Basic Court Fees Let’s get the boring things out of the way first. For the most straight forward probate, there largest filing fees are incurred at the beginning and end of the process. The 2015 fee charged to file a probate petition is $450. There will be a $435 filing fee to file the petition … Continue reading California Probate: How Much Does It Cost?
California Probate: What’s the Purpose? Probate. You’ve heard the word, but what is it? Here is a brief overview to let you know what triggers the probate process and what is involved to complete the journey. In general, probate is the court supervised collection of assets, payment of debts and expenses with the net amount being … Continue reading California Probate: What's the Purpose?
Tax Changes for 2013 Each year starts with some changes to our tax regime. The changes for 2013 have been much higher profile given the drama in Congress and the “fiscal cliff.” Here is a brief summary of the changes that will impact individuals this year. Individuals For 2013, standard deductions and the personal exemption, … Continue reading 2013 Tax Changes for Individuals
This post updates and rehashes my earlier post on the 2011 Offshore Voluntary Disclosure “Initiative.” The initiative is now a “Program” with no stated deadline. As of this date, the IRS has not yet published the official guidelines for the program other than to inform us that the OVDP penalty for failure to disclose offshore accounts … Continue reading Should I Participate in The Offshore Voluntary Disclosure Program (OVDP)?
I fielded a series of California LLC questions yesterday that I am sure come up quite frequently for people beginning new ventures and selecting an appropriate California entity for that venture. How is the California Franchise Tax Calculated? California LLCs are subject to a $800 annual LLC tax. The annual tax is due on … Continue reading California LLC Tax and Franchise Fee
There is still time to participate in VCI 2, but you need to act now! It takes time to assemble the disclosure package so please do not wait until you’re donning your Halloween outfit to get started. Franchise Tax Board News Release: Last Chance to Apply for Tax Amnesty Program Sacramento — The Franchise Tax Board (FTB) … Continue reading Last Chance to Apply for Tax Amnesty Program – Oct. 31, 2011
Recovering From the Shock Odds are that you just received notice of proposed assessment in the mail and, after a stiff belt from the closest bottle to calm your nerves, you popped online to see if there is anything you can do to lessen the burden. The good news is that you can appeal your … Continue reading Negotiate Your California Property Taxes
As a follow-up to the Franchise Tax Board’s recent press release, I wanted to follow up with the details of California’s Voluntary Compliance Initiative 2 (VCI 2) that began August 1, 2011, and runs through October 31, 2011. If you’ve already taken part in the IRS’ Voluntary Disclosure program, or are considering doing so before the August … Continue reading California's Voluntary Tax Compliance Initiative
In concert with the IRS’ Voluntary Disclosure Program discussed here and here, California is also keenly interested in offering some amnesty to taxpayers who “avoided tax bills” if it mean capturing further state tax revenue. However, the program starts today and the deadline of October 31, 2011 to participate in California’s Voluntary Compliance Initiative is quickly approaching. The benefit of avoiding … Continue reading New Opportunity for California Taxpayers Who Avoided Tax Bills
As if moving through the courts wasn’t slow enough already, it looks like things will be getting worse. Clients beware, practitioners be warned. See the article by Ari Burack in the Examiner: Update – See my post on the Court’s July 18, 2011 press release here. Massive layoffs and courtroom closures in San Francisco Superior Court are expected … Continue reading Dire Situation Forecast for San Francisco Superior Court