Ask Bruce how he can make the estate tax disappear! 

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(310) 207-8008

A Los Angeles Estate Planning Lawyer, can be an invaluable resource.

“You can’t put a price on comfort, but you can put a price on saving millions of dollars.” 

Our clients will tell you – We put you at the center of our universe. If you want an experienced, aggressive and thoughtful Los Angeles Estate Planning Lawyer, contact us today. (310) 207-8008

• Estate Planning
• Minimizing Disputes Among Your Children
• Business Succession Planning
• Estate Tax Returns (IRS Form 706)
• Estate Tax Planning
• Representing Trustees
• Post-Mortem Administration
• Asset Protection

Give us a ring today. (310) 207-8008

• Los Angeles – Estate Planning Attorney
• Beverly Hills – Estate Planning
• Bel Air - Expert Estate Planning Lawyer
• Brentwood - Estate Planning Attorney
• Pacific Palisades – Estate Tax Returns
• Santa Monica - Expert Tax Planning
• Thousand Oaks
• Encino
• Tarzana
• Westlake Village
• Glendale
• Las Vegas

Let Givner & Kaye guide you through the process of arranging your estate. A Los Angeles Estate Planning Lawyer can help to significantly lower the taxes and maximize, while protecting, the assets of your estate. Talk to one of our experts today. (310) 207-8008

Read the client and professional testimonials on Givner & Kaye to see how our expert tax attorneys, estate planning attorneys and asset protection lawyers can help you to save money on taxes, make more money and gain peace of mind over all estate planning, tax planning, tax litigation and asset protection matters.

IRS Form 8938, “Statement of Foreign Financial Assets”, is required to report the ownership of specified foreign assets when the total value of these specified foreign assets exceeds certain thresholds.  For taxpayers living outside the United States, the thresholds are $200,000 on the last day of the year or $300,000 anytime during the year for single and married filing separately taxpayers, and $400,000 on the last day of the year or $600,000 at anytime during the year for taxpayers filing married filing jointly.  For taxpayers living in the United States, the thresholds are $50,000 on the last day of the year or $75,000 anytime during the year for single and married filing separately taxpayers, and $100,000 on the last day of the year or $150,000 at anytime during the year for taxpayers filing married filing jointly.

In 2010, the filing requirement of IRS Form 8938 was enacted to increase the tax compliance for U.S. taxpayers who owned offshore financial accounts.  IRS Form 8938 is attached to the taxpayer’s annual tax return which includes IRS Form 1040, IRS  Form 1120, Form 1065, Form 1041, Form 1120-S, and Form 1040NR.  Taxpayers who are required to file IRS Form 8938 but fail to file a complete and correct IRS Form 8938 by the due date (including extensions) of their annual tax return, may be subject to a $10 thousand penalty.  After 90 days, if the taxpayer continues to fail to file Form 8938, an additional penalty of $10 thousand for each 30-day or part of the 30-day period may apply.

Taxpayer’s required to file IRS Form 8938 may still be required to file an FBAR (Report of Foreign Bank and Financial Accounts).

If you need Expert Income Tax Planning, please call Givner & Kaye at (310) 207-8008.

Contact Givner & Kaye today.

(310) 207-8008

The IRS imposes an addition to tax for failure to file a Federal income tax return by the later of its due date or extended due date.  Code Sec. 6651(a)(1).  The penalty is 5% if the failure is for not more than one month, with an additional 5% for each month or fraction thereof during which the failure continues, but not in excess of 25%.  (Code Sec. 6651(a)(1), Code Sec. 6651(b)(1)).

A failure to file or pay the tax will be considered to meet the reasonable cause criteria to the extent the taxpayer satisfactorily shows that he or she exercised ordinary business care and prudence in providing for the payment of the tax liability, but was either unable to pay or would have suffered an undue hardship if the liability had been paid on the due date.  Reg. 301.6651-1(c).  Failure to file or pay the tax will be considered willful neglect if the taxpayer fails to exercise the care that a reasonable person would observe under the circumstances to see that the standards were observed, despite knowledge of the standards or rules in question.  Reg. 53.4941(a)-1(b)(4), Reg. 1.507-1(c)(5).

A taxpayer’s written explanation must be made under penalties of perjury and filed with the district director or the director of the service center with whom the return is required to be filed.

Before 2011, the IRS required taxpayers who filed their 1120 and 1065 series forms late to attach a written explanation as to why the return or payment was late.

If you need a Top Los Angeles Tax Attorney, please call Givner & Kaye at (310) 207-8008.

In 2009 after her probationary period ended, she appeared on ABC’s Dancing With the Stars, paired with über dance star Derek Hough, in what was advertised as an effort to reinvent herself. On air, her efforts seemed convincing enough as she danced her way through the competition to favorable reviews.

Learn more about Sophisticated Income Tax Planning – Click Here -

Unfortunately for Kim, the IRS wasn’t as convinced as her fans. That year, it was disclosed that Lil Kim owed more than $1 million in state and federal taxes in California, New York, and New Jersey. The liens were placed on her assets due to problems with Kim’s 2004 tax filings.

According to her spokesperson at the time, Lil Kim was working to pay down her debt, but paying it off was going to take a long time.

In 2009, the same year that she stated her intention to improve herself, she undeniably made some cash for her Dancing With The stars appearances. Yet somehow, she still failed to pay her federal income taxes. Again. For 2009, Lil Kim owes the IRS $86,347.85.

Alone, that’s not an especially large sum. However, according to court documents that indicate that Lil Kim owes money for each consecutive year between 2002 and 2009, she’s on the way to the tax lien hall of fame with an outstanding $1,026,862.42 bill.

If you want to maximize your income, talk to Givner & Kaye about income tax planning.  And if you have a tax lien, call us for help. (310) 207-8008

Passive activity loss rules require us to separate our trade or business activities into passive and non-passive buckets. The distinction between passive and active income is important because one can only claim a passive loss against income generated from passive activities. One cannot claim a passive loss against active income.

Losses suspended under the passive activity loss rules are ultimately allowed when there is passive income or the activity is disposed of.

For example, real estate rental activity is a passive activity.

There is an exception for people who work in real estate trades or business, though the standard of working 750 hours on real estate is difficult to meet for anyone who has a significant non-real estate job.

The expression “ballpark guestimate” is commonly thrown around in these cases.  If you work a full time job outside of real estate you will need to keep detailed time records to qualify as working in a real estate trade or business.

If you have large passive losses or want to engage in sophisticated income tax planning, contact the Law Offices of Givner & Kaye today. (310) 207-8008

Most return preparers are professional and honest. However, you should only use a preparer who signs the returns they prepare and includes their Preparer Tax Identification Numbers (PTINs).

Keep these tips in mind when hiring someone to prepare your income tax return:

• Check the person’s qualifications. All paid income tax return preparers are required to have a Preparer Tax Identification Number (PTIN).
• Check the income tax preparer’s history with the Better Business Bureau, and for other disciplinary actions and licensure status.
• Avoid income tax preparers who charge based on a percentage of your refund, or those who claim they can generate larger refunds than other preparers.
• Make sure any refund due is sent to you or deposited into an account under your name.
• Ask if they offer electronic filing. Paid tax preparers who file more than 10 returns for clients must file the returns electronically, unless the client opts to file a paper return.
•  Make sure the income tax preparer is accessible.
• Provide all records and receipts needed to prepare your return. Do not use a preparer who is willing to electronically file your return before you receive your Form W-2 using your last pay stub.
• Avoid income tax preparers who ask you to sign a blank tax form.
• Review the entire return before signing it. Ask questions. Make sure you understand it and approve its accuracy.
• Make sure the preparer signs the form and includes his or her preparer tax identification number (PTIN).
• Make sure the tax preparer gives you a copy of the return.

To report abusive income tax preparers to the IRS, file Form 14157, Complaint: Tax Return Preparer.

For all your income tax planning needs talk to Givner & Kaye. There is no better time than the present to engage in income tax planning and asset protection planning. (310) 207-8008

v    Donate appreciated securities

Added benefits: no capital gains taxes and a potentially bigger write-off.

If you are holding an appreciated investment with poor prospective value or you need to rebalance, try donating a stock, bond, or mutual fund share to charity. Supposing you’ve owned the security for more than a year, you can deduct the full market value, not just the amount you originally invested.

v    Donate Distributions From Your IRA

Added benefit: no income taxes on a required distribution.

If you haven’t taken the required minimum distribution from your IRA this year, happen to be 70½ or older, and don’t need the extra cash for living expenses, you can donate up to $100,000 from your IRA to avoid adding the amount to your taxable income.

v    Give to a community fund

Added benefit: a credit on your state taxes.

A few states offer tax credits for donations to community foundation endowment funds, which make grants to local projects and programs. For example, Endow Iowa gives a credit of 25% of the donation, and Endow Kentucky allows donors to claim 20% of gifts, up to $10,000. A credit is highly valuable since it directly reduces the tax you owe, versus a deduction, which instead reduces your taxable income.

For all income tax planning, contact Givner & Kaye. (310) 207-8008

The Tax Relief Unemployment Insurance Reauthorization and Job Creation Act of 2011 (2010 Tax Act) increased the lifetime gift tax exemption to $5 million for individuals and $10 million for married couples. A 2012 inflation adjustment raised the tax exemption to $5.12 and $10.24 million. Taking advantage of the current gift tax exemption can accomplish several things:

• Excellent Estate Tax Planning
• Removal of Tax On Appreciation of the gifted property
• Retention of Income and Control Over Gifted Asset
• Retention of Control and Annuity Stream For Designated Period
• Leveraging Gifts With Personal Residence
• Excellent Asset Protection and Creditor Protection Planning
• Great Time To Establish A Trust For Heirs, Legacy and Charities

The opportunity will extend only until the end of the 2012 calendar year, at which time the gift tax exemption will go down to $1 million limit on Jan 1, 2013.

To take advantage of the highest gift tax exclusion and to engage in asset protection planning, contact The Law Offices of Givner & Kaye today. (310) 207-8008