Bloomberg is reporting that a federal judge has directed the Internal Revenue Service (IRS) to issue a summons requiring the Swiss bank Union Bank of Switzerland (UBS) to produce information about U.S. taxpayers who were trying to evade U.S. income taxes by holding...
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Month: January 2013
District Court Prevents IRS Regulation of Tax Return Preparers…But the IRS Strikes Back
On January 28, 2013, in Loving v. IRS, the U.S. District Court for the District of Columbia found in favor of Sabina Loving and two other plaintiffs who challenged the Internal Revenue Service's (IRS) ability to govern tax return preparers pursuant to regulations...
Treasury and IRS Issue Final FATCA Regulations
The time for waiting is over! Today the Department of the Treasury and the IRS issued the long-awaited final regulations implementing the information reporting and withholding tax provisions of the Foreign Account Tax Compliance Act (FATCA). These regulations aim to...
California Supreme Court Will Hear Gillette v. Franchise Tax Board
On January 16, 2013, the California Supreme Court granted the Franchise Tax Board's (FTB) petition for review in Gillette Company v. California Franchise Tax Board, and will likely hear arguments sometime this spring. We have previously covered the Gillette case here,...
Is Israel the Next Switzerland?
As the Internal Revenue Service (IRS) and the criminal tax division of the U.S. Department of Justice (DOJ) expand the global scrutiny of offshore bank accounts, they have turned their attention on three of Israel's biggest banks: Bank Leumi Le-Israel, Bank Hapoalim...
IRS Announces Annual Inflation Adjustments for 2013
The Internal Revenue Service announced its inflation adjustments for the 2013 tax year, including tax rate tables, and items from the American Taxpayer Relief Act of 2012.Some of the most notable tax items for 2013 include the following changes: Beginning in tax year...
I.R.S.’s Taxpayer Advocate 2012 Annual Report Calls for the Need to Simplify the Tax Code
The National Taxpayer Advocate, Nina Olson, delivered the Taxpayer Advocate's 2012 Annual Report to Congress emphasizing the need for lawmakers need to overhaul the tax code completely in order to reduce the "significant, even unconscionable, burden" placed on...
California start-ups can avoid common errors to keep IRS at bay
Anyone with a start-up in California needs to think about taxes from the very beginning and not after the company earns some revenue. Planning ahead can prevent issues with the IRS in the future and allow the company to take some deductions. That being said, there are...
California taxpayers and the AMT tax controversy
The fiscal cliff, Washington's latest catch-phrase, holds a surprise for California taxpayers seeking early filing opportunities. According to acting IRS Commissioner Steven Miller, the tax controversy looms trouble on the horizon for nearly two-thirds of America's...
Estate Tax Questions Answered At Last
The American Taxpayer Relief Act of 2012, passed by Congress in the final hours of 2012 and signed by President Obama on January 1, 2013, includes significant estate and gift tax law.Among its many tax provisions, the 2012 Act makes permanent the $5,000,000 gift,...
