Taxpayers aren’t the only ones who can face criminal charges if their advisors assist in any illegal activity or advice. This issue is being discussed as Morgan Lewis & Bokius, LLP, Donald Trump’s tax attorneys, have had to surrender a portion of their case file...
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Tax Controversy
Good Weedmaps Review? Good Luck, Cannabis Industry
Federal criminal prosecutors have requested records from Weedmaps, an online directory and review of cannabis retailers, for marijuana consumers. The Eastern District of California issued a subpoena to Weedmaps, requesting documents from about 30 companies listed on...
High Court Reconsiders Physical Presence Requirement for Sales Tax
South Dakota is taking the physical presence rule back to our nation's highest court in its dispute with Wayfair, Inc., to determine whether it may continue to require out-of-state sellers such as online retailers to register with the state and collect and pay over...
Proposed California Bill Attempts to Mitigate Effects of State Tax Deduction Limit
Efforts are already underway to reduce the slap many Californians are feeling from the $10,000 limit on federal deductions for state property or income taxes paid. Senators De Leon, Allen, and Hill have introduced SB 227, the "Protect California Taxpayers Act," which...
Opening a Cannabis Business in California? Learn Your Compliance Requirements!
The California Secretary of State recently launched a new online portal, cannabizfile, for those interested in establishing a cannabis-related business. You will find information on topics including registering your business, trademark, or service mark;...
Senate Committee on Finance Tackles Business Tax Reform
The United States Senate Committee on Finance held a hearing on September 19, 2017, to address business tax reform goals. Chairman Orrin Hatch focused his opening remarks on the need to reduce corporate tax rates to remain competitive in the international market and...
San Francisco Demands Over $30k in Back Taxes from Charity
Helpers Community Inc. must pay the San Francisco Office of the Assessor-Recorder approximately $31,000 in back taxes for misrepresenting the use of properties the charity owns around Golden Gate Park. The nonprofit was founded in 1953 to assist people with...
U.S. Tax Court Says CalPERS Benefits Excluded From Canceled Debt Insolvency Calculation
On February 9, 2017, the U.S. Tax Court released its opinion in Schieber v. Commissioner, T.C. Memo 2017-32, ruling that the lump-sum value of CalPERS pension benefits should not be included in asset calculations to determine a taxpayer's ability to immediately pay...
BP Oil Spill Settlement Generates $15.3 Billion Tax Deduction
On Monday, a federal judge for the Eastern District Court of Louisiana approved a settlement between BP and the United States for $20 billion to settle claims related to the 2010 oil spill in the Gulf of Mexico. Of that amount, $5.5 billion represented a Clean Water...
VIDEO: Is a worker an employee or an independent contractor?
This is a question that many business owners have, and finding the correct answer is extremely important. At the we help business owners answer this question and many others so that they are in compliance with state and federal employment...
