The complexity of California income tax laws for non-California businesses is not new. Whenever nonresident businesses have income sourced to California, California will assess income tax in many cases. Public Law (PL) 86-272 still exempts out-of-state businesses from...
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Month: September 2013
California FTB Provides Non-California Businesses with Information on Income Apportioning
The complexity of California income tax laws for non-California businesses is not new. Whenever nonresident businesses have income sourced to California, California will assess income tax in many cases. Public Law (PL) 86-272 still exempts out-of-state businesses from...
IRS believes tax controversy is over
The IRS recently announced that it was granting tax-exempt status to True the Vote. The IRS and the Department of Justice may believe that this tax controversy may be over, but True the Vote says there are still questions that it needs answered. As many businesses in...
Estate Planning You Should Do Right Now
There is one simple estate planning tool you can accomplish immediately and without having to call a lawyer-updating your beneficiary designations.Many assets, including bank, brokerage, retirement, company benefit plan, life insurance, and 529 college accounts are...
Israeli Bank Account Owners Readmitted to OVDP
Although the IRS won't comment on the reason Bank Leumi customers were kicked out of the IRS' Offshore Voluntary Disclosure Program (OVDP) after not only being accepted into the program, but after some had already received a final clearance and paid the amounts...
IRS Posts New Frequently Asked Questions on FATCA
The IRS has posted new information to its website, in the form of frequently asked questions (FAQs), relating to FATCA. One set of FAQs focuses on the registration system and can be located at this link. A second series of FAQs involves FACTA issues relating to...
Should the IRS get to decide what a celebrity is worth at death?
Many people in California have been following the court battles spawned by Michael Jackson's death. There could be yet another battle brewing for the late singer's family -- this one in the United States Tax Court. The IRS has made a seemingly arbitrary decision about...
From Al Capone to Barry Bonds, the IRS has played a critical role initiating investigations that ultimately led to criminal prosecution.
Despite accusations that the notorious Capone was guilty of directing or committing many crimes through his organized syndication, tax evasion was ultimately the offense the federal government pursued which resulted in Capone's sentence to federal prison in...
Small Businesses Owe Big
Last December, the Second District Court of Appeal for California ruled in Cutler v. Franchise Tax Board that a California business incentive program violated the US Constitution's Commerce Clause. The program was enacted 20 years ago to allow investors selling stock...
California tax crimes: Family inherited tax evasion problems
When the founder of International Investment Advisors LLC passed away in 2001, he was worth approximately $24 million. What his family may not have realized at the time was that over half of that fortune was held in overseas bank accounts and taxes had not been paid...
