PPP Loans are an excellent way for small businesses with Covid-19 related financial issues to obtain a very low (one percent) interest loan from the government. Unfortunately, if you haven’t applied yet the time period for submitting an application expired on June 30th. The good news is that the Senate…
Most, if not all, Payroll Protection Program (PPP) borrowers are focused on the question of whether they will be able to have their PPP loan forgiven. Many questions have arisen, and some but not all, have been answered by the Loan Forgiveness Application and instructions released by the SBA on Friday,…
Recently, Dennis was interviewed by Bankrate.com on his thoughts on tax implications of a cash-out mortgage refinance. Below is an excerpt of the quote: “Capital improvements must substantially improve your home,” explains Dennis Brager, a certified tax specialist with Los Angeles-based Brager Tax Law Group. “Kitchen and bathroom remodels, room…
On Tuesday evening our tax lawyers sent out an announcement discussing some of the tax filing and payment implications of the Covid-19 virus. We indicated that Secretary of Treasury Mnuchin had announced payment and filing extensions for the 2019 income tax returns. Mnuchin was quoted as saying “We encourage those…
Some of you may be concerned about the impact of the Coronavirus aka Covid-19 outbreak on your taxes, and those of your clients. The news from the IRS has been slow in coming. On Friday of last week President Trump declared a National Emergency. At the same time, he directed…
The California Franchise Tax Board (FTB) has many of the same weapons at its disposal as the IRS when collecting delinquent tax debt, and also has the ability to use information received from the IRS to assess additional tax against you. If the IRS audits your tax return, and the…
To appeal a decision by the California Franchise Tax Board (FTB), you must first attempt to use all of your administrative remedies within the FTB. After you have exhausted these procedures, you may appeal your decision by submitting the proper forms by the appropriate deadline. These procedures were handled by…
The California Franchise Tax Board (FTB) can come after snowbirds and other people who spend time in California, but maintain a tax residence in other states. For California income tax purposes, nonresidents are only taxed on income earned from California sources. Residents, on the other hand, are taxed on all…
The California Franchise Tax Board (FTB) can issue a state tax lien on real or personal property to recover state tax debt. This lien protects their right to the balance owed. It also makes it difficult to sell your property or refinance your mortgage, and can damage your credit rating.…
The California Franchise Tax Board (FTB) encourages taxpayers facing a financial hardship to work with the FTB to find a way to pay off their tax debt. The FTB can give California taxpayers more time to pay, or settle tax debt for less than the full amount in some cases.…