RJS LAW - Tax & Estate Planning

We extend our heartfelt thanks to all our sponsors, panelists, keynote speakers, and attendees who made the 9th Annual USD School of Law - RJS LAW Tax Institute a remarkable success. Congratulations to Sandra R. Brown for receiving the Richard Carpenter Excellence in Tax Award! We express our sincere appreciation to Ms. Priscilla Presley for her engaging and insightful keynote speech and fireside chat during the evening reception. University of San Diego School of Law | USD School of Law – Tax Law | University of San Diego #TaxInstitute #RJSLAWFirm #TaxLaw

IRS Announces Employee Retention Tax Credit or ERC Refunds as Early as September for Some Businesses, While Many Other Businesses Will Remain in ERTC Limbo by Joseph Cole, Esq., LL.M. The IRS issued another announcement on how it intends to process Employee Retention Tax Credit or ERTC claims and issue ERTC refunds. In previous announcements the IRS stated it was lifting the moratorium on Employee Retention Tax Credit or ERC refunds, but was going to leave most businesses in bureaucratic limbo. The IRS recently announced it would begin issuing Employee Retention Tax Credit or ERC refunds starting in September 2024 on about 50,000 claims. Learn more on our blog (see comments) #ERCRefunds #EmployeeRetentionTaxCredit

Dynasty Trusts by Sean Erdman Families should consistently seek methods to preserve family wealth for future generations. Developing an effective strategy to minimize estate transfer taxes is critical to preservation. Unfortunately, poor planning may result in repeated taxes on familial wealth which can heavily erode and diminish the value of an estate as it passes from generation to generation. Dynasty trusts, sometimes called legacy trusts, may be the answer for families looking to preserve long term wealth. Learn more on our blog (see comments) #DynastyTrusts #EstatePlanning #Wealth

Wyoming Asset Protection Trusts by Sean Erdman If you insure your home, car, and health, then why not insure your other assets? Wyoming is one of the few states in which you can set up a domestic Asset Protection Trust (APT). For high-net-worth individuals looking into ways to safeguard their assets against creditors, lawsuits, and ex-spouses, creating a Wyoming Asset Protection Trust is one of the best options. Learn more on our blog (see comments) #WyomingAssetProtectionTrusts #EstatePlanning #Trusts

Understanding Dischargeable and Non-Dischargeable Debts in California Bankruptcy by Marco Torres, Esq. Filing for bankruptcy can be a lifeline for individuals overwhelmed by debt, offering a fresh start and the opportunity to rebuild their financial lives. However, not all debts are treated equally in bankruptcy. It is crucial to understand which debts can be eliminated (discharged) and which cannot. For those considering bankruptcy, this blog post will explore the types of debts and provide a basic understanding of dischargeable and non-dischargeable debts in California. Learn more on our blog (see comments) #Bankruptcy #Debts #CaliforniaBankruptcy

Got Receipts? What Happens at an IRS or FTB Tax Audit When You Do Not Have Tax Receipts by Joseph Cole, Esq., LL.M. It is important to save your receipts in the event the IRS or FTB audits your tax return.  There is a general rule that taxpayers should keep receipts for seven years for tax audit purposes. However, every general rule has its exceptions, and some taxpayers may need to keep some receipts longer than seven years. A recent Office of Tax Appeals (OTA) Case illustrates what happens at an IRS or FTB tax audit when you do not have tax receipts and how one of the exceptions to the seven year rule came into play. In the Sediqui case, the Taxpayers purchased real estate in 1982. In 2009, the Taxpayers made improvements to the property which they used to increase the cost basis of their property. In 2017 the Taxpayers sold the property and reported the gain from the sale on their tax return. The Taxpayers increased their cost basis (and reported less taxable gain) by the cost of the improvements they paid for in 2009 improvements they paid for in 2009. Learn more on our blog (see comments) #TaxReceipts #IRSAudit #FTBAudit

People under severe financial pressures sometimes feel like the only alternative is to file for bankruptcy. But that process does come with consequences and may not actually be the best solution. Over on the RJS LAW blog we take a deep dive into alternatives to bankruptcy that may have a better outcome. A link is in the comments. If you're still not sure, come speak to our experienced bankruptcy legal team with a free no-obligation consultation. They can lay out the options for you to help you make the right decision for your situation. #taxes #bankruptcy #bankruptcylawyer #RJSLAWFirm

We are excited to share the success of our 9th Annual USD School of Law – RJS LAW Tax Institute, made possible by our partnerships, keynote speakers, moderators, and panelists. University of San Diego School of Law | University of San Diego - Knauss School of Business | University of San Diego

Declaring Bankruptcy by Marco A. Torres, Esq. In today’s complex financial landscape, consumers face challenging decisions when it comes to managing debt. Declaring bankruptcy may provide a viable path to financial recovery. This blog post explores the signs that indicate when it might be time to consider bankruptcy, the types of bankruptcy available, and the potential impacts on a one’s financial future. Understanding Bankruptcy: A Brief Overview Bankruptcy is a legal process designed to help individuals or businesses eliminate or repay their debts under the protection of the bankruptcy court. It provides a fresh start for those unable to meet their financial obligations. In the United States, the two most common types of bankruptcy for individuals are Chapter 7 and Chapter 13. Learn more on our blog (see comments) #Bankruptcy #DeclaringBankruptcy #BankruptcyLawyer

Register Today – It's not too late to register for the Evening Reception Featuring Ms. Priscilla Presley today at 5:30 p.m. Watch, Mix, and Mingle with one of Hollywood’s Biggest Stars. Registration link in comments. Photo credit to Christopher Ameruoso