State schools and private nonprofit universities in California will need to be on the alert in their bookkeeping, as more than 30 state schools and private nonprofits throughout the country have already been subject to audits by the IRS this year. The agency says...
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Audits
What should California business owners do when they get audited?
To say that audits are slightly stressful for California business owners may be the understatement of the year. For many people in Sacramento County, audits can be one of those most intimidating parts about running a business. Even savvy business owners get nervous...
Audits of wealthiest Americans increased in 2011
Perhaps unsurprisingly to many California residents, the IRS has recently stepped up its efforts with regard to audits of the wealthiest Americans. The largest increase was for those taxpayers who make more than $10 million per year, although significant increases...
Tips for avoiding audits
The IRS deadline for filing your tax return for 2011 is rapidly approaching, which means more people are becoming concerned about receiving that dreaded audit. Recently, we mentioned how the IRS is increasingly turning to so-called unreal audits ("Audits may not be...
If passed, tax proposals mean hikes for California millionaires
Three tax hike proposals in California are currently in the signature-gathering phase. With enough signatures, the proposals will be put on the upcoming November ballot.According to a new poll, a sizeable majority of California voters are in favor of a tax hike on...
Audits may not be commonplace, but they are not rare either
As tax season approaches, many California residents may believe that their chance of facing an IRS audit is relatively small. Yet while audits are certainly not commonplace, they are not necessarily rare either. Moreover, the IRS is increasingly turning to so-called...
Why wealthy celebrities pay lower tax rates in California
Wealthy Californians have for a long time taken advantage of a range of tax loopholes that lower tax liability. For example, celebrities like Kim Kardashian, who recently made headlines for paying fewer state taxes in California than many people expected, almost...
Romney’s returns can generate discussion for California taxpayers
Presidential candidate Mitt Romney's recent disclosure of his tax returns can serve as an excellent point of discussion for California residents with their own tax concerns. A quick look at what Romney's returns show might help people in California and elsewhere...
Californians facing uncertainty regarding 2012 tax law
Individuals and businesses in California can likely look forward to continued uncertainty with regard to taxes. Congress has continued to postpone any in-depth discussion of tax law and will likely do so until after the presidential and state elections in November. As...
California Supreme court denies review of Apple tax ruling
Recently, the California Supreme Court ruled that Apple Inc. would receive a $920,000 state tax refund. However, after the favorable decision, Apple went further by asking the court to overrule an appellate judgment from September. That ruling required the state...
