Brunoro Law Blog

Wednesday, February 15, 2017

Can the IRS really garnish my wages?

Getting into hot water with the IRS can be a nightmare, one many people have every year about this time.  If you find yourself in a tax controversy with the IRS due to back taxes, they will stop at nothing to collect what is due. This includes garnishing your wages.

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Saturday, February 11, 2017

Who qualifies as an independent contractor?

Tax season is upon us, bringing with it the usual confusion and anxiety over what we can and cannot do to minimize our tax burden.  One familiar topic that is often scrutinized in a tax controversy is the question of independent contractor versus employee.

If you are a business owner utilizing the services of others, you’ll want to be very careful to ensure their status as an independent contractor is solid, or risk heavy penalties.

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Tuesday, January 31, 2017

Is a Border Adjustment Tax on the Horizon in the U.S.?

As has widely been reported,  the White House and Congressional lawmakers are working on plans to reform corporate tax rates that includes some form of a border adjustment tax (BAT).  While the idea, initially included in House Speaker Paul Ryan's (R-WI) "Better Way" tax reform plan in 2016, has been called "too complicated" by President Trump, support for a BAT is building and could be included in final tax reform legislation.

What is a border adjustment tax?

A BAT would impose a tax on imported goods and could also include cross border transactions involving services and intellectual property. At the same time, the gross revenue of exports would be exempted from taxes. The objective is to level the playing field against countries that relay on a value-added tax (VAT) which essentially has the same impact.
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Monday, January 23, 2017

Are Lawyer Fees Tax Deductible?

There’s no question, getting help from an attorney can be expensive. For some people, relying on quality legal counsel means the difference between business success and failure or bankruptcy and plenty. For those people that so play it smart and seek legal help when they need it, the IRS provides certain tax deductions for legal expenses.

Deductions Generally

As a general rule, most expenses that you can claim as miscellaneous itemized deductions on Form 1040 or 1040NR, Schedule A must be reduced by 2% of your adjusted gross income (“AGI”). This means that if your AGI is $200,000 per year, your qualifying deductions are deductible only if those deductions (taken together) exceed $4,000.

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Wednesday, January 18, 2017

Legal Fees and Your Taxes

Are attorney’s fees tax deductible?

You will likely need legal advice at some point in your life.  Whether it is going through a divorce, being injured in a car accident, or needing advice about your business, attorneys offer vital assistance when you need it most.  Legal fees, however, can quickly add up.  It may help to know that some legal fees can be deducted on your taxes.  

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Tuesday, January 17, 2017

Corporate Tax Overhaul Could Have Global Effects

How might changes to the corporate tax code impact my business?

Most Americans are in agreement that the system for taxation of businesses in our country needs revamping.  The United States has one of the highest statutory tax rates for corporations, but collects less money than most other countries.  The current tax code incentivizes businesses to take out loans and move operations to other countries.  Now, with a Republican president, House, and Senate, overhaul of the tax system seems imminent.  Major changes to the tax code could have implications on a national and global scale, as well as an impact on your individual business.

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Wednesday, December 28, 2016

1031 Exchanges: What You Need to Know

How can I use a 1031 exchange to avoid capital gain taxes?

Section 1031 of the Internal Revenue Code allows for investment property owners to essentially swap one investment asset for another without having to pay capital gain tax.  This underutilized section of the tax code can have significant benefits for investors.  With the help of a California tax planning attorney, investors can save thousands by rolling over their gains to the next investment.

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Friday, December 16, 2016

International Taxes Could Dramatically Change Under President Trump

How could Donald Trump’s election alter international taxes?

Donald Trump’s surprise election win could impact not just the United States, but the world as well.  The international tax planning community has been turned on its head from the win, and is now scrambling to decipher just what implications a Trump presidency could have on international taxes.  Soon, it is possible that moving out of the U.S. tax system may no longer carry an advantage.

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Wednesday, December 7, 2016

Pros and Cons of Filing Your Taxes Jointly

Should we file our taxes jointly?

Married couples have the option of filing their taxes either jointly or separately.  Recent changes to the tax laws have encouraged joint filing by increasing the deduction offered to married couples filing jointly.  Before automatically filing jointly, however, taxpayers should consult with a San Diego tax planning lawyer who can help them to assess whether filing jointly is best for them.

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Saturday, November 26, 2016

Tax Laws and Rates May Change Under President Trump

How could my tax obligations change under Trump’s presidency?

Donald Trump is officially the President-elect.  While his surprise victory has garnered mixed emotions, it is now time for the American public to start planning for changes that could come under a Trump presidency.  One of the areas that Trump has promised to reform is taxes.  Donald Trump openly admitted on the campaign trail that current tax laws allowed him to take a $916 million net operating loss that permitted him to not pay taxes for years.  Now, with a Republican President and Republican controlled House and Senate, changes to the tax code seem inevitable.

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Monday, November 14, 2016

New Regulations Could Impact Employers in the Food and Beverage Industry

How can I ensure my business is in compliance with federal and state regulations?

Employers in the food and beverage industry face significant regulatory changes in the year 2017.  New federal legislation and court rulings will have an impact on employers nationwide, with those in the food and beverage industry perhaps affected the most.  Regulatory compliance is critical for employers, and it can have a tremendous impact on your bottom line.  The following is a look at some of the changes to come in 2017 and how you can ensure you are in compliance:

Overtime Changes

The Department of Labor passed a new law that will update current overtime regulations starting on December 1, 2016.  Under the new federal Fair Labor Standards Act (“FLSA”), the minimum salary that must be paid to an exempt employee will more than double.

Read more . . .

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