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The Internal Revenue Service (IRS) hopes that the estimated 1 million taxpayers due a refund for the 2013 tax year will file their delinquent returns by April 18, 2017 - the deadline for them to claim their share of more than $1 billion in potential refunds. In...
The Internal Revenue Service (IRS) will now return without consideration any Offer in Compromise applications submitted by taxpayers who have not filed all required tax returns. The application fee will be returned to the taxpayer, but any initial payment submitted...
The Franchise Tax Board announced it will be accepting applications for the California Competes Tax Credit from March 6 through March 27, 2017. The credit is available to businesses that relocate to California or stay and expand within the state. During Fiscal Year...
California Senate Bill No. 807, introduced February 17, 2017, proposes various tax credits and exemptions aimed at attracting and retaining educators. Legislators hope to offer qualifying taxpayers a credit against their net tax equal to qualified costs paid or...
Helpers Community Inc. must pay the San Francisco Office of the Assessor-Recorder approximately $31,000 in back taxes for misrepresenting the use of properties the charity owns around Golden Gate Park. The nonprofit was founded in 1953 to assist people with...
The IRS released the full list of the top 12 tax scams threatening taxpayers and tax professionals in 2017, including:Phishing;Phone scams;Excessive business credits claimed;False charities; Abusive tax shelters; andOffshore tax avoidance."We continue to work hard to...
The IRS remains committed to stopping the use of offshore accounts to hide money or assets, and has kept the act on its 2017 "Dirty Dozen" list of tax scams. "Offshore compliance remains a top IRS priority," said IRS Commissioner John Koskinen. "The IRS receives more...
On February 9, 2017, the U.S. Tax Court released its opinion in Schieber v. Commissioner, T.C. Memo 2017-32, ruling that the lump-sum value of CalPERS pension benefits should not be included in asset calculations to determine a taxpayer's ability to immediately pay...
On January 31, 2017, the Treasury Inspector General for Tax Administration (TIGTA) released its final report on the results of the 2016 tax filing season. As of early May 2016, the IRS had received 139.6 million individual tax returns, over 88% of which were filed...
The IRS has begun releasing detailed notices on the top 12 most common tax scams taxpayers may encounter during the 2017 filing season. Included so far are:Phishing;Phone scams;Identity theft; andReturn preparer fraud.For complete details on the warning signs for each...
