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On October 23, 2014, U.S. District Court Judge Reggie Walton dismissed two lawsuits against the Internal Revenue Service (IRS). True the Vote, an offshoot of the Tea Party-Affiliated King Street Patriots, sued the IRS claiming the IRS targeted conservative tax-exempt...
Aside from prurient interest in a celebrity's estate plan, there is often a lesson to be learned in the structure of the estate plan of the wealthy. The passing of fashion icon Oscar de la Renta on October 20, 2014 is a reminder for all business owners, no matter how...
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...
