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Teymour Khoubian, a businessman based in Southern California, was recently sentenced to 21 months in prison for filing false tax returns that failed to report his offshore accounts in Germany and Israel from 2005 through 2011, representing a total tax loss to the U.S....
The Internal Revenue Service (IRS) recently issued guidance for taxpayers who transact in virtual currency. Revenue Ruling 2019-24 (available here) addresses when distributions of new currency following a soft or hard fork will be a taxable event to the holder of the...
The California Department of Tax and Fee Administration (CDTFA) recently released its Initial Discussion Paper for the Interested Parties Meeting it is hosting on October 15, 2019, in Sacramento to discuss and clarify the Marketplace Facilitator Act established in...
The California Department of Tax and Fee Administration (CDTFA) recently released its first annual report on the administration and enforcement of the state's sales and use tax programs. During FY 2017-18, the CDTFA managed nearly 1 million sales and use tax permits...
On October 2, 2019, the Governor of California approved Assembly Bill 170, which details the alternative test for workers to be classified as Independent Contractors within professions that are specifically excluded from the provisions of Assembly Bill 5, which was...
The Internal Revenue Service (IRS) recently released new estimates for tax years 2011, 2012, and 2013, revealing a relatively steady tax gap of about 84 percent since 2008 between the true federal tax liability and the amount of tax that was paid on time. For the...
With the California Governor's approval of Assembly Bill No. 5 on September 18, 2019, worker classification law in the state has changed significantly by codifying the "ABC" test established in Dynamex Operations West, Inc. v. Superior Court of Los Angeles, 4 Cal.5th...
The Treasury Inspector General for Tax Administration (TIGTA) recently released its final report on Internal Revenue Service (IRS) compliance trends through FY 2018, during which time period U.S. taxpayers filed over 152 million individual and 11.4 million business...
The California Department of Tax and Fee Administration (CDTFA) recently issued a special notice updating out-of-state e-retailers regarding their sales and use tax obligations for products delivered to California consumers. Specifically, beginning October 1, 2019, it...
The California Legislature recently passed Assembly Bill No. 321, which adds an exemption until January 1, 2024, to existing state sales and use tax laws related to "the sale of, or the storage, use, or consumption of, a new, used, or remanufactured truck with an...
