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Final Tax Reform Bill Released

The final version of the Republican “Tax Cuts and Jobs Act” legislation was released a few hours ago. It is 1,097 pages. I am going through it page by page. It is not my intention to repeat the “big picture” changes that have been reported in the

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Taxability of Recovery Items such as State Tax Refunds

Taxability of Recovery Items such as State Tax Refunds Q: Here’s the situation. A client made a large state tax payment in 2011. The payment turned out to be much larger than his state tax liability. He received a large state tax refund during 2012. As usual, the state reported

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Can I Deduct My Charitable Donation on Last Year’s Return Since I Gave Instructions to My Broker?

Can I Deduct My Charitable Donation on Last Year’s Return Since I Gave Instructions to My Broker? Q: “I wanted to make a charitable donation of stock in December 2012. I sent in the paperwork to my broker in mid-December. My statement shows the stock wasn’t transferred

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California Under-Withholding Penalties for 2012 After Passage of Prop 30

California Under-Withholding Penalties for 2012 After Passage of Prop 30 Q: “I have been employed at Facebook for several years. I had substantial equity that vested in November. My 2012 income is higher than normal and I will be affected by Prop 30. I don’t have enough

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Taxability of California Paid Family Leave (PFL) benefits

Is California Paid Family Leave (PFL) taxable? Q: “My wife and I had a baby last year. I took a few weeks off to spend time with my family. I received some checks from California for the time I was off. I was issued a 1099-MISC by

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