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State schools and private nonprofit universities in California will need to be on the alert in their bookkeeping, as more than 30 state schools and private nonprofits throughout the country have already been subject to audits by the IRS this year. The agency says...
It is no secret that the world is increasingly becoming a smaller place, especially when measured by the Internal Revenue Service's (IRS) long reach. An article in the New York Times discusses how Americans living abroad are coming under pressure to declare foreign...
Next month, Betty Williams will be speaking at the 2012 Annual Income Tax Seminar on June 22, 2012 at Golden Gate University in San Francisco.Ms. Williams, Steven Walker, and Susan Morse will be presenting on "International Tax Enforcement and Expanded Reporting...
Tax controversies often involve questions about the actions of taxpayers who may or may not have intended to file a false return. However, recent reports show a significant increase in fraudulent returns filed in connection with taxpayers' stolen identities.The IRS...
The U.S. Department of Justice (DOJ) and the Internal Revenue Service (IRS) recently announced that attorney Aristotle "Rick" Matsa was convicted of tax fraud and obstruction of justice related offenses, including witness tampering. Additionally, Mr. Matsa and his...
required to recognize income from discharge of indebtedness, gain deferred pursuant to its installment sale, or gain on a disposition of an installment obligation.The taxpayer sold property to a new corporation controlled by a private equity firm in exchange for cash...
A 68-year-old economist who currently resides in California was recently charged with a number of tax crimes. In addition to tax evasion, he has additionally been charged with obstruction of the IRS, failure to file a tax return and failure to pay taxes. If convicted,...
In Notice 2012-34, the IRS has announced it will delay the proposed effective dates for information reporting by securities brokers for transactions related to debt instruments and options by one year.The new regulations recommend changes to the reporting requirements...
The Wall Street Journal just reported that "the Tax Court just blessed a technique that owners of closely held businesses-and wealthy families-can use to pass assets to heirs with a minimum of taxes and complications." The ruling in Wandry v. Commissioner is causing...
To say that audits are slightly stressful for California business owners may be the understatement of the year. For many people in Sacramento County, audits can be one of those most intimidating parts about running a business. Even savvy business owners get nervous...
