Recently the District Court for the Western District of Kentucky upheld the imposition of a penalty under I.R.C. sec. 6656(a), which provides a penalty in the case of any failure to deposit a tax payment on the due date unless that failure is due to reasonable cause...
Experience. Dedication. Results.
Month: July 2014
Tax-Exempt Status just got Easier
The IRS has created a new form to help small charitable organizations obtain 501(c)(3) tax-status. Instead of filing the 26-page Form 102, qualified organizations may use the IRS' new form, 1023-EZ, to complete the application. An estimated 70 percent of organizations...
ITIN Users Need Not Apply
The IRS has revised its plan to revoke Individual Tax Identification Numbers (ITINs) after five years of issuance based on the response from taxpayers and their representatives. Instead, beginning in 2016, the IRS will only retire those ITINs which have not been used...
FTB Collects $1 Billion!
Six years ago, the FTB endeavored to implement a tax system modernization project, Enterprise Data to Revenue(EDR),to update existing systems that would allow the FTB to use data more efficiently and automate manual processes. The project has already doubled its...