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After serving as IRS Commissioner for only a few months, John Koskinen offers hope for taxpayers with unreported offshore accounts. As the next phase of the Foreign Account Tax Compliance Act (FATCA) begins in July, in which foreign financial institutions will begin...
According to the Internal Revenue Service (IRS), it will hold two free webinars for small businesses on this year's "Small Business Week," May 12 to 16. The Webinars focus on several key tax benefits and a special relief program for employers who reclassify their...
In a Summary Opinion, the Tax Court found that a taxpayer did not have $10,000 in unreported income with regard to settlement proceeds resulting from a mortgage fraud lawsuit. Kadir v. Commissioner, T.C. Summ. Op. 2014-43.In Kadir, the taxpayer had refinanced his...
The IRS provides further clarification and announces its intention to further amend certain Regulations concerning FATCA. In order to facilitate an orderly transition for withholding agents and Foreign Financial Institutions, the years 2014 and 2015 will be treated as...
The IRS recently issued Announcement 2014-17, providing an update on jurisdictions treated as having intergovernmental agreements (IGAs) with the United States in order to implement the Foreign Account Tax Compliance Act (FATCA). As of the date of the announcement,...
The number of workers identifying themselves "independent contractors" is growing in the United States. In 2005 the U.S. Bureau of Labor Statistics determined that the number of independent contractors rose from 6.4% of the workforce in 2001 to 7.4% of the workforce...
The Tax Court recently issued an opinion in AD Investment v. Commissioner, 142 T.C. No. 13, in which the Court granted the IRS's motion to compel the production of documents. The controversy arose in the context of two consolidated Tax Court proceedings involving...
Last Friday the IRS published an updated version of its publication "The Truth About Frivolous Tax Arguments." This publication provides a list of common frivolous arguments advanced by individuals and groups who oppose compliance with the federal tax laws.Individuals...
A 2013 law created by Governor Brown's 2013 Economic Development Initiative allows certain businesses in manufacturing or in the fields of biotechnology or physical, engineering, and life sciences to purchase or lease manufacturing or research and development...
The Intersection of Employment Tax and Employment LawWe are seeing among our business tax clients a rise in wage and hour litigation, either ancillary to, or independent of, their tax issues. In fact, recently I was giving a presentation to a group of business owners...
