As quickly as digital wallets are opened and electronic exchanges of virtual currencies are made, opportunities for tax evasion arises. The IRS has pledged to thwart such illegal activity, limiting the time for taxpayers who may not have reported their undisclosed...
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Male Escort Stripped of Freedom – Incarcerated for Tax Evasion
Any time a business receives payments regularly in cash, the business can be a target of an IRS audit. It is tempting for many business owners to forego reporting cash receipts, not realizing the many ways the IRS and Department of Justice Tax Division can catch up...
Unemployment Benefit Fraud – What To Do
While the state and federal law enforcement agencies aggressively target those committing fraud for COVID-19 relief payments and unemployment compensation claims, be aware that if someone has filed a claim using your social security information, you will receive Form...
IRS Going Strong
During his February 17, 2021 virtual "Fireside Chat," IRS Commissioner, Charles Rettig discussed the state of the IRS after nearly a year of many changes due to COVID-19. Not only was the IRS granted the task of issuing millions of Economic Impact Payments while all...
Tax Treatment of PPP Loans in California
Many tax preparers and businesses are wondering about the status of PPP loan deductions when preparing their state income tax returns this year. While the federal government has provided that businesses may deduct the expenses covered by the PPP loans, the California...
Caution to Advisors – Tax Attorneys Forced to Surrender Trump Documents
Taxpayers aren’t the only ones who can face criminal charges if their advisors assist in any illegal activity or advice. This issue is being discussed as Morgan Lewis & Bokius, LLP, Donald Trump’s tax attorneys, have had to surrender a portion of their case file...
2020 Tax Return Tips
As you begin preparing to file your 2020 income tax returns, the IRS shared some important tips. Their first quick tip is to electronically file returns and to choose direct deposit. Since the USPS has had more issues and delays than ever, going electronic is the...
FTB Helps Cannabis Businesses
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...
Business Owners – Pay Your Payroll Taxes! San Diego Restaurant Chain Manager Pleads Guilty to Tax Fraud
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...
IRS National Taxpayer Advocate’s 2020 Report
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,...
