You received an audit notice from the IRS. Or maybe you’ve already been audited and hate the result. Or you ignored audit notices, and now the IRS has put a lien on your house and levied your accounts. Here’s the top five reasons to hire a tax attorney, rather than handle a tax problem on your own. Read more>>
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Cost of Eggs in Ventura County
Anyone who’s shopped for eggs in the past few months has no doubt been shocked by the cost of eggs doubling or even tripling, at least in Ventura County, where I live. Why am I buying eggs, especially since I have a flock of hens who give me eggs? Read more>>
How to Request IRS Uncollectible Status in Ventura County
You owe taxes. But you can’t pay. You’re barely making ends meet with basic living expenses. Especially in high cost-of-living places like Agoura Hills, Thousand Oaks, Oxnard and Ventura. You don’t want to file for bankruptcy, or you don’t qualify (some taxes can be discharged in bankruptcy). If you have few assets and modest income, then ask the IRS for Uncollectible Status. Read more>>
Chapter 7 Bankruptcy Planning in Los Angeles County
When it’s time for bankruptcy planning, my clients in LA, Ventura and Santa Barbara counties often go “Huh?” It’s not obvious that filing bankruptcy should involve timing and strategy. But a good bankruptcy does. Why? To minimize assets the Bankruptcy Trustee may take. Here’s why pre-bankruptcy filing planning matters. Read more>>
IRS Presidential Audits Not a Mandate, Only a Norm
As I sit in my Westlake Village tax law office , I’m contemplating the remarkable story that broke this week about the IRS failing to audit former President Trump during the first two years of his Presidency, despite Read more »
Thanksgiving Food for Thought: Economics of Costco Chickens
Thanksgiving has me thinking about turkey, of course. And other poultry. Like my hens at Faucher Family Farms. My hens won’t ever end up on our table because I value them for their eggs, but Karen brought a Costco chicken home the other night.
It’s Unlikely Trump Triggered Comey’s IRS Audit
Did former President Trump unleash the IRS on political foes Jim Comey and Andrew McCabe? The question is back in the news. Trump’s former Chief of Staff, General John Kelly, says Trump demanded the FBI Commissioners be punished with audits. Read more>>
Chapter 7 Bankruptcy Basics
For individuals (rather than businesses), there are two types of bankruptcy. Chapter 7 bankruptcy allows debtors to wipe out most existing debt, but there are strict income thresholds to qualify. Chapter 13 bankruptcy is a debt repayment agreement for higher-income people, that may or may not result in some of their debt being discharged at the end of the five year repayment plan. This blog overviews the basics of Chapter 7 personal bankruptcy. Read more>>
IRS Assessment Vs. Collections Divisions
Most people don’t know that the IRS is broken into two, almost separate halves: the Assessment Division and the Collections Division. So what? Who cares about the IRS’s Org Chart? You should care. Because that division has a lot of implications for taxpayers. Read more>>
Section 1031 Exchanges to Defer Capital Gains Tax
Rising real estate prices create tax problems for owners selling property. While it’s great to sell at high prices, it’s also discouraging to pay big capital gains taxes on the proceeds. That “gain” – the difference between sales proceeds and the adjusted basis in the property (the amount paid for it originally) can be deferred with Section 1031 exchanges. But the rules are complex. Read more>>