The Internal Revenue Service (IRS) has created a special landing page to share information with tax professionals concerning the effects of the Tax Cuts and Jobs Act of 2017. Click through for the latest press releases, publications, and IRS legal guidance on...
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Month: February 2018
IRS Failed to Notify Most Victims of Employment Identity Theft
The Treasury Inspector General for Tax Administration (TIGTA) recently released a report finding that the Internal Revenue Service (IRS) has failed to notify the majority of individuals they found to be victims of employment identity theft. When an identity...
Beware of Erroneous Refunds from Scammers this Tax Season!
The Internal Revenue Service (IRS) is warning taxpayers about a new, multi-layer scam this tax season: erroneous refunds. Criminals are filing fraudulent returns to get money deposited into victims' accounts using data stolen from tax professionals, then posing...
Californians to Vote on Two Tax-Related Ballot Measures in June 2018
Californians will be able to vote on two new legislative measures related to taxes on the June 5, 2018 Statewide Direct Primary Election ballot.Assembly Constitutional Amendment (ACA) 5 seeks several changes, including:A new requirement that funds generated from taxes...
Californians Reminded That Paid Tax Preparers Should Sign Their Work
The California Tax Education Council (CTEC) began a public awareness campaign for the 2018 tax filing season targeting "ghost tax preparers," meaning paid tax professionals who do not sign the returns they prepare. The Council reminds taxpayers that "tax preparers who...
Updates to California Tax Return Filing
The California Franchise Tax Board (FTB) has updated certain aspects of tax return filing starting with returns for tax year 2017. The standard deduction for taxpayers filing as single increased to $4,236; for taxpayers who are married filing jointly, the new standard...
State Tax Relief for Californians Affected by Recent Natural Disasters
The California Franchise Tax Board (FTB) recently announced that tax relief may be available to certain California taxpayers impacted by the recent wildfires, floods, and mudslides. Specifically, the deadlines for individual income tax returns normally due on April...
IRS Issues Directive Concerning Business Research Credit; FTB To Follow Suit
In September, 2017, the Internal Revenue Service (IRS) issued a directive to tax examiners concerning research expenditures for business entity taxpayers with assets of at least $10 million and that follow Generally Accepted Accounting Principles (GAAP) to prepare...
