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Remember that FBAR reports are due for clients on June 28th, since there are no filing extensions on FBARs and the due date of June 30th falls on a Sunday this year. The filing deadline of June 15th for U.S. citizens and resident aliens living overseas or serving in...
A federal grand jury has indicted Drs. David Leon Fredrick and Patricia Lynn Hough alleging that they conspired to defraud the Internal Revenue Service (IRS) through a series of offshore accounts, using the funds buy homes in Florida, North Carolina and an airplane...
A recent California State Board of Equalization (BOE) decision illustrates California's broad reach to tax non-residents. Specifically, the California Franchise Tax Board (FTB) was able to successfully argue that additional tax was due from a non-California resident...
The tax administrations from the United States, Australia and the United Kingdom announced today a plan to share tax information involving a multitude of trusts and companies holding assets on behalf of residents in jurisdictions throughout the world.The three nations...
Now that April 15 has passed, many California taxpayers are breathing a sigh of relief that they don't have to deal with the IRS for another year. However, that may not be the case. It is in the days, weeks and even months following April 15 that the IRS sends letters...
The Ninth Circuit Court of Appeals held that erroneous advice from an accountant that an estate tax return (IRS Form 706) could be extended for filing and payment purposes by one year did not qualify for penalty abatement as "reasonable cause."In Knappe v. United...
The California Employment Development Department (EDD) thinks so. Following a recent precedent Tax Decision from the California Unemployment Insurance Appeals Board (CUIAB), the EDD is enforcing a new worker misclassification policy that affects franchisors and...
A federal court in San Francisco authorized the Internal Revenue Service (IRS) to serve a John Doe Summons seeking information about U.S. taxpayers who hold correspondent accounts at Wells Fargo for Canadian Imperial Bank of Commerce's FirstCaribbean International...
Most everyone knows that Mark Zuckerberg is the founder and CEO of the popular social media site Facebook. What may not have been as well known until recently is that Zuckerberg owes more than $1 billion in taxes to the IRS and the state of California. That represents...
