If you engage in virtual currency transactions, be sure that you have reported them! Many people are not aware that any U.S. taxpayer who has engaged in transactions involving digital currency must report any income received from such sources. The window to...
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Month: December 2016
Federal Installment Agreement Fees Will Change in 2017
The Internal Revenue Service (IRS) proposed a revised schedule of fees for installment agreements made on or after January 1, 2017. The changes increase the highest possible fee to $225 (up from $120), but reduces fees for certain types of agreements.The revised...
FTB Announces 2016 Inflation Adjustments to “Bright-Line Nexus” Thresholds
California Rev. and Tax Code section 23101 defines what it means to do business in California, including a sales threshold for taxpayers not physically located in the state. A taxpayer is considered to be doing business in California "if it actively engages in any...
Shareholder Loans and Your California Payroll Tax Audit
Although it is common practice for corporate officers to take shareholder loans from company coffers, weak or inconsistent recordkeeping can turn this into a serious problem during California payroll tax audits - undocumented loans are often picked up by state tax...
Update on Rules for Internet-Based Service Providers
Businesses on the cutting edge of technology may kick off the new year with a "sharing economy" workforce approach. Businesses that use a web-based approach to offering services, including the rental of tangible personal property, may qualify for the benefits related...
New Tool Allows Federal Taxpayers to Access Account Information Online
The Internal Revenue Service (IRS) launched a new, web-based tool to assist taxpayers with simple balance inquiries. The new feature is one part of the IRS' plans to build a wider platform for taxpayers to more quickly and securely access various aspects of...
