For many gamblers in California who aren't United States citizens, winning was a thrill -- until it came time to pay taxes on those winnings. The IRS would get a portion every time, that is, until recently. A recent court case changed the way the IRS collects taxes on...
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Month: July 2013
State Contacting Businesses to File Last Year’s Tax Returns
The Franchise Tax Board (FTB) is contacting more than 90,000 California business entities that have not filed their 2011 state income tax returns. Businesses contacted by the FTB will have 30 days to file a tax return or show why there is no filing...
Tyco tax controversy could take years to resolve
According to the IRS, Tyco International Ltd. (Tyco) and some of its former subsidiaries owes the United States government somewhere in the area of $883.3 million in back taxes that have accrued $154 million in penalties. Tyco has let the IRS know that it does not...
Two New Bills Alter California Enterprise Zone Credit Program
The California Enterprise Zone credit program will see significant changes beginning January 1, 2014 due to two bills signed by Governor Jerry Brown on July 11, 2013: Assembly Bill 93 and Senate Bill 90. A partial sales and use tax exemption of approximately 4.19% is...
IRS extends FATCA Registration Date
The FATCA registration website is projected to be accessible to financial institutions on August 19, 2013. Other key dates for registration, however, will be extended by six months. After the FATCA registration website opens, a financial institution will be able to...
California FTB Announces Withholding Voluntary Compliance Program (WVCP)
On July 1, 2013, the California FTB began its Withholding Voluntary Compliance Program for eligible withholding agents who did not remit the required resident, nonresident, and real-estate withholding. Although the unpaid withholding must be paid, with interest, the...
Retired banker in California faces 5 years for tax crimes
A man who dedicated 40 years of his life to the banking industry may end up doing time in prison as a result of not reporting bank accounts on his U.S. tax returns. The man, who retired in California, has been ordered to pay a fine in the amount of $1.5 million for...
Big Business Tax Loopholes Targeted – The End May Be Near
As major nations learn of the tax loss caused by legal tax provisions exercised and optimized by Big Business such as Apple, Dell and Google, the G20 has requested measures to stop companies from shifting profits into tax haven countries.The Group of 20, or G20, is a...
Starting a New Business? IRS Offers Advice
Many decisions are made when starting a new business, including five issues the IRS has identified as key considerations. Whether it is the type of business you will form, the manner by which you report and pay taxes, the account method you may elect or day to day...
OECD Recommends Steps to G8 to End Offshore Tax Evasion
The Organization for Economic Cooperation and Development (OECD) has identified four steps necessary for transparency and the automatic exchange of information regarding financial accounts through a cost effective and secure system, in an effort to end offshore tax...
