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Is Your Growing Business Getting The Credits It Deserves?

In this economy, hiring, or the lack thereof, has remained a hot topic. If you are a small business owner or operator in California and have hired new employees, you will want to make sure that you filed for your tax credit. According to the latest statistics just released by the California Employment Development Department, [...]

When Payments Can’t Be Made – Short Sales

In today’s economic crisis, many homeowners who purchased homes in the past five to 10 years are finding that their homes are now worth less than what they’re paying on monthly mortgage payments.  Some people are continuing to pay on the mortgage, hoping for an eventual uptick in the housing market.  Others have had no [...]

Tax Consequences of Mortgage Modification

An Alternative to Foreclosure – Loan Modification In today’s housing crisis, foreclosure has become an everyday term. However, it is not the only answer for homeowners who can’t make their mortgage payments. For homeowners who want to fight to keep their homes, there are opportunities to change their existing mortgage arrangement, including pursuing a loan [...]

Tax Consequences of Foreclosure

Over the last few years foreclosures have been a top news story. Surprisingly, what has received little coverage is the potential tax implication of foreclosure. Many people may think that a bank foreclosure ends the financial nightmare and are surprised when they receive a letter from the IRS about taxes due in connection with the [...]

Foreign Bank Accounting Reporting – Form TD F 90.22.1 – Voluntary Disclosure

A New Focus on Foreign Bank Account Reporting For over 40 years, foreign bank account (FBAR) reporting has been existence. Yet, the IRS has only recently started enforcing taxpayer compliance. With this new IRS focus, we felt it necessary to provide details on how to be compliant. If you have a financial interest or a [...]

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