In the IRS’ Fiscal Year 2021 Financial Report, Charles P. Rettig, Commissioner of the Internal Revenue Service, reflects on the IRS’ progress and accomplishments over the last year. Between October 1, 2020 and September 30, 2021, $4 trillion in taxes were collected,...
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Employment Tax Fraud Remains Top Priority of DOJ
Last week, the Department of Justice reported on several employment tax fraud cases. In Virginia, James C. Jones, Jr., an ambulance business owner, was arraigned and charged with multiple crimes including tax evasion and filing false tax returns. Mr. Jones allegedly...
Charity Fraud Awareness – the IRS Reaches Out
Today marks the end of Charity Fraud Awareness Week, an international campaign that the IRS has recently joined to help bring attention to scams targeting charities. Unfortunately, charitable organizations are often victims of fraud, cybercrime, and scammers looking...
IRS Grants Tax Counseling Programs $41 million
This week, the IRS granted $41 million to 34 Tax Counseling for the Elderly (TCE) and 300 Volunteer Income Tax Assistance (VITA) organizations. Both programs provide free assistance and counseling on federal return preparation: TCE to individuals 60 years and older,...
(Tax) Crime and Punishment
Oleg Tinkov, a Russian-born former U.S. citizen who renounced his U.S. citizenship three days after his assets rose to over one billion dollars, has agreed to pay over $500 million in taxes, penalties, and interest to the U.S. Treasury! Tinkov lied on his U.S. Initial...
South Dakota – the New Switzerland for Bank Secrecy?
Switzerland, Singapore, and South Dakota all have something in common…these jurisdictions are favored by the extremely wealthy for bank secrecy, which often includes tax evasion, money laundering, and other crimes including worker exploitation. In 2014, Trident Trust...
IRS Reminder: Correctly Classify your Workers!
Recently the IRS released some tax tips for small business owners and self-employed individuals. One critical reminder for all business owners: correctly identify workers as either employees or independent contractors. Misclassifying an employee as an independent...
New IRS Filing Address for California Taxpayers
Times are changing, and more and more taxpayers are choosing to file their tax returns electronically – now 90% of all tax returns, 145 million in 2020, are electronically filed. Accordingly, at the end of this month, the IRS’ Fresno, California paper return...
California EDD Measures Demand for Nurses, Truck Drivers, and Retail Work
Not surprisingly, in the EDD’s annual Labor Day Briefing the Department noted that registered nurses are the most in-demand occupations in California, along with operations managers for occupations identified as high-skilled. As we continue to recover form the...
2021 California Main Street Small Business Tax Credit
Qualifying businesses may claim the Main Street Small Business Tax Credit for 2021, equal to $1,000 for each net increase in qualified employees, up to $150,000. The credit may be applied against sales and use taxes, or income taxes. To qualify for the credit, the...
