Author: News Feed
H.R. 8372, Debt Per Taxpayer Information Act, proposes to require the IRS to add this information to the bottom of Form W-2: 1) Total revenue, outlays and deficit of the Federal government; 2) Total gross Federal debt; and 3) Estimate of the pro rate amount of Federal debt for taxpayers who will file 1040s for that year.Sounds like a good idea to me. There are many places where information about our tax and budget can be placed, including signs/posters in government buildings, lawmaker websites, and to better reach more individuals, rather than only the W-2, put the H.R. 8372 information…
Dodgers star Shohei Ohtani watches the flight of his two-run home run, his 50th of the season, during the seventh inning of their game against the Miami Marlins last Thursday in Miami. The ball, which gave him the first 50-home run, 50-stolen base season in MLB history, was retrieved by a fan and will go up for auction on Friday, with an opening bid of $500,000. (Photo by Megan Briggs/Getty Images) An online auction’s “extra innings” helped boost the final price for a historic home run ball hit by Shohei Ohtani to $4.4 million. The auction for the baseball collectible…
Hiring a real estate agent to help you sell your home is a big step. With the right Realtor, you can sell your home quickly to a reliable buyer. If you choose the wrong person, you could get ignored and your house might stay on the market. Do you know what to ask a Realtor? Let’s talk about which questions reveal if a potential real estate agent is a good match for your needs. Keep in mind that an agent may be very experienced — and still a bad fit for what is required to sell your particular home. If…
The Issue Nonresidents who own vacation homes, business interests, financial accounts, or have other significant contacts in California can receive a notice from the Franchise Tax Board, California’s tax enforcement agency, demanding they file a tax return or explain why they aren’t required to. The official notice number is 4600 (you can find the designation on the lower left bottom of the Notice). Hence the name, “4600 Notice.” It’s also called a “Request for Tax Return,” since the verbiage has appeared in bold on the Notice since about 2017. If a nonresident owns a second home or uses some…
This multi-tenant office building, strategically situated near the intersection of Haley and Anacapa Streets, presents a unique opportunity for those looking to invest in a well-located and versatile property. The building’s short-term leases offer flexibility, making it an attractive option for investors seeking both immediate and long-term value. Inside, the property features impressive high ceilings that create an open atmosphere, adaptable to a wide range of uses—from traditional office spaces to creative work environments or even retail. The layout is designed to maximize versatility, offering the potential for adaptive reuse, which allows for the reconfiguration of suites to suit various…
Homeowners typically slow down their moving plans as the summer months wrap up, and as a result, fewer homes are listed for sale in the fall. It’s a predictable, seasonal trend in real estate. But this year, mortgage rates came down at the same time the number of homes on the market usually starts to decline. So, what happened? More homeowners decided to sell, so more homes came to the market. The most recent data from Realtor.com reveals that in September, the number of homes put up for sale increased by 11.6% compared to this time last year. As the…
California AB 3289 was enacted 7/15/24 (Chapter 124). It modifies Revenue & Taxation Section 41 which exists to improve accountability and transparency of the California tax system. Generally, any credit, deduction, exclusion, exemption of other tax benefit enacted is to state its goals, have detailed performance indicators to determine if the goal was met and call for appropriate data collection.AB 3289 modifies this provision to exempt any new tax break that is a gross income exclusion if the lawmakers determine there is no available data to collect and report.For example, picking a “hot” topic for summer 2024, if lawmakers added…
One of the best ways to maintain value in your home is by making sure there isn’t any major damage. This includes water damage and mold, broken roof tiles, compromised siding, and foundation issues. But what happens if a major storm rips through your neighborhood? Does home insurance cover natural disasters? Well, it depends. Your home insurance policy will outline exactly which types of incidents are eligible for coverage. If you live on a street below a hill that tends to flood after a summer storm, you’ll want to pay special attention to water damage coverage. In many cases, you’ll…
The Issue If you’re in the habit of reviewing California residency cases (and only a tax attorney specializing in the field or a masochist would be), you will occasionally come upon a reference to the Franchise Tax Board’s “Integrated Nonfiler Compliance” system, sometimes called the INC program. The court opinion will mention that the audit was initiated under INC and move on from there. This article discusses how this somewhat secretive program works, and how it affects a nonresident’s risk of a California residency audit. Understanding INC is central to residency planning, particularly for former residents who no longer file…
As commercial real estate practitioners, we spend our days advising owners and occupants of locations. These may be office, retail or industrial.I’ve expanded my trade industrially for over four decades in Orange County and the Inland Empire. Over time, I’ve seen some wild swings in market activity — also known as buying and leasing.The early 90s were mired in a deep sleep caused by the invasion of Iraq and the savings and loan implosion. We dealt with tepid demand until the middle part of the decade when velocity returned. The dot-com bubble bursting and the financial adjustment of the early-…