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The complexity of California income tax laws for non-California businesses is not new. Whenever nonresident businesses have income sourced to California, California will assess income tax in many cases. Public Law (PL) 86-272 still exempts out-of-state businesses from...
The IRS recently announced that it was granting tax-exempt status to True the Vote. The IRS and the Department of Justice may believe that this tax controversy may be over, but True the Vote says there are still questions that it needs answered. As many businesses in...
There is one simple estate planning tool you can accomplish immediately and without having to call a lawyer-updating your beneficiary designations.Many assets, including bank, brokerage, retirement, company benefit plan, life insurance, and 529 college accounts are...
Although the IRS won't comment on the reason Bank Leumi customers were kicked out of the IRS' Offshore Voluntary Disclosure Program (OVDP) after not only being accepted into the program, but after some had already received a final clearance and paid the amounts...
The IRS has posted new information to its website, in the form of frequently asked questions (FAQs), relating to FATCA. One set of FAQs focuses on the registration system and can be located at this link. A second series of FAQs involves FACTA issues relating to...
Many people in California have been following the court battles spawned by Michael Jackson's death. There could be yet another battle brewing for the late singer's family -- this one in the United States Tax Court. The IRS has made a seemingly arbitrary decision about...
Despite accusations that the notorious Capone was guilty of directing or committing many crimes through his organized syndication, tax evasion was ultimately the offense the federal government pursued which resulted in Capone's sentence to federal prison in...
Last December, the Second District Court of Appeal for California ruled in Cutler v. Franchise Tax Board that a California business incentive program violated the US Constitution's Commerce Clause. The program was enacted 20 years ago to allow investors selling stock...
When the founder of International Investment Advisors LLC passed away in 2001, he was worth approximately $24 million. What his family may not have realized at the time was that over half of that fortune was held in overseas bank accounts and taxes had not been paid...
In 2012, the IRS issued Revenue Ruling 2012-18 directing that automatic gratuities-tips added by the restaurant to the bill of large parties-- be classified as service charges, which are treated as regular wages subject to payroll tax withholding, rather than tips to...
