100+ Years of Combined Tax Resolution Experience.
It looks like the IRS will have a new commissioner. The Senate confirmed Charles Rettig last week as the new commissioner. The Senate confirmed the Beverly Hills tax attorney by vote of 64-33. Rettig will be the first commissioner to come from a tax background and was considered qualified for the job by both parties. Rettig has a tough road ahead of him as the IRS has been hit with several budget cuts from over the years. One of Rettig’s big tasks will be writing the new rules to implement the next tax laws, along with pinpointing the way certain documents will look, and carefully deciding how overseas corporate revenue will be taxed.
So, who is Rettig? Charles Rettig is a California native who earned his Bachelor’s Degree in Economics at the University of California, his J.D. at Pepperdine University, and his LLM in Taxation at the University of New York Law School. Rettig has spent the last 35 years practicing tax law and helping taxpayers settle their disputes with the IRS. He has dealt with high profile clients with tax controversies that include, Michael Jackson, Don Ho, and “Girls Gone Wild” creator and founder Joseph Francis. Rettig has represented individuals and companies in both civil and criminal tax matters before the IRS. He has successfully sued the IRS on behalf of a California bank holding company, and settled many disputes involving overseas taxes and the proper handling of money. For the past decade, Rettig has also been an adviser to the IRS and state tax collectors.
Rettig’s term will run until November 2022. He will replace David Kautter, who has been acting as IRS commissioner and is the Treasury Department’s top tax policy official.
We’re in an era in which more small businesses are launching like wildfire. Many people find starting a small business of their own as easy as a piece of cake. However, most of the time, what they fail to prioritize are some of the major players involved in smoothly operating their small business. A...
Do you know why most married taxpayers go for filing joint tax returns? It’s actually because of the benefits that it offers. But with joint tax returns, both the filers hold the responsibility for the tax bill or any penalties and interest that arise from it. Both are legally responsible for the entire liability, even...
What if you owe so much in taxes that you can’t see your way out of it? If you owe back taxes, you might not think there is a way you can ever pay things off. And the more those back taxes have accumulated, the deeper the hole. But that doesn’t mean you can’t dig...
Tax Audits are one of the most terrifying things a taxpayer can endure. Most taxpayers don’t know what being audited by the IRS entails and usually don’t know what to do if they are audited. IRS audits can be confusing to most taxpayers as most don’t know what the IRS is looking for when they...
Receiving a letter from the IRS can be intimidating, especially if you’re unsure what the notice is for or what to do next. Fortunately, many notices are nothing to worry about and are purely informative. Below, we look at everything you need to do — and what not to do — after getting a notice from the...
The Internal Revenue Service (IRS) is increasing audits on cannabis businesses — the agency is on a mission to ensure that cannabis businesses adhere to the tax code. Unfortunately, cannabis companies must comply with more strict tax laws than other businesses and can claim fewer deductions. Most business owners don’t realize this or aren’t able to meet the reporting responsibilities on their own. If you own a business in...