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The U.S. Department of Justice recently entered into an agreement with yet another foreign bank, LLB Verwaltung (Switzerland) AG, for the bank's role in assisting clients evade their U.S. tax obligations. LLB-Switzerland's business with U.S. clients boomed in 2008,...
The IRS recently announced a letter campaign, issuing one of three letters to taxpayers regarding virtual currency. Two of the letters are informational, sent to taxpayers who may have had a requirement to report virtual currency transactions but did not do so (Letter...
If you dealt in virtual currency in recent years, you may soon receive a letter from the IRS regarding a potential failure to report income and pay related taxes, according to a recent IRS announcement. The federal tax agency is beginning to reach out to taxpayers as...
The National Taxpayer Advocate Service (TAS) recently published an illustrated "taxpayer roadmap" showing the many stages of federal tax administration in the U.S., from tax preparation to audits, appeals, collection, and litigation. To view the map in detail,...
The Internal Revenue Service (IRS) recently released drafts of the 2019 Form 1040 and various related schedules for review. The draft forms are available for review here. Comments should be sent to [email protected].
For months, many out-of-state retailers have been working to determine the extent to which they may owe tax to California for sales made in prior years, even though they had no physical nexus in California. Following the U.S. Supreme Court's decision in Wayfair v....
The California Franchise Tax Board (FTB) recently issued a news blast that many payments sent by mail to the state tax agency in June were delayed significantly due to post office issues. When the mail finally caught up on June 9th, the FTB received some 115,000...
The California Department of Tax and Fee Administration (CDTFA) recently announced it is offering relief to certain out-of-state retailers (referred to as "marketplace sellers") who are considered to be engaged in business in the state of California based solely on...
The U.S. Supreme Court recently issued a unanimous decision in North Carolina Dept. of Revenue v. The Kimberley Rice Kaestner 1992 Family Trust, ruling that residence in a state is not a sufficient reason to tax an out-of-state trust's undistributed income. Justice...
The Taxpayer First Act signed into law by President Trump requires the IRS to make important changes that will benefit taxpayers and improve tax administration. Low-income taxpayers who owe money to the IRS now have protection from private debt collectors, and certain...
