is Essential for Your Business

A corporate attorney should work closely with a client’s other business advisors, including financial advisors and accountants. This team approach for a business attorney is critical in ...
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