The IRS has published the new 2011 Data Book, which is available here. The book contains various interesting statistics relating to the IRS's criminal investigation function.Table 18, Criminal Investigation Program, by Status or Disposition, Fiscal Year 2011 is...
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IRS Issues Grants Relief to Some MF Global Victims
The IRS just announced penalty relief for any farmers who had to file their return after March 1 due to delays associated with the MF Global bankruptcy case. This new release indicates the magnitude and far-reaching implications associated with untangling MF Global's...
IRS regulations and mortgage modifications
Many California residents may have heard of the multi-state settlement that was reached recently with many of the nation's largest lenders. The settlement includes a provision under which lenders will reduce a portion of the principal on some mortgages. However,...
Advance Pricing Agreements and Competent Authority
The IRS is seeking public comment in advance of issuing updated published guidance with respect to requests for Advance Pricing Agreements and Competent Authority assistance. The IRS announced certain organizational and administrative changes and...
Franchise Tax Board provides Guidance on the Single Sales Factor Election
The California Franchise Tax Board (FTB), recently released Legal Guidance Division 2012-03-02 where it addressed the following question: Can a taxpayer make a valid single sales factor (SSF) election and also report tax computed without the election in order to avoid...
Tips for avoiding audits
The IRS deadline for filing your tax return for 2011 is rapidly approaching, which means more people are becoming concerned about receiving that dreaded audit. Recently, we mentioned how the IRS is increasingly turning to so-called unreal audits ("Audits may not be...
IRS Recruiting Talent To Crack Down On Transfer Pricing
Reuters is reporting that despite the Internal revenue Agency's (IRS) 2012 fiscal budget cut of 2.5%, newly appointed Transfer Pricing Director, Samuel Maruca, is recruiting talent to crack down on companies that shift their profits from country to country in order to...
Franchise Tax Board issues Legal Division Guidance on Federal Conformity and Research and Development Tax Credit
The Franchise Tax Board (FTB) recently released Legal Division Guidance 2012‐03‐01. While FTB's "Legal Division Guidance" is not considered "written advice", the guidance often relates to recently-enacted legislation where there may be little available...
Deadline is approaching for overseas residents to file income tax returns
U.S. citizens and resident aliens residing overseas or those serving in the military outside the U.S. on April 17, 2012 have until June 15, 2012 to file their federal income tax returns. For information on forms, world-wide income, foreign earned income exclusion and...
State board publishes list of those who owe the most back taxes
The failure to pay taxes could land one in hot water not only with the IRS but also with state and local authorities. The state of California even went so far as to publish a list of individuals and companies who apparently owe the most unpaid taxes since 2007....
