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California businesses should be cautious about how they classify their workers. Whether a worker ought to be classified as an independent contractor or an employee can be a tricky business that is carefully scrutinized by the IRS during audits. It is explicitly stated...
Although just a few months into a program that allows the FTB to obtain information from banks and other financial institutions to find assets and collect on delinquent debts from California taxpayers, the FTB estimates that it will increase the amount of levies...
Our readers in the Sacramento area may be interested in a recent survey regarding tax deficiencies. (For those who don't know, the IRS will send a notice of deficiency if the amount reported by a taxpayer is less than the amount the IRS determines is owed.) The Public...
On June 5, 2012, the Internal Revenue Service (IRS) marked the third anniversary of its tax preparer initiative. The IRS also took the opportunity to renew its call for tax preparers to take and pass a new competency test as soon as possible.Prior to the IRS Return...
Virginian Hopkins, a waitress in downtown Cleveland, looks forward to receiving her IRS tax refund every year. This year, her expected refund of over $700 was supposed to go toward much needed car repairs. Much to her surprise, her refund check was nearly half a...
No one likes the idea of being audited by the IRS, but the reality is that many taxpayers will face this uncomfortable and sometimes tricky process. Audits may be as simple as a review, or as complicated as delving into previous tax years, item by item. While audits...
Readers in the Sacramento area may have seen reports regarding the tax issues surrounding Eduardo Saverin. Saverin is a co-founder of social media powerhouse Facebook, and the tax controversy stems from his renouncing his U.S. citizenship shortly before Facebook's...
The Internal Revenue Service (IRS) recently announced, under release IR-2012-53, that they will expand their "Fresh Start" initiative by offering more flexible terms in their Offer in Compromise (OIC) program. An OIC is one method a taxpayer can use to settle his IRS...
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...
