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GREAT UPDATE ON CARES ACT

Tax-Related Provisions in the Coronavirus Aid This was prepared by my tax professionals at Norwalk Business Service. Great information and great links.  For more information visit  Tax-Related Provisions in the Coronavirus Aid

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FROM STATE FRANCHISE TAX BOARD

Postponements State postpones deadlines for filing tax protests, appeals, and refund claims due to COVID-19 to July 15th.  For more information go to https://www.ftb.ca.gov/about-ftb/newsroom/news-releases/2020-4-state-postpones-deadlines-for-filing-tax-protests-appeals-and-refund-claims-due-to-covid-19.html

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Income Tax At Its Birth In 1913

History of IRS Form 1040 A reader of my emails, Jonathan Hubbell, was generous enough to send me a most interesting form. He is a Broker Associate at First Team Real Estate in Mission Viejo. The form was the very first IRS Form 1040. He properly corrected a statement that I had made that Income […]

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Documents about tax debt on a table.

IRS LIENS; INTERESTING

Trustee Sale Foreclosures In my recent MLO classes I asked some questions about Trustee Sale Foreclosures. Even with experienced real estate agents and mortgage loan originators, there is confusion on some items. One is: “What happens when there is an IRS lien on a property and there is a Trustee Sale?” The IRS lien will […]

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STATE BUDGET REVISIONS

Department of Business Oversight Found this information in a strange place, on the Department of Business Oversight website. This is the Department which licenses almost everyone in California (they do not license DRE applicants since July 2018). I was reading the May Revisions to the 2019-2020 Budget that became effective on July 1, 2019. The […]

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TAX LAW GIVES LANDLORDS 20% TAX BREAK

Jeff Lazerson: Columnist at Orange County Register and other Southern California News Group; Owner Mortgage Grader, Aliso Viejo; MLO Student You can deduct 20 percent of your real estate rental profits right off the top before calculating your taxes. Starting with your 2018 federal tax return filing, and so long as you meet certain criteria, […]

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HOW LONG TO KEEP TAX RECORDS AND RETURNS

Personal Finance Kiplinger’s Personal Finance Adviser has some recommendations in their January issue. I have been a believer in them since the 60’s. You have to believe in someone or something. Tax return information: three years. I happen to believe that you keep the actual return for your lifetime. Get to go back and amuse […]

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1040 Tax Form with Refund Check and Cash.

Tax Filers May Get Unpleasant Surprise

Tax Bill Changes Due to all the changes in the tax bills some taxpayers may find that their refund is not as much as they have received in the past. According to IRS the refund averaged about $2,800 of the majority of taxpayers. Some of our taxpayers might have gotten more income during the year, […]

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