The Internal Revenue Service (IRS) recently released the fiscal year 2017 annual report for its Criminal Investigation Division (CI). During FY 2017, CI initiated over 3,000 cases concerning Title 18 and Title 31 crimes, with 72.5% of its investigation time spent on...
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Month: December 2017
Great News for California Business Taxpayers: EDD Amends Burdensome Penalty for “Failure to File Worker Information Returns”
Since 1990, the California Employment Development Department (EDD) has retained the statutory authority to issue penalties for failure to file Forms W-2 and/or 1099. Until this year, effective January 1, 2018, taxpayers assessed the steepest of those penalties,...
Opening a Cannabis Business in California? Learn Your Compliance Requirements!
The California Secretary of State recently launched a new online portal, cannabizfile, for those interested in establishing a cannabis-related business. You will find information on topics including registering your business, trademark, or service mark;...
TIGTA Releases Semiannual Report to Congress
The Treasury Inspector General for Tax Administration (TIGTA) recently released its Semiannual Report to Congress for the period April 1, 2017 through September 30, 2017. TIGTA provides oversight for Internal Revenue Service (IRS) activities and Federal tax...
Bitcoin Secrecy a Bust
The U.S. District Court for the Northern District of California recently ordered Coinbase Inc., the world's largest cryptocurrency exchange and storage platform, to provide information to the Internal Revenue Service (IRS) about accountholders who have entered into...
IRS Updates AFRs; Interest Rates Remain Unchanged
The Internal Revenue Service (IRS) has updated its applicable federal rates (AFRs) used for a variety of IRS calculations, such as the minimum interest rate for intra-family loans. For calendar year 2017, AFRs for short-term loans have increased from 0.96 percent to...
