California law remains out of conformity with the federal statutory exclusion for certain discharges of qualified principal residence indebtedness for discharges of indebtedness occurring on or after January 1, 2014. However, as explained in detail in FTB's February...
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Month: October 2015
California UBER Update
The Law Office of Williams & Associates, PC has been informed that the California Employment Development Department has recently won at least two administrative decisions against Uber in appeals of Obstructed Claims for Unemployment Insurance Benefits, before the...
The IRS Urges Taxpayers to Strongly Consider Offshore Compliance
Now that the United States and numerous foreign jurisdictions have begun the automatic third-party financial account reporting exchange, it is less likely that offshore financial accounts will go unnoticed by the IRS. The IRS reminds taxpayers to take advantage...
IRS Begins Reciprocal Information Sharing with Foreign Governments – the Risks of Hiding Money Offshore is Increasing
The IRS met its deadline to begin the reciprocal automatic exchange of tax information with some foreign jurisdiction tax administrators as agreed under the intergovernmental agreements (IGAs) as part of the Foreign Account Tax Compliance Act (FATCA). As of September...
Prosecution of Criminal Employment Tax Crimes is on the Rise
According to IRS data, in fiscal year 2014, 120 employment tax cases were opened for tax evasion investigation. Of those, 92 were recommended for prosecution and 82 received federal sentences. These numbers are set to increase, not only in federal cases, but in...
IRS Exchanges Financial Account Information with Foreign Tax Administrators
On Friday, October 2, 2015, the Internal Revenue Service ("IRS") announced the exchange of financial account information with certain foreign tax administrations, meeting a key Sept. 30 milestone related to FATCA, the Foreign Account Tax Compliance Act.The IRS...
