The Sixteenth Amendment to the United States Constitution, ratified in 1913, grants Congress the power to levy and collect income taxes. But what becomes of income that hasn’t been received or realized? The Supreme Court will hear arguments in a tax law case addressing such issues. The case arose from a one-time tax on accumulated…
The U.S. Supreme Court will soon hear arguments in the case of Tyler v. Hennepin County. In this case, Geraldine Tyler lost her condo in Minneapolis, Minnesota, after neglecting to pay $15,000 worth of property taxes by 2015. Hennepin County seized and sold the condo for $40,000 to cover the taxes, interest, and fees due….
The California Department of Tax and Fee Administration (CDTFA) launched an audit in 2021 investigating an arrangement between Apple and the city of Cupertino. The arrangement began in 1998 using a 1950s law that looks at orders based on the sale location. In other words, online orders are taxed based on the company’s location, not…
Los Angeles is known for being one of the most affluent areas in the country, but more recently, it has also struggled with its high rate of homelessness. To address concerns surrounding housing affordability and a widening wealth gap, the city proposed Measure “United to House LA” (ULA), which has become known as the “mansion…
Polselli v IRS. What Will the Supreme Court’s Decision Be? According to the IRS, Remo Polselli underpaid his federal taxes for over ten years. He currently owes $2 million in taxes. In the search for his assets, the IRS issued summonses demanding records from his wife’s bank and the law firm’s banking records where he…
The state and local tax (SALT) deduction permits taxpayers who itemize when filing federal taxes to deduct certain taxes paid to state and local governments. However, the 2017 Tax Cuts and Jobs Act imposed a $10,000 SALT itemized deduction limit. This affected California in particular because of the high-income tax rates in the state. What…
By R. Zebulon Law, Esq. LL.M., CPA This morning (December 22, 2017), President Trump signed H.R. 1, the Tax Cuts and Jobs Act. This is the most significant tax legislation in 30 years, and we wanted to share some of our initial impressions and observations with our clients and friends. Probably the most signification change…
Dear friends, family and clients: We wanted to make you aware of a recent legislative change that will go into effect in the new year. The California State Senate passed the Building Homes and Jobs Act (SB-2). The bill’s purpose is to provide funding for affordable housing in California, it will be funded by an…