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California and the other 49 states could soon collect millions of dollars from online sales taxes. Last week, Reuters News reported that U.S. House and Senate introduced the Marketplace Fairness Act of 2013 (The Bill). This is Indeed, a remarkable turn of events,...
Taxpayers in California and across the nation may have to wait a little longer for their tax refunds this year, in part because the IRS is trying to minimize the risk of identity theft. This has become a big problem in recent years, not only for the IRS, but for...
The U.S. crackdown on tax evasion continues. On February 14, 2013, the U.S. Treasury Department announced that Switzerland and the United States have signed an agreement to make Swiss banks disclose more information about U.S. account holders.The agreement is the...
In Pollard v. Commissioner TC Memo 2013-38, the U.S. Tax Court recently denied a taxpayers' deduction for the donation of a conservation easement where the taxpayer granted the easement pursuant to negotiations with a local zoning authority for approval of a...
Reuters is reporting that the current administration may soon ask Congress to require U.S. banks to disclose more information regarding foreign clients' account information. The Treasury's concentrated effort, on information-sharing, stems from the Foreign Account Tax...
A recent Tax Notes Today article by Contributing Legal Editor, Jeremiah Coder, warns that the Internal Revenue Service's (IRS) Offshore Voluntary Disclosure Program (OVDP) may have limits which could have dire consequences for taxpayers that continue to hold out. Mr....
Bloomberg is reporting that a federal judge has directed the Internal Revenue Service (IRS) to issue a summons requiring the Swiss bank Union Bank of Switzerland (UBS) to produce information about U.S. taxpayers who were trying to evade U.S. income taxes by holding...
On January 28, 2013, in Loving v. IRS, the U.S. District Court for the District of Columbia found in favor of Sabina Loving and two other plaintiffs who challenged the Internal Revenue Service's (IRS) ability to govern tax return preparers pursuant to regulations...
The time for waiting is over! Today the Department of the Treasury and the IRS issued the long-awaited final regulations implementing the information reporting and withholding tax provisions of the Foreign Account Tax Compliance Act (FATCA). These regulations aim to...
On January 16, 2013, the California Supreme Court granted the Franchise Tax Board's (FTB) petition for review in Gillette Company v. California Franchise Tax Board, and will likely hear arguments sometime this spring. We have previously covered the Gillette case here,...
