The Internal Revenue Service today issued the 2014 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.Beginning on Jan. 1, 2014, the standard mileage rates for the use...
Experience. Dedication. Results.
Photo of Professionals at Law Office of Williams & Associates, P.C.
IRS
California Offers Tax Relief on Short Sales
On Wednesday, December 4, the Franchise Tax Board followed the IRS's lead in announcing that it will not impose a tax penalty on taxpayers who sell their home for less than is owed, commonly referred to as a "short sale". The determination means California taxpayers...
Supreme Court Upholds Valuation Misstatement Penalty for Disallowed Partnership Losses
Yesterday the Supreme Court held that the 40% gross valuation misstatement penalty under I.R.C. § 6662(h) is applicable in cases where the IRS determines that a partnership is a sham or lacks economic substance. United States v. Woods, No. 12-562 (U.S. Dec. 3,...
Reminders for Year-End Charitable Donations
In addition to achieving philanthropic goals, many people make charitable donations at the end of the year in order to maximize income tax benefits. To make sure your charitable donation accomplishes both charitable and tax-savings benefits, here are few...
Tax Court finds former IRS agent liable for fraud penalty due to guilty plea in prior criminal proceeding
Yesterday the Tax Court issued an opinion in Senyszyn v. Commissioner, T.C. Memo. 2013-274, finding in favor of the IRS on summary judgment that a former revenue agent was liable for a fraud penalty and that the statute of limitations on assessment remained open....
Tax Court Rejects IRS Interpretation of Accuracy-Related Penalty Calculation
Earlier this week the U.S. Tax Court issued a court-reviewed opinion finding that the IRS has been improperly calculating accuracy-related penalties in certain cases involving refundable credits (i.e., the earned income credit, the additional child tax credit, and the...
IRS Advisory Council Recommends Changes which Benefit Taxpayers and Practitioners
In its 2013 annual report, the IRS Advisory Council has made several recommendations which would be favorable to taxpayers. The Council recommends an expansion of voluntary correction programs for taxpayers who self-report problems from prior years as well as changes...
IRS Announces Fast Track Settlement Now Available Nationwide!
The Internal Revenue Service has announced the nationwide rollout of a streamlined settlement program for small businesses and individuals under examination by the Small Business/ Self-Employed Division of the IRS. Previously, this program was available as a pilot...
France Aligns with the US in Fighting Tax Evasion
The U.S. Department of the Treasury has announced that the United States has signed an intergovernmental agreement (IGA) with France to implement the Foreign Account Tax Compliance Act (FATCA). Enacted in 2010, FATCA aims to curtail offshore tax evasion by...
Wind energy production credit may be going away
Congress is considering closing the wind energy production credit at the end of this year. This could affect a number of property owners and businesses that have set up wind turbines in California if the credit ends. There is the possibility of benefits...
