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The Internal Revenue Service (IRS) recently announced the annual inflation adjustments for tax rate schedules and other tax provisions for 2019. Due to the Tax Cuts and Jobs Act, there are important changes to review concerning the standard deduction, rate...
A California real estate professional was recently sentenced to 2 years in prison for filing false income tax returns that failed to report over $1 million in cash earned through marijuana sales made between 2012 and 2014. In addition, he was ordered to serve one year...
The Internal Revenue Service (IRS) has issued additional guidance for taxpayers regarding how the Tax Cuts and Jobs Act will affect filing your 2018 tax returns. The website www.IRS.gov/getready provides information and advice for individuals and families, such as an...
California taxpayers who ceased doing business but continue to get requests for unpaid taxes or unfiled returns from the Franchise Tax Board (FTB) may benefit from a new bill, AB 2503, which goes into effect January 1, 2019, and provides two options for an...
The Franchise Tax Board (FTB) recently published its updated list of California's top 500 tax debtors, comprising both individuals and businesses that now collectively owe the state more than $646 million in income tax. Since October 2007, this list is updated twice...
Eli Waknine of Huntington Beach, California, pleaded guilty this week to filing a false tax return that failed to report over $2 million held at an Israeli bank between 1994 and 2011. He further attempted to conceal his offshore assets by instructing the bank to...
A California resident pleaded guilty last week to conspiring to submit false claims for income tax refunds and to bank fraud, according to the Department of Justice Tax Division. The woman worked with others to file false returns and allegedly obtain over $9 million...
The U.S. Court of Appeals for the Ninth Circuit issued an opinion in U.S. v. King Mountain Tobacco Co., affirming that tribal manufacturers of tobacco products on land held in trust by the United States are subject to the federal excise tax on manufactured tobacco...
The California Franchise Tax Board (FTB) recently announced the 2018 indexed threshold values for determining whether an entity is doing business in the state. If any of the following conditions are met, the taxpayer is considered to be doing business in California:...
The Internal Revenue Service's (IRS's) 2014 Offshore Voluntary Disclosure Program (OVDP) officially ends on Friday, September 28, 2018. This program was offered to help taxpayers get into compliance with their foreign account reporting requirements. The end of the...
