Financial News, Tips & More!
What are the New Mandatory Ownership Reporting Requirements?
Under the Corporate Transparency Act, businesses are mandated to disclose detailed information about their beneficial ownership. The term "beneficial ownership" refers to the individuals who ultimately benefit from or control a legal entity, shedding light on previously...
What Do I Do if I Don’t Have My Records Showing Gambling Losses?
If you lost your gambling records, you can reconstruct them following very specific guidelines laid out by the government. When you're in a situation where you can't find your gambling records (or maybe never had them to begin with!), dealing with the taxes for both your wins...
How Long Does Innocent Spouse Processing Take? Unveiling the Timelines and Tactics!
The processing time for IRS Innocent Spouse Relief claims can vary due to several mitigating factors, but according to the IRS, can “take up to 6 months or longer.” Understanding taxes can be tough, especially when it comes to shared money and tax liabilities. Worse yet,...
What Impact Will the IRS Budget Have On The Next Decade?
In August 2021, the Congressional Budget Office (CBO) delved into proposals to bolster the budget of the Internal Revenue Service (IRS) by a staggering $79.41 billion over the next decade, spanning from 2022 to 2031. According to the CBO's optimistic estimation, such a...
How to Write a Reasonable Cause Letter to the California FTB
When writing a reasonable cause letter to get a tax penalty refund from the California Franchise Tax Board (FTB), you must explain why you could not meet your tax obligation on time and back it up with verifiable documentation. However, you must pay the full amount of taxes you...
How Long Does it Take to Revive an FTB Suspended California Corporation?
It can take 60 calendar days or eight weeks to revive a Franchise Tax Board (FTB) suspended corporation in California. It starts when you give notice of your intent to return your corporation to active status and pay a $25 filing fee and a $250 penalty fee. It can be...
How to Stop a California Tax Levy
The best way to stop a tax levy in California is to pay your tax bill in full and on time. It is also best to pay your installments in full and on time if you cannot make a full one-time payment on the tax bill. The California Franchise Tax Board (FTB) can make an error by...
What Is the Maximum The California Franchise Tax Board Can Garnish?
The maximum amount of money the California Franchise Tax Board (FTB) can garnish is 25% of an employee’s net income after all the legally required deductions. These legally required deductions include social security taxes, worker’s compensation, retirement plan contributions,...
How to File Income Tax for a Nevada LLC
You do not need to file income taxes for an LLC in Nevada because the state does not have a corporate tax. However, you must collect and pay sales taxes and file and pay federal taxes with the IRS. There are also annual documents and fees that you must submit to the Nevada...
Why Is There a California State Tax Levy on My Paystub?
There is a California state tax levy on your pay stub because you did not pay your full tax obligation or did not pay enough taxes. A wage garnishment is a type of tax levy that you will find on your pay stub. The California Franchise Tax Board (FTB) will contact your employer...