The IRS reminded taxpayers this week to file their 2019 income tax returns before July 17th because the IRS has $1.5 billion in tax refunds just waiting for taxpayers to claim. The highest refund is $6,557 per taxpayer; the average refund is $893. Don’t wait! File...
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IRS National Taxpayer Advocate’s Mid-Year Report
National Taxpayer Advocate, Erin Collins, issued her mid-year report to Congress noting the improvements with the current tax reporting season compared to last year. Ms. Collins urges the IRS to make technology upgrades a top priority. To read the full report, click...
California Cannabis Excise Tax and Enforcement Changes
The responsibility for collecting and paying the cannabis excise tax to the California Department of Tax and Fee Administration (CDTFA) shifted from cannabis distributors to cannabis retailers effective January 1, 2023. Among other requirements, cannabis retailers now...
If it Sounds too Good to be True…
Who wouldn’t want to sell property tax free all while appearing charitable in the process? The clients of John Eickhoff, Jr. and Hoffman Associates, LLC learned the hard way that the Charitable Remainder Annuity Trust (CRAT) scheme promoted by Eickhoff and Hoffman...
Department of Justice Catches Tax Shelter Thief
Walter Roberts, II of North Carolina helped his clients falsely deduct over $1 billion by lying about the value of charitable contribution deductions made on donated property conservation easements. Roberts did this for more than a decade, inflating some values by as...
Sales Tax Receipts Up 1.9% First Quarter 2023
The California Department of Tax and Fee Administration (CDTFA) has reported a notable increase in first quarter sales and use tax payments this year. CDTFA received $19.3 billion in sales and use tax payments during the first quarter of 2023, up 1.9 percent, or...
IRS Advice on Financial Preparation for Disasters
This week is National Hurricane Preparedness Week and May is National Wildfire Awareness month, and the Internal Revenue Service is offering tips on how to protect your personal information in case of a natural disaster. The IRS recommends: Tax returns, Social...
CALIFORNIA BUSINESSES TO BEAR THE COST IN DEFAULTED UI LOAN
California is defaulting on its COVID-19 pandemic federal unemployment insurance loans, and California employers will bear the cost of the default. California was one of twenty-two states that received federal unemployment insurance loans to cover claims during the...
IRS Reminders for Small Businesses
This week we recognize small business everywhere! To help celebrate, the IRS has provided advice to new businesses so they may take advantage of tax benefits including credits for things like investing in solar power and energy efficiency improvements and vehicles,...
Tax Court Rules IRS Has No Authority to Assess or Collect Certain Tax Penalties
Earlier this month the Tax Court issued its Opinion in Alon Farhy v. Commissioner of Internal Revenue, 160 T.C. No. 6 (T.C. April 3, 2023), holding that the IRS lacks statutory authority to assess penalties under IRC section 6038(b)(1) or (2) against the petitioner in...
