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 tax obligations

San Jose CA tax debt lawyer for passportsFailing to pay your tax obligations can lead to major consequences. One problem you might run into is that you may not be able to obtain a U.S. passport or renew an existing passport. Carrying tax debt could also keep you from using your already issued passport. This can be detrimental for those who need to travel internationally for work or family reasons.

The IRS has prioritized the enforcement of this consequence of not paying back taxes for the past year. The law targets those with “seriously delinquent tax debts,” which is defined as a debt of $52,000 or more, including taxes, penalties, and interest.

If the IRS identifies you as being seriously delinquent, it will inform the State Department, which by law will deny a passport application or renewal. If you have in your possession a valid passport, the State Department also has the power to revoke the passport or limit your ability to leave the United States.

...

San Jose crowdsourcing tax attorney, crowdfunding revenues, taxable income,  tax obligations, crowdfunding campaignsRaising money through crowdfunding has become more popular in recent years and its popularity shows no signs of slowing. Kickstarter and Go Fund Me are two popular platforms used to crowdfund.

At its inception, crowdfunding was mostly used by artists like musicians and filmmakers to support projects that were unlikely to be profitable. However, crowdfunding has been used increasingly as an alternative to venture capital fundraising. With people finding new uses for crowdfunding, new questions arise about whether such money is taxable.

Types of Crowdfunding

...

california business taxes, San Jose tax lawyerThe California State Board of Equalization (BOE) has changed sales and use tax Regulation 1702.5. This regulation governs when a responsible party must personally pay taxes owed by a business entity that is closed or abandoned. These changes could alter your tax obligation, and so it is important to understand the new regulation and seek counsel to determine if it modifies your circumstances. These changes could prohibit the BOE from seizing your personal assets. The amendments to the law will be effective on April 1, 2017.

Amendments to Business Tax Regulation 1702.5 

The current regulation is defined by the following: “Any responsible person who willfully fails to pay or to cause to be paid... any taxes due from a [business entity] shall be personally liable for any unpaid taxes and interest and penalties on those taxes not so paid upon termination, dissolution, or abandonment of the business...” (Emphasis added.)

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