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...
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IRS
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...
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,...
Governor Newsom’s Terrible Sales Tax Deferral Plan
On its face, deferral from paying over sales tax collected by California businesses may sound like a good idea. As a seasoned tax attorney, I can tell you the many reasons this is a bad idea and I urge businesses not to fall for this “relief” which really is just a...
Tax Fraud, Cybercrimes, and Identity Theft – Oh my!
The IRS released its 2020 Criminal Investigation Annual Report touting an impressive achievement over the fiscal year of identifying more than $10 billion in tax fraud and other financial crimes. Despite the pandemic, the division investigated 1,600 cases to thwart...
The Tax Cuts and Jobs Act Taketh Away … the IRS Regulations Give Back…
Many business owners are anxiously awaiting the proposed regulations regarding the types of State and local income taxes paid by a partnership or S corporation that may be deducted without the $10,000 limitation ($5,000 for individuals or married individuals filing a...
Don’t Get Scammed!
In the IRS’ annual “Dirty Dozen” list of tax scams for the year, taxpayers are urged to watch for some of the old tricks, like fake e-mail messages or threatening phone calls by those purporting to be the IRS, to newer scams of fraudsters posing as fake charities...
The U.S. Attorney’s Office takes Swift Action on CARES Act Fraud
The Department of Justice and U.S. Attorneys’ Offices around the Nation regularly investigate and prosecute tax preparers who prepare and file fraudulent income tax returns with the IRS. These government agencies are now seeking out those fraudsters who have filed...
The IRS Wealth Squad Wants You!
IRS insiders have indicated that the IRS’ Global High Wealth Industry Group will be targeting hundreds of wealthy taxpayers for audit beginning now and throughout the fall. These audits will likely include the taxpayer’s individual tax return, along with all...
