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...
Experience. Dedication. Results.
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...
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...
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...
The DOJ Wants You to Know…
The Department of Justice’s Tax Division’s success over the last year is a reminder to all taxpayers to make sure they are reporting and filing taxes timely and correctly. Throughout 2020, the Tax Division helped investigate and prosecute a multitude of tax offenses,...
IRS Seeks Summons Enforcement on Crypto Exchange
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...
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...
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...
