The Internal Revenue Service (IRS) and Social Security Administration are teaming up in November and December to present webinars for employers and tax professionals on topics most relevant to the year's end, including data protection, identity theft, online business...
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Month: October 2017
2018 – A Year to Give, A Year to Save
The IRS has announced two important changes in 2018 that will help you give, and help you plan for retirement. The IRS has increased the annual amount a taxpayer may gift to another person, free of estate or gift tax. After remaining at $14,000 for several years, the...
Nonresident Aliens with Federal Information Filing Requirements Must Also File in California
The California Franchise Tax Board (FTB) issued Legal Ruling 2017-02 on October 16, 2017, concerning the state filing requirements of certain nonresident aliens with respect to foreign financial assets. California filing requirements generally conform to federal...
IRS Announces 2018 Tax Rate Schedules and Retirement Plan Limitations
The Internal Revenue Service (IRS) released its annual inflation adjustments for many tax benefits applicable for tax year 2018 (returns filed in 2019). The standard deduction for taxpayers who are married filing jointly will increase slightly to $13,000; for single...
California Shareholder in Prison for Filing False Returns
On October 6, 2017, Shiv D. Kumar, the sole shareholder of a California transportation company that serves disabled individuals, was sentenced to 30 months in prison for filing false corporate returns. The Department of Justice found that Kumar provided his accountant...
Victims of the California Wildfires Must File with County for Property Tax Relief; May Qualify for State and Federal Tax Relief
California counties will not automatically reassess homes due to the recent fires, because the law requires that the counties first receive an application from the homeowner. Those who lost property will need to file the appropriate county casualty abatement...
What Does a San Jose Priest Have in Common with Al Capone? Prison!
No one is beyond the certainty of taxes, as a priest for the Roman Catholic Diocese of San Jose, California, discovered last week. Hien Minh Nguyen was sentenced to 36 months in prison for taking cash and checks donated to the Diocese by parishioners and depositing...
IRS Resumes Issuing Private-Letter Rulings Concerning Tax-Free Spin-Offs
Pursuant to IRS Revenue Procedure 2017-52, the IRS has introduced a pilot program to resume offering private letter rulings on the tax consequences of certain distributions of stock or securities of a controlled corporation under I.R.C. Sec. 355. From September 21,...
President Trump Proposes Federal Tax Reforms
President Trump and several key members of Congress have released their proposal for federal tax reform. Their main goals are to simplify the tax code, lower tax rates, increase the competitiveness of American businesses in the international arena, and repatriate...
Out-of-State Trusts Can Now Participate in California Voluntary Disclosure Program
On September 25, 2017, Governor Brown signed S.B. 813 into law, which, effective January 1, 2018, expands the existing California state voluntary disclosure program to include out-of-state trusts with California beneficiaries and non-resident partners. Such taxpayers...
