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The Internal Revenue Service (IRS) released its annual inflation adjustments for many tax benefits applicable for tax year 2018 (returns filed in 2019). The standard deduction for taxpayers who are married filing jointly will increase slightly to $13,000; for single...
On October 6, 2017, Shiv D. Kumar, the sole shareholder of a California transportation company that serves disabled individuals, was sentenced to 30 months in prison for filing false corporate returns. The Department of Justice found that Kumar provided his accountant...
California counties will not automatically reassess homes due to the recent fires, because the law requires that the counties first receive an application from the homeowner. Those who lost property will need to file the appropriate county casualty abatement...
No one is beyond the certainty of taxes, as a priest for the Roman Catholic Diocese of San Jose, California, discovered last week. Hien Minh Nguyen was sentenced to 36 months in prison for taking cash and checks donated to the Diocese by parishioners and depositing...
Pursuant to IRS Revenue Procedure 2017-52, the IRS has introduced a pilot program to resume offering private letter rulings on the tax consequences of certain distributions of stock or securities of a controlled corporation under I.R.C. Sec. 355. From September 21,...
President Trump and several key members of Congress have released their proposal for federal tax reform. Their main goals are to simplify the tax code, lower tax rates, increase the competitiveness of American businesses in the international arena, and repatriate...
On September 25, 2017, Governor Brown signed S.B. 813 into law, which, effective January 1, 2018, expands the existing California state voluntary disclosure program to include out-of-state trusts with California beneficiaries and non-resident partners. Such taxpayers...
On October 2, 2017, California Governor Jerry Brown signed SB 36, the fee bill for the State Bar of California, into law. This year's annual attorney licensing fee bill includes major reforms for the agency, including the separation of voluntary sections into a new,...
According to the October 2017 newsletter of the California Franchise Tax Board, beginning in January 2018, California taxpayers will be able to e-file amended individual returns for tax year 2017 and later on a new Schedule X, California Explanation of Amended Return...
Sometimes when a taxpayer does not file a tax return, the IRS will estimate the amount owed and prepare a Substitute for Return (SFR). More specifically, IRS computers prepare the SFRs based on information the IRS receives from third parties, such as Forms W-2 and...
