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When it comes to audits, the American taxpayer is not the only one that can face challenges. According to recent news reports, the IRS itself has been audited by the Treasury Department and the results indicate problems. The audit conducted was for the 2011 tax year...
On August 14, 2012, the IRS released its draft form W-8IMY Certificate of Foreign Intermediary, Foreign Flow-Through Entity, or Certain U.S. Branches for United States Tax Withholding.Institutions that are organized outside the United States, and classified for U.S....
Favorable gift and estate tax savings are set to expire in just over three months. In order to take advantage of current tax laws, one must effectively give away assets. But that doesn't necessarily mean giving away total control of how those assets are managed and/or...
A bill that recently passed the House of Representatives calls for federal employees to be fired if they owe too much in back taxes. The proposed law, which is now scheduled to go before Senate, would affect California federal employees who were facing substantial tax...
Sean and Nadia Roberts of Tehachapi, California, pled guilty before the Eastern District of California to a criminal information charging them with filing a false tax return under Internal Revenue Code § 7206(1). The charge is related to an undisclosed Swiss bank...
A year ago, California changed its tax laws requiring online retailers to collect sales tax from California residents and businesses who make purchases on-line. California is expecting $200 million in annual sales tax from online retailers, with Amazon being the...
On July 26, 2012, the United States Department of Treasury published two versions of model intergovernmental agreements, a reciprocal and non-reciprocal. These agreements establish a framework for financial institutions to report certain financial account information...
California's First District Court of Appeals issued an opinion on July 24, 2012 giving corporations relief from a 1993 California state law that gave double weight to sales, thereby increasing corporate income taxes on out-of-state corporations while giving those...
The popularity of S-Corporations has continued to rise for small business owners. According to the Internal Revenue Service, the number of tax returns filed on behalf of S-Corporations is steadily increasing. However, an IRS watchdog organization has recently released...
In addition to the honor and accomplishment of earning an Olympic medal, US athletes also earn an income tax bill. While it's widely accepted that income earned is subject to federal tax, it's not always clear, exactly, what is considered income. Internal Revenue Code...
