The U.S. Treasury's Financial Crimes Enforcement Network (FinCEN) announced a new program that will require U.S. title insurance companies to identify the people hiding behind shell companies who use those companies to pay cash in expensive real estate transactions....
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Month: July 2016
Federal Tax Treatment of Reimbursements to Southern Californians Affected by Gas Leak
The Internal Revenue Service (IRS) recently announced that Southern Californians affected by the natural gas leak in the Aliso Canyon storage field that was discovered on October 23, 2015, will not be required to include payments or reimbursements made to them by the...
National Taxpayer Advocate Releases Mid-Year Report to Congress
National Taxpayer Advocate Nina E. Olson gave her mid-year report to Congress on July 7, 2016, reviewing the 2016 filing season and identifying priority issues she hopes the Internal Revenue Service (IRS) will address. Olson's main concern is how technology-driven the...
Tax Court Re-Affirms Subpoena Notification Requirement, To IRS’ Dismay
On July 8, 2016, Judge Mark V. Holmes issued an order in US Tax Court case Ernest S. Ryder & Associates, Inc., APLC, et al., v. Commissioner requiring the Internal Revenue Service (IRS) to notify the taxpayer of any and all subpoenas, with their responses and...
Security Summit Successes and Steps Forward
The Security Summit, a partnership between the IRS, state tax agencies, and private-sector tax industry executives, met on June 28, 2016 to review its first-year successes and strategize for 2017. The Summit focused on improving authentication procedures, information...
Proposed Bill May Change How California Taxes Microbusinesses
On February 19, 2016, California Assembly Member Lopez introduced Assembly Bill No. 2625 to amend certain sections of the Revenue and Taxation code related to the annual minimum franchise tax and microbusinesses. Specifically, it would reduce the annual tax for...
FTB Creates Exemption to No Cash Policy
The California Franchise Tax Board (FTB) implemented a "no cash" policy in its field offices effective September 1, 2015. However, recognizing that this could create a hardship for some taxpayers, the FTB has established an exemption policy effective July 1, 2016....
