Los Angeles Attorney Bruce Givner – Trusts: What is a Trust in California?
A trust is a written agreement that allows a settlor (the individual establishing the trust) to transfer assets to a trustee (the party who manages the trust) for the benefit of one or more beneficiaries. A trust primarily differs from a will in that an asset must be transferred into a trust in order... Read More
Tax Court: Dissipated Assets, not used for Living Expenses, are includable in Calculating a Taxpayer’s Ability to Pay Outstanding Tax Liabilities
Mr. and Mrs.Titsworth filed their 2001, 2002, 2005, and 2006 federal income tax returns late, and did not pay the tax due for any of the four years. The Internal Revenue Service (IRS) issued them a Final Notice of Intent to Levy and Notice of Your Right to a Hearing. Subsequently, the Titsworths submitted... Read More
Supreme Court Refuses to Hear Excise Tax Case: Former Corporate Officer Found Liable for Section 6672 Excise Tax Penalties
When an employer fails to pay over collected excise taxes, the Internal Revenue Service (IRS) can collect a trust fund recovery penalty equal to 100% of the unpaid taxes from a person responsible for the failure to pay. I.R.C. Code Sec. 6672(a). A responsible person includes any individual who is... Read More
The Los Angeles Attorneys For Preparer Penalties
CPA Preparer Penalties? No problem, talk to Givner & Kaye. (310) 207-8008 The IRS has the ability to impose stiff penalties on tax preparers for understating a taxpayer’s liability specifically including Internal Revenue Code Sections 6694 and 6695. Other practices the IRS can penalize include... Read More
Third Circuit Court of Appeals Uphold Jurisdiction of the Virgin Islands over Virgin Island Income
The Birdman and Hirschs each formed Virgin Islands corporations, which became limited partners in a Virgin Islands limited liability partnership. In 2006, the Birdmans and the Hirschs filed the required tax returns in the U.S. and the Virgin Islands. However, the couples paid both their island tax... Read More
Top Beverly Hills Tax Attorney Bruce Givner: “Radical Changes to Estate and Gift Tax Laws Could Cost Some Taxpayers Millions”
When the clock strikes midnight on December 31, 2012, recent changes to existing federal estate and gift tax laws will expire. “And these changes could cost some taxpayers millions,” says Top Beverly Hills Tax Attorney Bruce Givner. In December 2010, President Obama extended the “Bush Tax Cuts”... Read More
Los Angeles Attorney Bruce Givner – Wills: When to Make a Will
At some point, most people consider making a will. The problem is far too many people put off making a will for various reasons …. “I’m young, I have plenty of time to do a will” … “I’m single, why should I make a will?” … “A will is just a way for someone else to take my property.” A... Read More
Payable-on-Death Accounts (Totten Trusts) Are Reachable by Creditors
A payable-on-death bank account – often called a `Totten Trust’ – is an easy way to gift money and have the gift avoid probate. Under a payable-on-death bank account or Totten Trust, the balance in an account at the time an individual dies is paid over to the designated beneficiary(ies).... Read More
Los Angeles Attorney Bruce Givner – Taxes: What To Do If You Can’t Pay Your Income Tax Bill
After your federal income tax return was prepared, you discovered you owed the Internal Revenue Service (IRS). However, you did not have the funds to pay the tax due. You do not have enough available balance on a credit card. Furthermore, you cannot get a loan. File on Time or NOW! For every month... Read More
“Closed-Out” Partner Liable for Taxable Share of Partnership Distribution
Jose Martignon and Alejandro Vargas opened the Café Savannah restaurant in 2003. The business was formed as a limited liability company. The two men elected to treat the company as a partnership, and not a corporation. Treas. Reg. §§ 301.7701-1 to -3. In early 2008, the partnership deteriorated. ... Read More
