There are circumstances that arise which may put an individual in a financial hole with the IRS. This can often lead to a California resident owing back taxes to the state and federal government, which can amass quickly if left unresolved. Although the fear of an IRS...
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Federal Judge Shoots Down Hundreds of Millions in Tax Losses claimed by Broadcom Co-Founder
In Broadwood Investment Fund LLC v. United States, No. 08-0295 (C.D. CA Sept. 21, 2012), a California federal district court judge rejected, on summary judgment, a bid by Broadcom co-founder Henry Nicholas, III, to claim hundreds of millions in tax losses from a tax...
California mortgage assistance could lead to surprise tax debt
Many homeowners are currently enjoying some much needed relief on the principal of their mortgage loans. Although this relief has assisted many in either selling their home through a short sale or making existing monthly payments more affordable, a tax issue may be on...
Ninth Court to Rule on 5th Amendment Privilege of Tax Records.
The Recorder, a California legal publication, reports on oral argument in a Ninth Circuit case involving the act of production doctrine. Under this doctrine, a person can invoke his Fifth Amendment rights against the production of documents only where the very act of...
Community News
Coming up this month:Amy Halloran will present "Tax Aspects of Estate Planning" for Young Tax Lawyers on September 20, 2012Ms. Halloran will discuss the some of the most costly mistakes in estate planning when income tax aspects are ignored and how a good estate plan...
Mailbox Rule Does Not Apply To All Fed Ex Deliveries
Not rain, nor sleet, nor snow will stop the U.S. Postal Service from delivering your Tax Court Petition, but try to save a few bucks by using Federal Express' "Express Saver Third Business Day" and your petition is not considered "mailed" according to the U.S. Tax...
FATCA News – United Kingdom is First to Sign with the Treasury Department
This week the Treasury Department and the United Kingdom signed a bilateral agreement to implement the information reporting and withholding tax provisions under the Foreign Account Tax Compliance Act (FATCA). The model agreement was developed in July 2011 with input...
California teachers’ retirement accounts could face further audits
In a recent announcement, the California Controller has indicated his office is broadening a review of public employee retirement accounts. He stated that his office needed further time to complete the audits so they can review all the targeted accounts. These...
IRS Audits Lead to Fraud Referrals as the IRS Seeks to Collect Revenue
Although most taxpayers are not deliberately trying to commit a crime by filing a "creative" tax return, or simply not filing a tax return, the reality is that such action, or inaction, can in fact lead to a criminal or civil fraud investigation. Although the statute...
$104 Million Awarded to Whistleblower by the IRS
A recent article in Reuters reveals that the Internal Revenue Service (IRS) acknowledged that information provided by Bradley Birkenfeld was so helpful in revealing the secrets of the Swiss banking system that he would receive a $104 million whistle-blower award. Mr....
