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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...
The Internal Revenue Service reminds U.S. citizens and resident aliens, including those with dual citizenship who have lived or worked abroad during all or part of 2013, that they may have a U.S. tax liability and a filing requirement in 2014.The filing deadline is...
What happens when you realize you made an error on your tax return? Most people think they should file an amended tax returns, and in most cases, that would be correct; however, sometimes it is unnecessary. According to the IRS, if you made a math error, the IRS will...
Yesterday, the Tax Court issued a full Tax Court Opinion, with concurring and dissenting opinions, finding that an IRS letter was sufficient to confer jurisdiction upon the Tax Court. SECC Corporation v. Commissioner, 142 T.C. No. 12. The controversy arose from an IRS...
The California Competes Tax Credit is an income or franchise tax credit available to businesses that come to California or stay and grow in California. Tax credit agreements will be negotiated by Governor's Office of Business and Economic Development (GO-Biz) and...
The Franchise Tax Board has proposed a bill which would provide penalty relief for taxpayers who fail to timely file a tax return or fail to timely pay an income tax liability. This relief would be available for individuals and corporations and would mirror the...
The IRS has provided information on the treatment of virtual currency, which is not considered currency at all. Virtual currency is treated as property for U.S. Federal tax purposes and as such, may be subject to ordinary or capital treatment depending on the...
