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Category Archives: Tax Planning & Controversy
As a resource to our clients, friends, and colleagues, Carmel & Naccasha, LLP is very pleased to distribute the most recent Tax and Business Alert Newsletter. This quarterly Newsletter provides up-to-date federal tax law changes, inside information, business legal and … Continue reading
As most people have heard, Congress cobbled together new rules regarding the estate and gift tax that will be in place for a whopping two years. Despite the obvious tenuousness associated with laws in place for only two years, the … Continue reading
It appears there may be some light at the end of the tunnel for the estate tax. After being bogged down by Congress’s inaction regarding the estate tax law sunset, practitioners are now getting clearer pictures of what they can … Continue reading
People often cite to California’s anti-deficiency rules as a consumer’s best friend. See California Code of Civil Procedure 580b. While it is true that precluding a deficiency judgment on any purchase money mortgage pursuant to a foreclosure is a great … Continue reading
We are going to take a side trip from our recent discussions surrounding the wonderful world of ILITs in order to address one of the more insidious bamboozles the IRS pulls, imputed interest. As we all know, family members mooch. … Continue reading
How shocking of a revelation would it be to set up an ILIT thinking you have successfully removed life insurance death benefits from your estate, only to find out, upon dying (talk about insult to injury), that because of three little sentences, … Continue reading
Over the next few weeks, I will provide an overview of Irrevocable Life Insurance Trusts (ILIT's) and how they are utilized to maximize "free money" to the next generation while also providing a pool of funds from which to pay any … Continue reading
I Have to Pay Taxes On Forgiven Loan Proceeds? One of the harsh realities of our beloved taxing system is that it will tax you on any benefit received. With the housing market still crawling out from the depths of … Continue reading
As a general matter, retirement benefits are pretax dollars that have been invested on behalf of an employee. Accordingly, when the employee, or his designated beneficiary, ultimately receive the funds, they will be subject to ordinary income tax. There is little … Continue reading
Straying a bit from taxes, and pulling from a recent experience, I am posting a general warning to all California businesses. Multiple companies are sending out "Annual Minute Complaince Obligation" documents that look official, even providing a seal on the … Continue reading
