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Today the Financial Crimes Enforcement Network (FinCEN) issued guidance for financial institutions who seek to provide services to marijuana-related businesses in light of recent state initiatives to legalize certain marijuana-related activities. See FIN-2014-G001. A...
On Tuesday the U.S. Court of Appeals for the District of Columbia Circuit found that the IRS had exceeded its statutory authority when it attempted to regulate tax return preparers. Loving v. Internal Revenue Service, No. 13-5061 (Feb. 11, 2014).The Secretary of the...
Yesterday, the Tax Court issued a 63 page opinion finding that the taxpayers were not entitled to a $499,000 charitable contribution deduction for the donation of an apartment building to Volunteers for America because the taxpayers failed to obtain a qualified...
More than one million people who did not file a 2012 state income tax return are receiving letters seeking those returns or to verify that they do not have a tax filing requirement, according to the Franchise Tax Board (FTB). Since the 1950s, FTB has contacted people...
On December 3, 2014, the United States Tax Court issued an opinion in Brown v. Commissioner, T.C. Memo. 2013-275, in which the Court found that the taxpayers were not liable for the fraud penalty under Internal Revenue Code (I.R.C.) section 6663(a) despite the fact...
Yesterday the White House issued a statement on The White House Blog regarding its Education "Datapalooza," an event intended to further the exploration of new apps and services advancing higher education. The White House blog post references a fact sheet describing...
On January 13, 2014, the California Franchise Tax Board (FTB) announced that it holds over $16 million in California income tax refunds that were returned to it by the U.S. Postal Service. The refund amounts range from $1 to $54,000, with the majority being $1,000 or...
Today the National Taxpayer Advocate issued a press release to report the publication of the 2013 Annual Report to Congress. IR-2014-3. The press release emphasizes a few key items from the report: a recommendation that the IRS adopt a "Taxpayer Bill of Rights," and...
See below for an important message from the California Franchise Tax Board: The Franchise Tax Board (FTB) today announced it is now accepting 2013 state tax returns. Also, the FTB provides the following updates on law changes and filing services. What's New for...
The California State Board of Equalization is sending local retailers letters informing them of upcoming visits from Statewide Compliance and Outreach Program teams. To learn more, view the BOE News Release regarding this topic. If you have any questions, or if you...
