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U.S. citizens or U.S. resident aliens, who held assets outside of the United States for any amount of time during 2011, should be aware of a rapidly approaching deadline to file Form 8938 "Statement of Specified Foreign Financial Assets." Taxpayers subject to the Form...
Did you know that your social security benefits may be taxable? There are many factors that decide whether or not your benefits are taxable. For this reason, the IRS has released a list of seven questions to help you decide if your benefits are...
Wealthy Californians have for a long time taken advantage of a range of tax loopholes that lower tax liability. For example, celebrities like Kim Kardashian, who recently made headlines for paying fewer state taxes in California than many people expected, almost...
The planning you do for the management of your care and estate at the end of your life is a true gift to your family and possibly more valuable than the assets you'll pass to the next generation. Anita Creamer's report in The Sacramento Bee on Sunday, January 29, 2012...
The Foreign Asset Tax Compliance Act (FATCA) imposes a new global withholding and reporting regime intended to curb tax evasion and noncompliance by U.S. taxpayers. FATCA accomplishes this by expanding reporting and due diligence requirements on financial...
Presidential candidate Mitt Romney's recent disclosure of his tax returns can serve as an excellent point of discussion for California residents with their own tax concerns. A quick look at what Romney's returns show might help people in California and elsewhere...
The Tax Court recently held that when the IRS levies against a joint account in a state where either spouse has the unconditional right to withdraw the full amount of the account, the innocent spouse can pursue a refund under the equitable remedies of Internal Revenue...
California already has a free ReadyReturn option for taxpayers. The option involves the government's use of tax information from the previous year's return and combining it with information from the individual's W-2 form to prepare that person's taxes. The tax return...
If you didn't file your California income tax returns, you can expect to receive a non-filer from the California Franchise Tax Board. On January 17th, the Franchise Tax Board announced it would be contacting people who it suspects of earning California income but not...
In its annual congressional report, the head of the Taxpayer Advocate Service, Nina Olson, accuses the Internal Revenue Service of pulling a "bait and switch" on taxpayers. The IRS, she says, persuaded U.S. taxpayers to disclose hidden offshore bank accounts in...
