Supreme Court Tells IRS: 3 Years Is Plenty of Time To Audit
The Internal Revenue Code generally gives the IRS 3 years to audit a tax return. That period is extended to 6 years when there is a greater than 25% of omission of gross income. In the April 25, 2012, U.S. Supreme Court decision in U.S. v. Home Concrete & Supply LLC, the high court reduced... Read More
Marital Settlement Agreement Protects “Separate” Assets from Creditors
Litke O’Farrell, LLC was awarded a judgment against Richard Tipton in August 2009. In January 2011, as part of their divorce, Richard, and his wife, executed a Marital Settlement Agreement (MSA) . Under the MSA, Mr. Tipton was solely responsible for the judgment owed to Litke. Two weeks after the... Read More
How To Protect Investment Real Estate
You have worked for years to accumulate your investment real estate, whether condos, single family residences, apartment buildings, office buildings or shopping centers. Now you are being sued and the valuable equity is at risk. What are the mistakes you made that have exposed that valuable equity to... Read More
Lawsuit Settlements, Taxable or Not Taxable?: Personal Injury Settlements
Parties to a lawsuit often believe settlement proceeds received in a personal injury lawsuit are not taxable by the Internal Revenue Service (IRS). This is generally true, but not always. Actual damages received for a physical injury or sickness are not taxable. IRC Section 104(a)(2). This includes... Read More
IRS Provides Guidance to Determine the Statute of Limitations for Gift Tax Returns
The Internal Revenue Service (IRS) has issued interim guidance to its agents on how determine the statute of limitations for gift tax returns. IRS SBSE Memorandum, SBSE-04-1211-101. Whenever any gift tax return is selected for examination, agents now have the authority to audit every gift tax return... Read More
Buying A Business
For a sophisticated investor, buying a business is often more attractive than starting one. By purchasing an existing business you acquire cash flow and profit; have an existing customer base and, generally, employees. The benefits are that you do not have to set up new procedures and structures; acquire... Read More
Buy-Sell Agreements
A buy-sell agreement is a legally binding contract between the owners of a closely held business, which might be organized as a corporation, partnership or LLC, which specifies the terms under which one owner will buy the stock or interests of another owner. This is also known as a buyout agreement. The... Read More
IRS Revises Threshold Requirements for Innocent Spouse Relief
The IRS has revised its rules to help a spouse get equitable relief from income tax liability. See Rev. Proc. 2003-61, 2003-2 C.B. 296 which addresses Internal Revenue Code Sections 66(c) and 6015(f). The new revisions address the criteria used to make innocent spouse relief determinations and... Read More
Los Angeles Attorney Explains Why Domestic Asset Protection Trusts are an Integral Part of Asset Protection Plans
A Domestic Asset Protection Trusts (DAPT) is a trust document that protects an individual’s assets from creditors. A DAPT must meet five criteria to be valid: Must be irrevocable; Have an independent trustee (someone other than the beneficiary); The trustee must reside in a state with strong asset... Read More
Client Testimonial: Expert Los Angeles Estate Planning Attorneys – Bruce Givner & Owen Kaye
Los Angeles Tax and Estate Planning attorneys Bruce Givner & Owen Kaye deliver superior planning and results. They go beyond the call of duty to ensure client’s needs are meet. To learn more or to speak to an attorney contact us today. The Law Offices of Givner & Kaye, APC (310) 207-8008 Read More →
