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Beginning in 2015, any business entity that files an original or amended tax return prepared by using a tax preparation software program will have to file electronically (e-file) with the FTB beginning January 1, 2015. A waiver may be obtained from the FTB if the...
If you exchange real property after January 1, 2014 in California, you are now required to file Form 3840 each year to track your deferred gains and provide other information concerning any non-California replacement property. The new form will be available on the...
Owners of Canadian retirement plans received good news today when the IRS announced that taxpayers with registered retirement savings plans (RRSPs) and registered retirement income funds (RRIFs) will now automatically qualify for tax deferral similar to that available...
Today the IRS issued a fraud alert to foreign financial institutions warning them that scam artists posing as IRS agents may call to request client and account information allegedly as part of the Foreign Account Tax Compliance Act (FATCA) requirements. The IRS...
In a decision dated August 27, 2014, a three-judge panel of the U.S. Court of Appeals for the Ninth Circuit found that FedEx had a "right to control" the activities of 2,300 of its drivers. Normally, in the logistics and delivery business, this would not be...
When it's time to close a business in California, there are many important steps that must be followed to ensure the requirements of the IRS and the California tax agencies are met. Failing to do so can result in the tax agencies coming back years later to collect tax...
In Wade v. Commissioner, T.C. Memo. 2014-169, the Court found that the taxpayers, a husband and wife who owned stock in two S corporations, had materially participated in the activities the corporations, which finding enabled the taxpayers to take a loss deduction in...
In her mid-year report, the Taxpayer Advocate identified top priorities as issuing refunds to victims of return preparer fraud, continuing to make improvements in the Exempt Organizations area and expanding the recently announced voluntary return preparer...
The California Franchise Tax Board announced that with the 0.5 percent increase in inflation over the last fiscal year, adjustments have also been made to income tax brackets, filing requirement thresholds, the standard deduction and certain credits for tax year 2014.
Many people enjoy hobbies and even earn money as a result. That income is reportable and business related to the income may be deductible so long as the activity is not truly a hobby. The way the activity is treated is important in determining whether the government...
