by bettywilliams | Jan 14, 2021 | FTB
The FTB has a new form for reporting cannabis deductions in 2020. Form 4197 will allow taxpayers involved in commercial cannabis activity to report deductions, credits, exclusions, and exemptions. The FTB plans to send over 5,000 “Welcome Letters” to licensed cannabis...
by bettywilliams | Jan 13, 2021 | IRS, Tax Audits, Tax Crimes
A San Diego restaurant manager with over 110 employees plead guilty to employment tax fraud this week. The manager has agreed to pay over $2.2 million in restitution to settle the $1.5 million tax loss he caused to the IRS by paying his personal income taxes rather...
by bettywilliams | Jan 13, 2021 | IRS
It is no surprise the IRS, along with the rest of us, was affected by the COVID-19 pandemic. In her annual report to Congress, the National Taxpayer Advocate, Erin Collins, summarized the problems faced by the IRS including delays in issuing refunds due to backlogs,...
by bettywilliams | Dec 15, 2020 | New Laws
The 2018 California Supreme Court Dynamex decision and 2019 California Assembly Bill AB 5 drastically altered California worker classification standards, implementing the very stringent “ABC Test.” However, California Assembly Bill AB 2257, which was...
by bettywilliams | Dec 2, 2020 | CDTFA, IRS, New Laws
On its face, deferral from paying over sales tax collected by California businesses may sound like a good idea. As a seasoned tax attorney, I can tell you the many reasons this is a bad idea and I urge businesses not to fall for this “relief” which really is just a...
by bettywilliams | Nov 20, 2020 | Audits, IRS, Tax Crimes
The IRS released its 2020 Criminal Investigation Annual Report touting an impressive achievement over the fiscal year of identifying more than $10 billion in tax fraud and other financial crimes. Despite the pandemic, the division investigated 1,600 cases to thwart...
by bettywilliams | Nov 16, 2020 | IRS, New Laws
Many business owners are anxiously awaiting the proposed regulations regarding the types of State and local income taxes paid by a partnership or S corporation that may be deducted without the $10,000 limitation ($5,000 for individuals or married individuals filing a...
by bettywilliams | Nov 9, 2020 | New Laws
For the app-based driver, the answer is clear, but for the tens of thousands of other gig economy workers in California, Prop 22 has no effect whatsoever on contractor relationships. Still, care must be taken in proper worker classification. Following the California...
by bettywilliams | Nov 3, 2020 | Back Taxes & Tax Debt, Firm News, IRS, Tax Debt
The IRS announced today that it will help taxpayers who have an Installment Agreement with the IRS but cannot pay their new tax balances by adding the balance to the existing Installment Agreement if the taxpayer qualifies. If you owe the IRS tax payments for past...
by bettywilliams | Nov 3, 2020 | Back Taxes & Tax Debt, IRS, Tax Debt
The IRS announced today that it will help taxpayers who owe less than $250,000 set up an Installment Agreement without submitting the typical plethora of documents and financial statements. If you owe the IRS tax payments for past years, contact one of our attorneys...
