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The Treasury Inspector General for Tax Administration (TIGTA) is closely watching the $1.2 billion of the approximate $1.8 billion the IRS will receive as part of the American Rescue Plan Act (ARPA). The funds are part of the series of COVID 19-related relief and...
In its first Technical Advice Memorandum (TAM) of the year, TAM 2022-01, the California Franchise Tax Board (FTB) set forth a new interpretation of the protections of Public Law 86-272 (PL 86-272). By May 2022, the FTB also issued Guidance 1050 further expanding on...
If you were unable to file your federal tax returns on time in 2019 and/or 2020, good news! The IRS has agreed to voluntarily abate penalties for the failure to timely file due to the COVID-19 pandemic. The relief will apply to the most common forms for individuals...
I-Bonds are paying 9.62% interest. You read that correctly. I-Bonds are U.S. savings bonds issued by the United States Treasury. The interest rate is adjusted twice per year, in May and November. The current rate for I-Bonds is 9.62% on an annual basis for the first...
The California Department of Tax and Fee Administration (CDTFA) has updated its long-standing Managed Audit Program (MAP) publication which provides the explanation and benefits available to taxpayers participating in the program. Under the program, certain taxpayers...
In a Pending Precedential Opinion by the California Office of Tax Appeals (OTA), the OTA clarified that in determining whether an out-of-state LLC doing business in California and therefore subject to the annual tax each year, the determination based on the property...
The IRS has measures in place to try to detect fraudulent returns by individuals, as well as businesses. Although the IRS has paid out millions in fraudulent refunds, the IRS reported it has protected nearly $3.8 billion in fraudulent refund claims since 2016. The...
There can never been enough reminders about how to avoid scams, as fraudsters get more sophisticated every year. The IRS has joined the effort to let people know important ways to avoid scams involving the IRS. While it is possible that the IRS will call or visit a...
Our federal tax system is one of voluntary compliance: each taxpayer is expected to correctly report and pay their tax liabilities to the IRS. For a variety of reasons, this plan often fails. The IRS has many ways to find taxpayers who either fail to report their...
The IRS has issued an aggressive five-year strategic plan to improve taxpayer service and tax administration, focusing on four goals: Service – Provide quality and accessible services to enhance the taxpayer experience. Enforcement – Enforce the tax law fairly and...
