It likely isn't surprising to Sacramento readers that cautionary tales regarding compliance with California and federal tax laws abound. One such tale came closer to its end recently, when a California real estate developer was sentenced to 30 months in prison after...
Experience. Dedication. Results.
Month: December 2011
New IRS tax preparer requirements based on California law
The IRS is using California law as a model for new education requirements for tax preparers. The new requirements will go into effect in 2012, their purpose being to prevent tax fraud and protect taxpayers from bad decisions on the part of preparers.The new IRS...
Foreign Assets Valued at $50,000 or More? Pay Attention to IRS Form 8938 or Risk Harsh Penalties:
The IRS has released Form 8938 which is required to be attached to your 2011 Form 1040 if your foreign assets exceed certain thresholds. Anyone living in the U.S. or abroad, as a U.S. citizen, resident (or non-resident filing a joint return with a resident), and even...
With the IRS, there’s no such thing as a free gift…
Forbes Magazine is reporting that federal judge, Morrison C. England, Jr., will allow the IRS to mine California records for unreported gifts of real estate. For a long time the IRS has wanted to crackdown on the widespread failure of taxpayers to adequately file the...
The Up Side to Investment Fraud: IRC Section 165
Investors have had very little to cheer about the last few years, and the bad news continues for many. Just over a month age, MF Global filed for bankruptcy protection, and that investigators have subsequently discovered that approximately $1.2 billion of assets in...
Estate Planning in 2012 – Will Congress Act Before the Adjustments Expire?
It has been said that the only thing a person can count on is death and taxes, both of which greatly impact estate planning professionals. However, in the last several years, while death has remained a certainty, taxes have been another story.In 2001, then-President...
Tax fraud guilty plea gets adult entertainment exec hefty fine
It only takes a few tax mistakes for California residents to end up facing criminal charges from the IRS. Even so, allegations of tax crimes can be very serious if a person is convicted. One woman who worked as an executive for an adult entertainment firm now knows...
Quality Control Concerns in IRS Audits of Closely Held Corporations
The majority of American corporations are considered to be closely held because they are owned by a single shareholder or a closely knit group of shareholders. These shareholders typically have a significant amount of control over managing and directing the day-to-day...
California man settles for plea agreement in tax crimes case
A California owner of a painting business recently pled guilty to tax crimes. The IRS had accused him of paying cash to undocumented workers, alleging that the man had used secret accounts to pay the employees.Prosecutors alleged that the man kept separate business...
Your Online Life After Death
Attorney Amy Heavey-Halloran was featured in an article in the Sacramento Bee this weekend - click here to read the full article, and get helpful tips for protecting your digital information after death.
