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Earlier this week the Tenth Circuit Court of Appeals issued an opinion in Mallo v. IRS, holding that certain income tax liabilities were not discharged in bankruptcy because the taxpayers filed late returns after the IRS had already assessed the taxes. Mallo v. IRS,...
If you have ever thought of becoming an independent contractor, the following are some considerations to make before starting on what is essentially your own business: · Independent contractors can generally choose how often and when they work. · Independent...
The FTB issued over $20 million in refunds to nearly 47,500 taxpayers that were returned to the FTB as undeliverable. The refunds ranged from $1 to $50,000. To see if you are due a refund, following the instructions provided by the FTB. For more information,...
Tamara Ashford, who is currently acting assistant attorney general in the Tax Division of the U.S. Department of Justice, was confirmed as a Tax Court Judge by voice vote.Ms. Ashford is currently Assistant Attorney General of the DOJ's Tax Division. At her Senate...
After years of investigation by U.S. law enforcement authorities, and a plea of guilty for conspiracy, Credit Suisse AG was sentenced on November 21, 2014 for conspiracy to aid and assist U.S. taxpayers in filing false income tax returns and other documents with the...
For decedents dying in 2015, the applicable exclusion amount (or the value of assets a decedent may own without incurring an estate tax liability) is $5,430,000.The annual gift tax exclusion (or the value of assets a donor may gift to each person without incurring a...
Those FI's seeking to obtain QI status to be effective for the calendar year 2014 must submit their Form 14345 and Form SS-4 no later than the close of business December 5th, 2014. All applications received after that date will be effective for calendar year 2015.
On November 17, 2014, the IRS released suggestions to insure successful year-end charitable giving. Please see below for six tips from the IRS, and contact our office at our office if you have any questions. Qualified charities. You can only deduct gifts you give to...
Internal Revenue Service Commissioner, John Koskinen, and The National Taxpayer Advocate, Nina Olson, spoke to an audience of tax professionals at the AICPA National Tax Conference in Washington, DC on November 4, 2014. Both presented a dismal tax filing season for...
In Kernan v. Commissioner, T.C. Memo. 2014-228, the Tax Court sustained the IRS's proposed deficiencies and additions to for tax years 2001 through 2006 due to the taxpayer's failure to file income tax returns. However, the Court rejected the IRS's proposed penalties...
