Tax Blog and News
Failing to Notify the Franchise Tax Board of an IRS Audit Means the Tax May Not Be Dischargeable in Bankruptcy
No one wants to be audited by the Internal Revenue Service (IRS). However, if the IRS examines your tax return and makes any changes to it, then California taxpayers have an extra obligation to notify the California Franchise Tax Board (FTB) of these changes. Under...
Michele Weiss to Present “IRS & Pass-Throughs: New International Reporting Rules and Enforcement” to the CLA, Tax Section, Women in Tax Committee
On May 17, 2022, Michele Weiss, Senior Counsel at Holtz, Slavett & Drabkin, will present a CLE program on IRS and Pass-Throughs – New International Reporting Rules and Enforcement to the Women in Tax Committee of the California Lawyers Association, Tax Section....
Can Non-Willful FBAR Penalties Exceed $10,000 Per Year?
by Michele Weiss US taxpayers are obligated to file a foreign bank account report (“FBAR”) if the aggregate value of their foreign account interests exceeds $10,000 on any day during a calendar year. 31 U.S.C. § 5314; 31 C.F.R. §§ 1010.350(a), 1010.306(c). Taxpayers...
Tax Issues in the Cannabis Industry
Cannabis industry is one of the fastest growing segments of the U.S. economy. At the beginning of this year, 36 states plus the District of Columbia have legalized marijuana for recreational or medicinal use, or both. However, marijuana is still considered a...
Michele Weiss to Participate in April 1 Panel on the Taxation of NFTs as part of the Beverly Hills Bar Association NFT Week
On April 1, 2022, Michele Weiss will moderate a Beverly Hills Bar Association program on "Tax Implications of Acquiring, Holding or Selling NFTs". The recent explosion of the creation and sale of NFTs has brought about significant concerns regarding the taxation of...
Buying Cryptocurrencies? The IRS is Very Interested in Your Taxes
The Internal Revenue Service (IRS) has had an interest in virtual currencies, including cryptocurrencies like Bitcoin, for several years. The IRS is looking closely at these transactions. Taxpayers should ensure that they are properly reporting these transactions now,...
Richard Gano Joins Holtz, Slavett, Drabkin & Warner
Holtz, Slavett & Drabkin, APLC, is pleased to announce that Richard Gano has joined the firm as a tax attorney. Richard brings to Holtz, Slavett & Drabkin invaluable experience as a tax attorney for the IRS Office of Chief Counsel in its headquarters in...
Michele Weiss to speak to Provisors Los Angeles Lawyers and Legal Professionals Affinity Group on Managing Tax & Bankruptcy Issues in a Family Law Proceeding
Tax and bankruptcy issues can add complexity to marriage dissolution proceedings. Handling tax and other personal debts can cause these matters to be even more overwhelming. It is critical to understand the interplay between tax, bankruptcy, and family law to properly...
David J. Warner to Speak on S Corporation Audits at Strafford Webinar
Holtz, Slavett & Drabkin tax attorney, principal, and shareholder David J. Warner will be co-presenting a Strafford webinar entitled “IRS New S Corporation Initiative: Losses in Excess of Basis, Taxable Distributions, Handling the Examination” on Wednesday, March...
IRS Ramps Up Tax Enforcement, Hiring 200 Attorneys
Last week, the Internal Revenue Service's Office of Chief Counsel announced plans to hire up to 200 additional attorneys. The IRS is focusing on hiring experienced litigators with court room experience. New hires will work in a variety of areas, including handling...