The Franchise Tax Board has proposed a bill which would provide penalty relief for taxpayers who fail to timely file a tax return or fail to timely pay an income tax liability. This relief would be available for individuals and corporations and would mirror the...
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Month: March 2014
A Bit on Bitcoins
The IRS has provided information on the treatment of virtual currency, which is not considered currency at all. Virtual currency is treated as property for U.S. Federal tax purposes and as such, may be subject to ordinary or capital treatment depending on the...
Tax Court remands case for IRS to consider an offer in compromise for effective tax administration
Last week, the Tax Court remanded a collection due process case to the IRS Appeals Office for consideration of an offer in compromise (OIC) on the grounds that the IRS had failed to adequately consider whether the OIC promoted effective tax administration. Bogart v....
Employment Tax Petitions and Hearings Before the California Unemployment Insurance Appeals Board
1. The CUIABIf you have received a tax assessment from the California Employment Development Department (EDD), you may be considering filing a petition to contest that assessment with the California Unemployment Insurance Appeals Board (CUIAB). The CUIAB is a...
IRS Reminder of Option for $1,500 Home Office Deduction
The Internal Revenue Service today reminded people with home-based businesses that this year for the first time they can choose a new simplified option for claiming the deduction for business use of a home. In tax year 2011, the most recent year for which figures...
Act Now! Revised FATCA Final Regs and 2014 Forms are Available!
The following FATCA Forms and Instructions for 2014 are now available on the IRS.GOV Forms and Publications Website:Form 1042 Form 8966 Form W-8BEN Instructions to Form W-8BEN Form W-8ECI• Instructions to Form W-8ECIClick here to access IRS.GOV Forms and...
