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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...
The Governor and legislative leaders agreed on a variety of provisions in the 2022-2023 budget agreement including one that would help cannabis business owners. AB 195/SB 195 would repeal the cannabis cultivate tax, revise the cannabis excise tax to be collected at...
The FTB may be getting on board with the IRS by offering a first-time penalty abatement for qualified taxpayers. The relief would begin with tax year 2022 and provide one-time relief of failure-to-file or failure-to-pay penalties. This is just one of the provisions...
The IRS announced recently that errors on more types of tax returns can now be corrected electronically, which helps the IRS reduce the current backlog of amended returns more quickly. New forms that may be amended electronically include Forms 1040-NR, U.S....
Erin Collins, National Taxpayer Advocate, issued her mid-year report to Congress. Ms. Collins shares her great concern over the IRS’ backlog, and the long delays taxpayers face. Part of the problem is the number of returns requiring manual processing. At the end...
Taxpayers with significant FBAR non-willful penalties may breathe a sigh of financial relief if the U.S. Supreme Court decides the FBAR non-willful penalty is per form, not per account. Yesterday, the U.S. Supreme Court granted certiorari in Bittner, Alexandru v. U.S....
The IRS has been working hard to catch up on the processing of 2021 income tax returns and related correspondence that were delayed due to the pandemic and staffing shortages. More than 4.7 million original individual income tax returns were filed in 2021; by the end...
The IRS has answered more than 3 million calls through its new electronic voice bot since January 2022, and anticipates many more, as it expands the services provided to eligible taxpayers. Now an individual can verify their identity to set up or even modify a...
Guy Ficco is the new Deputy Chief at the IRS who will oversee approximately 2,000 special agents seeking to thwart tax fraud and financial crimes. Ficco is well-versed in tax crimes having served as the IRS Criminal Investigation Division’s Executive Director of...
