If Congress fails to suspend or raise the national debt limit, it could have a trickle-down effect that would put nearly one-quarter of state spending at risk.
California does a good job of aggressively drawing people into its net of high taxes. Add the state’s notoriously aggressive enforcement and collection activities, and it’s a perfect storm. If you have an IRS or FTB audit, be careful. Surprisingly, the FTB can be worse than the IRS.
With so many ways to pursue a higher education or increased expertise in a trade, craft, or industry, more and more parents are asking what the best way is to save for future education costs. My answer is often a combination of things.
In Congress, the revenue raising provisions (think “taxes”) to fund the infrastructure bill seem to be getting more attention than the infrastructure proposals themselves.
The way the opportunity is structured is to treat the liquidation of the S corporation into a domestic partnership as if it were the liquidation of a wholly owned subsidiary of a corporation into its parent (Section 332(b)).
If Congress fails to suspend or raise the national debt limit, it could have a trickle-down effect that would put nearly one-quarter of state spending at risk.
California Governor Gavin Newsom signed laws to encourage more housing construction allowing overriding of local zoning to get more affordable and racially equitable housing. But the state’s intervention probably won’t overcome anti-housing policies and practices driven by existing homeowners.
Benjamin M. Willis of Tax Notes and Jed Bodger of Sierra Nevada Corp. make predictions for tax legislation, focusing on taxing income through realization at death and the elimination of section 1014’s basis step-up.
The IRS wants to nab crypto tax cheats, but owners of secret offshore accounts are still in the cross hairs. Offshore account cases started in 2008 and went on for over 10 years, but some are only now being discovered. The feds are harsh, and prison time and penalties can be daunting.