Sean and Nadia Roberts of Tehachapi, California, pled guilty before the Eastern District of California to a criminal information charging them with filing a false tax return under Internal Revenue Code § 7206(1). The charge is related to an undisclosed Swiss bank...
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Month: August 2012
California federal employees could be fired for having tax debt
A bill that recently passed the House of Representatives calls for federal employees to be fired if they owe too much in back taxes. The proposed law, which is now scheduled to go before Senate, would affect California federal employees who were facing substantial tax...
Amazon to Begin Collecting Tax in California – Amazon gets a Break and California gets Jobs
A year ago, California changed its tax laws requiring online retailers to collect sales tax from California residents and businesses who make purchases on-line. California is expecting $200 million in annual sales tax from online retailers, with Amazon being the...
California Court Upholds Use of Multistate Tax Compact Apportionment Formula
California's First District Court of Appeals issued an opinion on July 24, 2012 giving corporations relief from a 1993 California state law that gave double weight to sales, thereby increasing corporate income taxes on out-of-state corporations while giving those...
Treasury Department Releases Model Intergovernmental Agreement To Guide Foreign Financial Institutions compliance with FATCA
On July 26, 2012, the United States Department of Treasury published two versions of model intergovernmental agreements, a reciprocal and non-reciprocal. These agreements establish a framework for financial institutions to report certain financial account information...
IRS criticized for S-Corp audits in California and across the U.S.
The popularity of S-Corporations has continued to rise for small business owners. According to the Internal Revenue Service, the number of tax returns filed on behalf of S-Corporations is steadily increasing. However, an IRS watchdog organization has recently released...
An Olympic tax bill?
In addition to the honor and accomplishment of earning an Olympic medal, US athletes also earn an income tax bill. While it's widely accepted that income earned is subject to federal tax, it's not always clear, exactly, what is considered income. Internal Revenue Code...
