Blog
Call Icon 408-866-1810

Representing Clients in Silicon Valley,

the San Francisco Bay Area, and Worldwide

Subscribe to this list via RSS Blog posts tagged in income taxes

San Jose income tax attorneyOne change ushered in by the Tax Cuts and Jobs Act of 2017 permits eligible employees of privately held corporations to postpone paying income tax on the value of qualified stock options and restricted stock units (RSUs) granted to them by their employers. Under the law, one can postpone payment of this tax for up to 5 years.

This law is meant to encourage employee stock ownership in startup or early-stage businesses. It applies to stock options that are exercised and RSUs that are settled as of or after December 31, 2017. 

The IRS has announced and clarified many requirements that affect whether a person may be eligible for tax deferral. For example, in order for a company to be eligible, at least 80% of its domestic employees must have received stock options during a single calendar year. 

...

San Jose tax law attorneyEven though Tax Day for most people is in April, it is important to think about your taxes throughout the year. Reviewing tax information such as your withholding amounts and making sure you are keeping appropriate records as the year progresses are prudent measures that can save you money and trouble once Tax Day arrives.

If this is something that you have not thought a lot about, or if you discover an issue with your taxes, you should contact a tax attorney as soon as possible. It may still be early enough to correct course and resolve the issue before the end of the year.

Is it Time to Check Your Paycheck Withholdings?

With the recent revisions to the tax code made by the Tax Cuts and Jobs Act of 2017, the IRS encourages taxpayers to conduct a “paycheck check up” to review how much taxes are being withheld from your paycheck. The IRS provides a withholdings calculator to help you determine what the proper amount should be. If you need to adjust your withholdings, you can fill out a new W-4 form.

...

not filing taxes, San Jose tax law attorneyYou may or may not know of someone who has not filed income taxes. It may be tempting each year to not file with the Internal Revenue Service (IRS); however, such an omission can lead to serious consequences.

California Filmmaker Josh Kornbluth was one of these non-filers. He did not file income taxes for seven years in the 1990s. He stopped filing taxes one year when his tax returns got more complicated after taking on freelance writing assignments. He said that he never got caught, which caused him to continue to not file.

"The first time, I got very nervous," Kornbluth told reporters. "But then I noticed that nothing happened to me. The next day after I didn't file was the same as the day before. It just became sort of a habit not to file."

...
Better Business Bureau American Bar Association State Bar of California Santa Clara County Bar Association San Jose Award Winning Lawyer
Back to Top