The Treasurer of Ohio announced this week that taxpayers in his state will be able to pay business taxes with cryptocurrency - making Ohio the first state in the U.S. to do so."Treasurer Mandel believes in leveraging cutting-edge technology to provide Ohioans more...
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Month: November 2018
California Post-Wayfair Update: Change is On the Horizon
The California Legislative Analyst's Office (LAO) released a fiscal outlook report recently that indicates California will soon be implementing changes to sales and use tax collection for out-of-state businesses in the wake of the June 2018 Wayfair decision. "The...
IRS Tax Inflation Adjustments for 2019
The Internal Revenue Service (IRS) recently announced the annual inflation adjustments for tax rate schedules and other tax provisions for 2019. Due to the Tax Cuts and Jobs Act, there are important changes to review concerning the standard deduction, rate...
Californian Gets Prison Time for Failing to Report Over $1 Million in Marijuana Sales
A California real estate professional was recently sentenced to 2 years in prison for filing false income tax returns that failed to report over $1 million in cash earned through marijuana sales made between 2012 and 2014. In addition, he was ordered to serve one year...
IRS Offers Guidance on Tax Reform for 2019 Filing Season
The Internal Revenue Service (IRS) has issued additional guidance for taxpayers regarding how the Tax Cuts and Jobs Act will affect filing your 2018 tax returns. The website www.IRS.gov/getready provides information and advice for individuals and families, such as an...
Good News for Taxpayers with Defunct California Entities!
California taxpayers who ceased doing business but continue to get requests for unpaid taxes or unfiled returns from the Franchise Tax Board (FTB) may benefit from a new bill, AB 2503, which goes into effect January 1, 2019, and provides two options for an...
FTB Top Tax Debtors Owe California Over $646 Million
The Franchise Tax Board (FTB) recently published its updated list of California's top 500 tax debtors, comprising both individuals and businesses that now collectively owe the state more than $646 million in income tax. Since October 2007, this list is updated twice...
California Man Faces Prison, Penalties for Failure to Report Foreign Bank Account
Eli Waknine of Huntington Beach, California, pleaded guilty this week to filing a false tax return that failed to report over $2 million held at an Israeli bank between 1994 and 2011. He further attempted to conceal his offshore assets by instructing the bank to...
