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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....
It seems that the Internal Revenue Service is starting to take note of the sluggish economy and its effect on taxpayers. Today, the IRS announced a major expansion of its "Fresh Start" initiative aimed at helping struggling taxpayers, by making Installment Agreements...
Three tax hike proposals in California are currently in the signature-gathering phase. With enough signatures, the proposals will be put on the upcoming November ballot.According to a new poll, a sizeable majority of California voters are in favor of a tax hike on...
On February 23rd, the Internal Revenue Service said it is holding more than $1 billion in unclaimed refunds for U.S. taxpayers who didn't file federal income tax returns for the 2008 tax year. Generally, in cases where a tax return was not filed, the law provides...
As tax season approaches, many California residents may believe that their chance of facing an IRS audit is relatively small. Yet while audits are certainly not commonplace, they are not necessarily rare either. Moreover, the IRS is increasingly turning to so-called...
The IRS has determined that some taxpayers who lived in the countries that experienced an "Arab Spring" should be allowed to exclude some of their foreign earned income. Generally, U.S. citizens or resident aliens living and working abroad are taxed on their worldwide...
Today, in Revenue Procedure 2012-18, the Internal Revenue Service updated its rules dictating how the Office of Appeals is allowed to communicate with other IRS sections or divisions, when a taxpayer or the their representative is not present.Since the issuance of...
