Tax evaders can certain be creative when it comes to evading the assessment of tax, or evading the payment of tax, but they often get caught. This was the case for a Utah chiropractor who used a variety of tactics to avoid paying the IRS nearly $350,000 in tax. ...
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IRS Urges Tax Professionals’ Help
The IRS is asking for help from tax professionals. This week begins the IRS’ 2021 Security Summit – a five-week campaign focusing on raising awareness of tax-related identity theft. The summit is aimed at tax professionals, who are often key targets of hackers and...
IRS’ Annual Dirty Dozen List of Tax Scams
Last week, the IRS concluded its annual summertime “Dirty Dozen” – their list of the worst and most common tax scams to beware of. This year bred new scams relating to the pandemic, including Economic Impact Payment theft and Unemployment Insurance fraud. There was...
Taxpayer Advocate’s Mid-Year Review and Recommendations to the IRS
The IRS National Taxpayer Advocate, Erin Collins, has issued her annual mid-year report to Congress in which she identifies the impact the COVID-19 pandemic had on the filing season. The IRS completed the filing season this year with a backlog of more than 35 million...
Rental Properties are Hot – Handle with Care
With more people looking to move into homes with an office to work from home these days, some taxpayers are trying their hands as landlords. While a property owner must report rental income, there are many deductions including repairs, operating expenses, and...
Thinking of Closing Your Business?
Over the past year many California businesses have faced difficult choices, including the decision to remain operating, or to shut down. For those who have ceased business, it is important to make sure you have legally terminated your entity with the State of...
How High is California’s Cannabis Revenue?
The California Department of Tax and Fee Administration (CDTFA) reported today that in the first quarter of 2021, California has already generated $131.9 million in cannabis excise tax, $30.7 million in cannabis cultivation tax, and $82.4 million in cannabis sales...
Courts Continue to Authorize John Doe Summonses to Obtain Taxpayer Information of Cryptocurrency Users
On May 5, 2021, a federal court in the Northern District of California authorized the IRS to serve a John Doe summons on Payward Ventures, Inc., and Subsidiaries d/b/a Kraken, to obtain information on U.S. taxpayers who had at least $20,000 in cryptocurrency...
Leaving California to Save on Taxes? Be Sure You Really Go!
As California taxpayers leave the state in droves, so too does the FTB review subsequent income activities to ensure the taxpayers have really left the state. The Bracamontes learned this hard truth recently when the California Office of Tax Appeals (OTA) issued its...
New IRS Division Announced — Tax Scheme Promoters Beware
The Office of Promoter Investigations (OPI) was announced yesterday as the IRS’ latest division targeting compliance issues. OPI will focus on those individuals who promote and peddle tax fraud and tax avoidance schemes. Before the creation of OPI, the IRS’ Small...
