Tax Blog and News
David J. Warner to Speak on Taxation of Foreign Branches at Strafford Webinar
Holtz, Slavett & Drabkin tax attorney, principal, and shareholder David J. Warner will be co-presenting a Strafford webinar entitled “Taxation of Foreign Branches Under Current Tax Law: Qualified Business Units, Foreign Tax Credits, Anti-Hybrid Rules” on...
Own a Business Outside California? You May be Subject to California Tax Without Even Knowing It.
The California Franchise Tax Board (FTB) may determine that an out-of-state business is subject to California tax if the business has enough of a connection with the State of California. The FTB is a taxing agency that has taken aggressive positions against...
David J. Warner Elected to Loyola Law School’s Board of Governors
David J. Warner has been elected to the Loyola Law School Alumni Association Board of Governors. The Board of Governors has 35 members who support the law school by connecting the Loyola alumni community with the law school and its students, mentoring students,...
Holtz, Slavett & Drabkin Sponsors 14th Annual NYU Tax Controversy Forum in New York
Holtz, Slavett & Drabkin is proud to sponsor the New York University 14th Annual Tax Controversy Forum, which will take place on June 23-24, 2022, at the Westin New York Grand Central. The Forum is a gathering of high level government representatives, judges,...
Are FBAR Penalties Limited? U.S. Supreme Court Will Decide.
On June 21, 2022, the U.S. Supreme Court decided to review (that is, granted certiorari) in the case of Bittner v. United States. This case centers around the report of foreign bank and financial accounts (FBAR) and penalties for not timely filing the FBAR form. The...
Failing to Notify the Franchise Tax Board of an IRS Audit Means the Tax May Not Be Dischargeable in Bankruptcy
No one wants to be audited by the Internal Revenue Service (IRS). However, if the IRS examines your tax return and makes any changes to it, then California taxpayers have an extra obligation to notify the California Franchise Tax Board (FTB) of these changes. Under...
Michele Weiss to Present “IRS & Pass-Throughs: New International Reporting Rules and Enforcement” to the CLA, Tax Section, Women in Tax Committee
On May 17, 2022, Michele Weiss, Senior Counsel at Holtz, Slavett & Drabkin, will present a CLE program on IRS and Pass-Throughs – New International Reporting Rules and Enforcement to the Women in Tax Committee of the California Lawyers Association, Tax Section....
Can Non-Willful FBAR Penalties Exceed $10,000 Per Year?
by Michele Weiss US taxpayers are obligated to file a foreign bank account report (“FBAR”) if the aggregate value of their foreign account interests exceeds $10,000 on any day during a calendar year. 31 U.S.C. § 5314; 31 C.F.R. §§ 1010.350(a), 1010.306(c). Taxpayers...
Tax Issues in the Cannabis Industry
The IRS has made tax enforcement in the cannabis industry one of its top priorities.
Michele Weiss to Participate in April 1 Panel on the Taxation of NFTs as part of the Beverly Hills Bar Association NFT Week
On April 1, 2022, Michele Weiss will moderate a Beverly Hills Bar Association program on "Tax Implications of Acquiring, Holding or Selling NFTs". The recent explosion of the creation and sale of NFTs has brought about significant concerns regarding the taxation of...