The IRS announced today that it will help taxpayers who have an Installment Agreement with the IRS but cannot pay their new tax balances by adding the balance to the existing Installment Agreement if the taxpayer qualifies. If you owe the IRS tax payments for past...
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IRS Helps Taxpayers with New Installment Agreements
The IRS announced today that it will help taxpayers who owe less than $250,000 set up an Installment Agreement without submitting the typical plethora of documents and financial statements. If you owe the IRS tax payments for past years, contact one of our attorneys...
Gig Economy and Other Worker Classification May Differ for Federal and California Purposes
Nearly a year ago, the U.S. Department of Labor issued an opinion that most "gig economy" workers are properly classified as independent contractors.The gig economy labor market is made up of individuals who complete short-term contracts or freelance work, rather than...
Victims of the California Wildfires Must File with County for Property Tax Relief; May Qualify for State and Federal Tax Relief
California counties will not automatically reassess homes due to the recent fires, because the law requires that the counties first receive an application from the homeowner. Those who lost property will need to file the appropriate county casualty abatement...
Corporations with Federal Tax Liabilities Barred from Contracting with Government Agencies
If your company contracts with the Department of Defense, General Services Administration, or the National Aeronautics and Space Administration (NASA), you have one more reason to be compliant with your federal tax obligations: Effective September 30, 2016, these...
Closing a Business in California? Following the rules of the IRS and California Tax Agencies.
When it's time to close a business in California, there are many important steps that must be followed to ensure the requirements of the IRS and the California tax agencies are met. Failing to do so can result in the tax agencies coming back years later to collect tax...
FinCEN Issues Advisory to Financial Institutions Concerning Financial Action Task Force’s Updated Lists of Jurisdictions With Deficiencies
Today the Financial Crimes Enforcement Network (FinCEN) issued an advisory to financial institutions to draw attention to two lists of jurisdictions that were recently updated by the Financial Action Task Force (FATF).In the first list, the FATF identifies...
OECD Recommends Steps to G8 to End Offshore Tax Evasion
The Organization for Economic Cooperation and Development (OECD) has identified four steps necessary for transparency and the automatic exchange of information regarding financial accounts through a cost effective and secure system, in an effort to end offshore tax...
Back tax debt problems come to the forefront during tax season
As tax season rapidly speeds by, it's probably a good time for those with tax problems from prior years to take some action to try and resolve those issues. A person who struggles with tax debt often falls into a deep cycle of self-perpetuating procrastination. In...
FTB to Hold Interested Party Meeting Concerning Its Financial Institution Program that Identifies Accounts of Delinquent Tax Debtors.
The Franchise Tax Board (FTB) is having a public hearing regarding its Financial Institution Records Match (FIRM), one of its most important tools in the collection of delinquent tax liabilities. The hearing is scheduled for 1:00 p.m., on Wednesday, March 27, 2013, at...
