Imagine your client receiving a letter from his bank stating his account will be levied in a matter of days because the California Franchise Tax Board (FTB) has determined he has a tax liability dating back 19 years.In the past several weeks we have received an...
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Month: March 2012
A Reminder to File IRS Form 8938, Statement of Specified Foreign Financial Assets
Most taxpayers with a reporting requirement for their interests in specified foreign financial assets must file their first IRS Form 8938 with their 2011 income tax return. The Foreign Account Tax Compliance Act (FATCA), enacted in 2010, requires certain U.S....
Portability elections for estate taxes
Last month, the IRS issued Notice 2012-21 which grants certain estates an extension of time to file documents necessary to make the portability election.The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 included a provision allowing...
Tax crimes allegations pending for California woman
For many California residents, the complexity and length of the federal tax code make it more akin to a foreign language than to a comprehensible set of rules and regulations. That may help explain why so many people make mistakes when filing their tax returns....
IRS Offers Expanded Installment Agreements and New Penalty Relief
It seems that the Internal Revenue Service is starting to take note of the sluggish economy and its effect on taxpayers. Today, the IRS announced a major expansion of its "Fresh Start" initiative aimed at helping struggling taxpayers, by making Installment Agreements...
If passed, tax proposals mean hikes for California millionaires
Three tax hike proposals in California are currently in the signature-gathering phase. With enough signatures, the proposals will be put on the upcoming November ballot.According to a new poll, a sizeable majority of California voters are in favor of a tax hike on...
