The Foreign Asset Tax Compliance Act (FATCA) imposes a new global withholding and reporting regime intended to curb tax evasion and noncompliance by U.S. taxpayers. FATCA accomplishes this by expanding reporting and due diligence requirements on financial...
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Month: January 2012
What will you leave to the next generation?
The planning you do for the management of your care and estate at the end of your life is a true gift to your family and possibly more valuable than the assets you'll pass to the next generation. Anita Creamer's report in The Sacramento Bee on Sunday, January 29, 2012...
Romney’s returns can generate discussion for California taxpayers
Presidential candidate Mitt Romney's recent disclosure of his tax returns can serve as an excellent point of discussion for California residents with their own tax concerns. A quick look at what Romney's returns show might help people in California and elsewhere...
More good news for Innocent Spouses!
The Tax Court recently held that when the IRS levies against a joint account in a state where either spouse has the unconditional right to withdraw the full amount of the account, the innocent spouse can pursue a refund under the equitable remedies of Internal Revenue...
Why is California’s ReadyReturn not so popular?
California already has a free ReadyReturn option for taxpayers. The option involves the government's use of tax information from the previous year's return and combining it with information from the individual's W-2 form to prepare that person's taxes. The tax return...
Did you forget to file your 2010 California tax returns?
If you didn't file your California income tax returns, you can expect to receive a non-filer from the California Franchise Tax Board. On January 17th, the Franchise Tax Board announced it would be contacting people who it suspects of earning California income but not...
IRS Accused of “Bait and Switch” operation on taxpayers
In its annual congressional report, the head of the Taxpayer Advocate Service, Nina Olson, accuses the Internal Revenue Service of pulling a "bait and switch" on taxpayers. The IRS, she says, persuaded U.S. taxpayers to disclose hidden offshore bank accounts in...
Ready to file your 2011 taxes?
Today marks the "official" start of the 2012 tax filing season as the Internal Revenue Service began accepting electronically filed tax returns earlier today. Last year more than 79 million refunds were issued electronically, and that number is expected to grow since...
More Innocent Spouses Qualify for Relief under New Guidelines
The IRS will now consider additional factors in granting equitable relief to innocent spouses, for example, those who claim account abuse by a spouse and lack of control over finances, even if there is no economic hardship to the innocent spouse.IRS Notice 2012-8...
Californians facing uncertainty regarding 2012 tax law
Individuals and businesses in California can likely look forward to continued uncertainty with regard to taxes. Congress has continued to postpone any in-depth discussion of tax law and will likely do so until after the presidential and state elections in November. As...
