Over the past year many California businesses have faced difficult choices, including the decision to remain operating, or to shut down. For those who have ceased business, it is important to make sure you have legally terminated your entity with the State of...
The California Department of Tax and Fee Administration (CDTFA) reported today that in the first quarter of 2021, California has already generated $131.9 million in cannabis excise tax, $30.7 million in cannabis cultivation tax, and $82.4 million in cannabis sales...
On May 5, 2021, a federal court in the Northern District of California authorized the IRS to serve a John Doe summons on Payward Ventures, Inc., and Subsidiaries d/b/a Kraken, to obtain information on U.S. taxpayers who had at least $20,000 in cryptocurrency...
As California taxpayers leave the state in droves, so too does the FTB review subsequent income activities to ensure the taxpayers have really left the state. The Bracamontes learned this hard truth recently when the California Office of Tax Appeals (OTA) issued its...
The Office of Promoter Investigations (OPI) was announced yesterday as the IRS’ latest division targeting compliance issues. OPI will focus on those individuals who promote and peddle tax fraud and tax avoidance schemes. Before the creation of OPI, the IRS’ Small...
The Department of Justice’s Tax Division’s success over the last year is a reminder to all taxpayers to make sure they are reporting and filing taxes timely and correctly. Throughout 2020, the Tax Division helped investigate and prosecute a multitude of tax offenses,...
As quickly as digital wallets are opened and electronic exchanges of virtual currencies are made, opportunities for tax evasion arises. The IRS has pledged to thwart such illegal activity, limiting the time for taxpayers who may not have reported their undisclosed...
Any time a business receives payments regularly in cash, the business can be a target of an IRS audit. It is tempting for many business owners to forego reporting cash receipts, not realizing the many ways the IRS and Department of Justice Tax Division can catch up...
While the state and federal law enforcement agencies aggressively target those committing fraud for COVID-19 relief payments and unemployment compensation claims, be aware that if someone has filed a claim using your social security information, you will receive Form...
During his February 17, 2021 virtual "Fireside Chat," IRS Commissioner, Charles Rettig discussed the state of the IRS after nearly a year of many changes due to COVID-19. Not only was the IRS granted the task of issuing millions of Economic Impact Payments while all...
