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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...
In a case of first impression, the Tax Court held that a taxpayer did not fail to report income attributable to unauthorized IRA distributions where his former wife had likely forged the withdrawal requests and where he received no economic benefit from the...
The FTB's New Employment Credit begins January 1, 2014. One requirement for the credit is that a taxpayer be engaged in a trade or business within a designated geographic area (DGA). Use the DGA Mapping Tool to determine if a location is in a DGA. You can access the...
When using a Section 1031 exchange under the Internal Revenue Code, property owners can defer recognition of gain for "like kind" property exchanges. Under the IRS rules, tax on this property may not be due until the time that investors actually sell the...
The FATCA FFI List Resources and Support Information Webpage has been posted to the FATCA Website. In addition, the FATCA FFI List Frequently Asked Questions (FAQs) have been posted to the FATCA Website.
