In a case of first impression, the Tax Court held that a taxpayer did not fail to report income attributable to unauthorized IRA distributions where his former wife had likely forged the withdrawal requests and where he received no economic benefit from the...
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Month: December 2013
FTB Announces New Employment Credit for 2014
The FTB's New Employment Credit begins January 1, 2014. One requirement for the credit is that a taxpayer be engaged in a trade or business within a designated geographic area (DGA). Use the DGA Mapping Tool to determine if a location is in a DGA. You can access the...
‘Like kind’ property exchanges subject to new California bill
When using a Section 1031 exchange under the Internal Revenue Code, property owners can defer recognition of gain for "like kind" property exchanges. Under the IRS rules, tax on this property may not be due until the time that investors actually sell the...
Foreign Financial Institutions can now get more information regarding FATCA Resources and Support
The FATCA FFI List Resources and Support Information Webpage has been posted to the FATCA Website. In addition, the FATCA FFI List Frequently Asked Questions (FAQs) have been posted to the FATCA Website.
Fourth Circuit finds Fifth Amendment privilege inapplicable to documents required to be maintained under the Bank Secrecy Act
Last Friday, the Fourth Circuit Court of Appeals affirmed a district court's refusal to quash subpoenas related to foreign bank account records that were required to be maintained under the Bank Secrecy Act and Treasury Regulations.The case involves an investigation...
IRS updates FATCA Registration System
This FATCA Registration Update Summary provides a summary of the updates made to the FATCA Registration System located on the FATCA Website. An updated version of the FATCA Registration Online User Guide (PDF) is available.For more information, click here.
Arizona laundromat owner found liable for fraud penalties for unreported check-cashing income
Yesterday the Tax Court issued an opinion in Abdallah v. Commissioner, T.C. Memo. 2013-279, finding that a laundromat owner had fraudulently underreported income for several years and was liable for civil fraud penalties under I.R.C. § 6663(a). In addition to...
2014 Standard Mileage Rates for Business, Medical and Moving Announced
The Internal Revenue Service today issued the 2014 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.Beginning on Jan. 1, 2014, the standard mileage rates for the use...
California Offers Tax Relief on Short Sales
On Wednesday, December 4, the Franchise Tax Board followed the IRS's lead in announcing that it will not impose a tax penalty on taxpayers who sell their home for less than is owed, commonly referred to as a "short sale". The determination means California taxpayers...
Supreme Court won’t hear Amazon and Overstock
On Monday, December 2, the United States Supreme Court declined to hear a case that could have answered long-standing questions about a state's right to collect sales tax from internet retailers who do not have a physical presence in the state. Amazon and...
