California taxpayers beware! Willfully failing to file tax returns for three or more consecutive years is sufficient to determine the taxpayer intended to evade paying tax, and therefore may be prosecuted for felony tax evasion and punished by imprisonment not to...
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Month: January 2017
Number of Awards to Whistleblowers Quadruples
The IRS receives confidential information daily from what we in the profession call "The X Factor" - ex-spouses, ex-employees, ex-friends. These are people with whom you may have confided your tax shenanigans, who are sore, and turn you in to the IRS. Those who are...
New Two-Stage E-mail Scam Targets Tax Professionals
The IRS Security Summit issued a warning to tax professionals about a new e-mail scam by cybercriminals posing as potential clients. Scammers are sending phishing e-mails in two parts, beginning with a standard solicitation for services followed by a second email with...
National Taxpayer Advocate Urges Simplification and Federal Tax Reform
National Taxpayer Advocate Nina Olson recently released her 2016 annual report to Congress recommending that the IRS continue its improvements to becoming service-oriented and that the tax code be significantly simplified. According to data the Taxpayer Advocate...
Court Finds Comcast Entitled to $3 Million Refund, But Owes Tax on a $1.5 Billion Termination Fee
In December a three-judge California appellate panel affirmed a superior court ruling finding that Comcast lacked a unitary relationship with OVC, Inc., and was therefore entitled to a $3 million refund. However, the court also affirmed the trial court's holding that...
IRS Publishes Inflation Adjustments for 2017
The Internal Revenue Service (IRS) has released the inflation adjustments for specific tax figures for calendar year 2017. Highlights include:The first $14,000 of gifts to any person can be excluded from the total amount of taxable gifts made during...
EDD E-File and E-Pay Now Mandatory for Certain Employers
Effective January 1, 2017, employers with 10 or more employees are required to electronically file and pay their EDD employment tax returns, wage reports, and payroll tax deposits. All other employers will be subject to this requirement effective at the start of...
Reminder: California Sales Tax Rate Cut
As of January 1st, your dollar will go a little further as California reduces its sales tax rate by 0.25%. Actual sales tax rates vary by county and city. To look up the current sales tax rate where you live, click here.
New Laws for Business Owners and Government Agencies – Expanded Smoking Prohibitions, All-Gender Restrooms, Prohibition on Travel, and Increase to Minimum Wage
For employers, the new year brings many new laws regarding worker benefits, hiring practices, and workplace protections. In addition to ensuring workers are properly classified, employers should also be aware of the increase to California's Minimum Wage, the...
