The IRS has determined that some taxpayers who lived in the countries that experienced an "Arab Spring" should be allowed to exclude some of their foreign earned income. Generally, U.S. citizens or resident aliens living and working abroad are taxed on their worldwide...
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Updated Rules Issued for IRS Communications with Appeals Office
Today, in Revenue Procedure 2012-18, the Internal Revenue Service updated its rules dictating how the Office of Appeals is allowed to communicate with other IRS sections or divisions, when a taxpayer or the their representative is not present.Since the issuance of...
IRS Issues Guidance on Tool Plans
In some industries, employees are required to bring their own tools to work as a condition of employment. Auto repair shops are a prime example. Employers of such businesses often partake in an "accountable plan" that is designed to allow the employer to compensate...
New tax requirements proposed for inherited IRAs
Many California residents have or will inherit an individual retirement account. Currently, the law allows the holder of an IRA to receive taxable distributions over the course of his or her anticipated lifetime. However, that may change if a law proposed in the U.S....
Why is California’s ReadyReturn not so popular?
California already has a free ReadyReturn option for taxpayers. The option involves the government's use of tax information from the previous year's return and combining it with information from the individual's W-2 form to prepare that person's taxes. The tax return...
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...
A cautionary tale: California developer sentenced for tax fraud
It likely isn't surprising to Sacramento readers that cautionary tales regarding compliance with California and federal tax laws abound. One such tale came closer to its end recently, when a California real estate developer was sentenced to 30 months in prison after...
New IRS tax preparer requirements based on California law
The IRS is using California law as a model for new education requirements for tax preparers. The new requirements will go into effect in 2012, their purpose being to prevent tax fraud and protect taxpayers from bad decisions on the part of preparers.The new IRS...
Tax fraud guilty plea gets adult entertainment exec hefty fine
It only takes a few tax mistakes for California residents to end up facing criminal charges from the IRS. Even so, allegations of tax crimes can be very serious if a person is convicted. One woman who worked as an executive for an adult entertainment firm now knows...
