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The California Franchise Tax Board (FTB), recently released Legal Guidance Division 2012-03-02 where it addressed the following question: Can a taxpayer make a valid single sales factor (SSF) election and also report tax computed without the election in order to avoid...
The IRS deadline for filing your tax return for 2011 is rapidly approaching, which means more people are becoming concerned about receiving that dreaded audit. Recently, we mentioned how the IRS is increasingly turning to so-called unreal audits ("Audits may not be...
Reuters is reporting that despite the Internal revenue Agency's (IRS) 2012 fiscal budget cut of 2.5%, newly appointed Transfer Pricing Director, Samuel Maruca, is recruiting talent to crack down on companies that shift their profits from country to country in order to...
The Franchise Tax Board (FTB) recently released Legal Division Guidance 2012‐03‐01. While FTB's "Legal Division Guidance" is not considered "written advice", the guidance often relates to recently-enacted legislation where there may be little available commentary or...
U.S. citizens and resident aliens residing overseas or those serving in the military outside the U.S. on April 17, 2012 have until June 15, 2012 to file their federal income tax returns. For information on forms, world-wide income, foreign earned income exclusion and...
The failure to pay taxes could land one in hot water not only with the IRS but also with state and local authorities. The state of California even went so far as to publish a list of individuals and companies who apparently owe the most unpaid taxes since 2007....
Imagine your client receiving a letter from his bank stating his account will be levied in a matter of days because the California Franchise Tax Board (FTB) has determined he has a tax liability dating back 19 years.In the past several weeks we have received an...
Most taxpayers with a reporting requirement for their interests in specified foreign financial assets must file their first IRS Form 8938 with their 2011 income tax return. The Foreign Account Tax Compliance Act (FATCA), enacted in 2010, requires certain U.S....
Last month, the IRS issued Notice 2012-21 which grants certain estates an extension of time to file documents necessary to make the portability election.The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 included a provision allowing...
For many California residents, the complexity and length of the federal tax code make it more akin to a foreign language than to a comprehensible set of rules and regulations. That may help explain why so many people make mistakes when filing their tax returns....
