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The Internal Revenue Service (IRS) proposed a revised schedule of fees for installment agreements made on or after January 1, 2017. The changes increase the highest possible fee to $225 (up from $120), but reduces fees for certain types of agreements.The revised...
California Rev. and Tax Code section 23101 defines what it means to do business in California, including a sales threshold for taxpayers not physically located in the state. A taxpayer is considered to be doing business in California "if it actively engages in any...
Although it is common practice for corporate officers to take shareholder loans from company coffers, weak or inconsistent recordkeeping can turn this into a serious problem during California payroll tax audits - undocumented loans are often picked up by state tax...
Businesses on the cutting edge of technology may kick off the new year with a "sharing economy" workforce approach. Businesses that use a web-based approach to offering services, including the rental of tangible personal property, may qualify for the benefits related...
The Internal Revenue Service (IRS) launched a new, web-based tool to assist taxpayers with simple balance inquiries. The new feature is one part of the IRS' plans to build a wider platform for taxpayers to more quickly and securely access various aspects of...
The Internal Revenue Service Advisory Council (IRSAC) released its annual report today for 2016. Based on IRSAC's findings and discussions in 2016, the council made recommendations on topics including: Evaluating the Effects of Penalties on Voluntary Compliance;...
The temporary statewide sales and use tax increase approved through California's Proposition 30 expires on December 31, 2016. Effective January 1, 2017, the state sales and use tax rate in California will decrease by 0.25% to the new rate of 7.25%. The California...
The Treasury Inspector General for Tax Administration (TIGTA) recently issued a report on the IRS' strategy for addressing income produced through virtual currencies, such as bitcoin, litecoin, and dogecoin. Use of virtual currency has grown in recent years, due in...
The IRS and its Security Summit partners finalized plans on November 3, 2016, to improve identity theft protections in 2017 after the significant success of its 2016 program (and in spite of a growing number of scams). In the first nine months of the current year,...
The Internal Revenue Service (IRS) has issued an urgent warning to tax professionals regarding yet another e-mail scam, this time involving a fake website related to the IRS' e-Services accounts.The agency wrote:"The Internal Revenue Service today issued an...
