Experience. Dedication. Results.
Now that the federal government has raised the tax rate for the country's top earners to 39.6 percent, many people are deciding to leave California, which also raised its highest tax rate from 10.3 percent to 13.3 percent, for a state with lower personal income tax...
In Kurek v. Commissioner, T.C. Memo 2013-64, the U.S. Tax Court held that a general contractor should have treated construction workers on his projects as employees rather than independent contractors. During the tax year at issue, Mieczyslaw Kurek hired approximately...
California readers may be surprised to learn that not only does the IRS ask taxpayers to list any illegal income they earn on their tax return, but some actually do. The IRS instructions for tax returns state how illegal income should be included on the tax forms. It...
The Franchise Tax Board (FTB) is having a public hearing regarding its Financial Institution Records Match (FIRM), one of its most important tools in the collection of delinquent tax liabilities. The hearing is scheduled for 1:00 p.m., on Wednesday, March 27, 2013, at...
In a move that could result in an end to IRS voluntary disclosure participants with offshore accounts, the IRS rescinded approval to participants who were previously granted inclusion in the voluntary disclosure program. Tens of thousands of taxpayers have...
In February, the Franchise Tax Board (FTB) lost a case, DANIEL V INC. v. Franchise Tax Board, in a Los Angeles Superior Court where it had asserted that a Nevada Company was commercially domiciled in California because it was owned by a California resident, Ron Lane....
The co-owner and CEO of a California investment firm recently pleaded guilty to federal charges of tax fraud and wire fraud. According to reports, the 66-year-old Diamond Bar man operated a day-trading scheme that took in $49 million from investors from 2005-2011. He...
Yesterday, a U.S. court sentenced Swiss Wegelin & Co. to pay almost $58 million (on top of almost $16 million in forfeitures) for helping Americans evade taxes on $1.2 billion in Swiss accounts. In this historic first, the U.S. indicted a foreign bank and obtained...
The Financial Crimes Enforcement Network (FinCEN) has proposed changes to the FBAR to standardize it with other BSA electronically filed reports, add the capability for a third party preparer to file the report and record taxpayer identification numbers. To review the...
The IRS has announced both permanent and temporary modifications of eligibility requirements to its Voluntary Worker Classification Settlement (VWCS). Previously, employers who were under IRS audit could not participate. Now, however, employers under IRS audit (other...
