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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...
Wayne Garvin worked as a Supervisory Associate Advocate with the revered IRS’ Taxpayer Advocate Service in his last position working for the IRS. For the years 2012 through 2016, while employed by the IRS, Garvin filed false tax returns with the IRS on which he...
Thanks to the efforts by the U.S. Department of Justice, the FBI, and our law enforcement partners in Austria and Lebanon, Sezgin Baran Korkmaz was apprehended in Austria, and extradited to Utah where he was indicted on charges for fraud and money laundering exceeding...
The FTB issued Legal Ruling 2022-02 on July 14, 2022 to address the taxation on the sale of certain partnership assets by a nonresident of California. The sale of the partnership interest is a tangible asset, sourced and taxed to the taxpayer’s state of residence....
The IRS Security Summit reminds tax professionals to take additional precautions to safeguard client data. The annual Security Summit campaign begins July 19th, with a series of five weekly news releases with information on how to protect federal and state tax...
While nothing may be as certain as death and taxes, nothing is as confusing as estate taxes on death. The estate tax is the single highest tax rate a person (or rather their state) will ever pay, currently capping out at a federal rate of 40% on assets over $12.06...
The European Union (EU) executed its Marketplace in Crypto-Assets (MiCA) on June 30, 2022, which provides the regulatory framework for digital assets in the EU bloc when the asset, or token, has an issuer. Coins that have no issuers, like Bitcoin, will have other...
Assembly Bill No. 195, published July 1, 2022, makes a number of important changes to streamline administration and transparency of California's cannabis industry. One such amendment was made which discontinues cultivation tax beginning on January 1, 2023, and...
Last week the U.S. Supreme Court denied the request to hear the appeal of a case which ultimately resolves the worker classification rules for truckers in California that had been challenged since September 2019 when Assembly Bill 5 (AB 5) was enacted to codify the...
