The IRS has reported that in the last few weeks there has been a huge increase in texting scams (also known as “smishing”). These text messages appear to come from the IRS, and promise COVID-19 relief and other tax credits. The text messages lure unsuspecting...
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PPP and EIDL Loan Fraud
When it comes to PPP and EIDL fraud, the government has more time to make its case against defendants. In August 2022, the statute of limitations to bring charges against a defendant for fraud under the Paycheck Protection Program (PPP) or Economic Injury Disaster...
The California FTB Updates Guidance Adding Reporting Requirements to Corporations
The California FTB recently issued FTB Pub 1008, Cal.FTB (rev. 7/22) updating taxpayer requirements to notify the FTB of federal tax changes to gross income, deductions or tax credit that became final, even if there is no increase in tax due to California. The FTB...
TIGTA Evaluated the Effectiveness of the IRS’ IT Plan for Use of $1.2 Billion
The Treasury Inspector General for Tax Administration (TIGTA) is closely watching the $1.2 billion of the approximate $1.8 billion the IRS will receive as part of the American Rescue Plan Act (ARPA). The funds are part of the series of COVID 19-related relief and...
American Catalog Mailers Association Files Lawsuit Against the FTB Regarding the Loss of the Protections of PL 86-272
In its first Technical Advice Memorandum (TAM) of the year, TAM 2022-01, the California Franchise Tax Board (FTB) set forth a new interpretation of the protections of Public Law 86-272 (PL 86-272). By May 2022, the FTB also issued Guidance 1050 further expanding on...
The IRS Grants Penalty Relief for Most 2019 and 2020 Late Filers
If you were unable to file your federal tax returns on time in 2019 and/or 2020, good news! The IRS has agreed to voluntarily abate penalties for the failure to timely file due to the COVID-19 pandemic. The relief will apply to the most common forms for individuals...
What are I-Bonds and Why do I Care?
I-Bonds are paying 9.62% interest. You read that correctly. I-Bonds are U.S. savings bonds issued by the United States Treasury. The interest rate is adjusted twice per year, in May and November. The current rate for I-Bonds is 9.62% on an annual basis for the first...
CDTFA Audit Program with Interest Relief
The California Department of Tax and Fee Administration (CDTFA) has updated its long-standing Managed Audit Program (MAP) publication which provides the explanation and benefits available to taxpayers participating in the program. Under the program, certain taxpayers...
Clarification for Out-of-State Entities Doing Business in California on Property Ownership Threshold
In a Pending Precedential Opinion by the California Office of Tax Appeals (OTA), the OTA clarified that in determining whether an out-of-state LLC doing business in California and therefore subject to the annual tax each year, the determination based on the property...
Treasury Inspector General for Tax Administration (TIGTA) Recommends Theft Detection Measures for Fraudulent Businesses
The IRS has measures in place to try to detect fraudulent returns by individuals, as well as businesses. Although the IRS has paid out millions in fraudulent refunds, the IRS reported it has protected nearly $3.8 billion in fraudulent refund claims since 2016. The...
