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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...
The Treasury Inspector General for Tax Administration (TIGTA) recently audited the Sustaining Infrastructure Program of the Internal Revenue Service (IRS) and found that, since 2013, the percentage of information technology hardware the IRS is using that is beyond its...
The United States Senate Committee on Finance held a hearing on September 19, 2017, to address business tax reform goals. Chairman Orrin Hatch focused his opening remarks on the need to reduce corporate tax rates to remain competitive in the international market and...
The Treasury Department's Financial Crimes Enforcement Network (FinCEN) has issued an advisory alert for financial institutions concerning the potential flow of money from Venezuela to the United States due to political instability surrounding widespread corruption in...
Certain partnerships that failed to file their required federal tax returns by the new, April 15th due date for tax years beginning with 2016 may be provided penalty relief, according to Internal Revenue Service Notice 2017-47. The calendar-year partnership due date...
As we inch closer to the January 1, 2018 official changeover of many responsibilities from the Board of Equalization to California's two new tax agencies (the Department of Tax and Fee Administration [TFA], and the Office of Tax Appeals [OTA]), legislators are...
The California Supreme Court issued a ruling on August 28, 2017 in California Cannabis Coalition v. City of Upland that may have created a loophole for special interests to get around the limitations on tax increases established by Propositions 13 and 218. In the...
