Donald Sterling Couldn’t Dodge the NBA…But Could He Dodge the IRS?
With apparently the world turning on him (including his wife) Donald Sterling acquiesced to a sale of the clippers to former Microsoft CEO Steve Balmer for the astonishingly high sales price of $2 [...]
The Howard Jarvis Taxpayers Association Caves on Prop 13 Changes
As I have written about before, Proposition 13 has been in the cross-hairs of California legislators for quite some time. Once something is deemed a tax "loophole", it is only a [...]
IRS Releases Draft “Streamlined” Application for Tax-Exempts
The IRS has released a draft Form 1023-EZ (Streamlined Application for Recognition of Exemption Under Section 501(c)(3) ) and draft instructions. This 2-page Form 1023-EZ is much shorter and less burdensome than the regular [...]
Beware of On-Line Estate Planning Forms: a penny-wise and a pound-foolish
Ann Aldrich used an "E-Z Legal Form" when she made out her will in 2004--it turns out that that decision didn't make things "EZ-ier" as two nieces sued to receive part [...]
It’s Settled–Severance Payments Are Subject to FICA
In a unanimous decision, the Supreme Court (reversing the Sixth Circuit Court of Appeals) has held that severance payments that were made to involuntarily terminated employees were subject to tax [...]
Couple Finds $10 Million in Gold Coins! But How Much to the Taxman?
Recently, the largest and most valuable coin discovery in U.S. history was discovered by a couple walking their dog in California’s “gold country”. The couple found $10 million in rare gold [...]