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California residents may agree that dealing with the IRS can be a pain, but this feeling is mainly due to the hassle of extra paperwork, lengthy processing and pesky audits. There are some groups, however, who feel that the IRS is infringing upon their legal...
A recent issue of California Taxletter reminds taxpayers that Franchise Tax Board (FTB) Settlement agreements will be voided if the taxpayer fails to pay as agreed.The FTB is responsible for the administration and collection of California franchise and income taxes....
California businesses should be cautious about how they classify their workers. Whether a worker ought to be classified as an independent contractor or an employee can be a tricky business that is carefully scrutinized by the IRS during audits. It is explicitly stated...
Although just a few months into a program that allows the FTB to obtain information from banks and other financial institutions to find assets and collect on delinquent debts from California taxpayers, the FTB estimates that it will increase the amount of levies...
Our readers in the Sacramento area may be interested in a recent survey regarding tax deficiencies. (For those who don't know, the IRS will send a notice of deficiency if the amount reported by a taxpayer is less than the amount the IRS determines is owed.) The Public...
On June 5, 2012, the Internal Revenue Service (IRS) marked the third anniversary of its tax preparer initiative. The IRS also took the opportunity to renew its call for tax preparers to take and pass a new competency test as soon as possible.Prior to the IRS Return...
Virginian Hopkins, a waitress in downtown Cleveland, looks forward to receiving her IRS tax refund every year. This year, her expected refund of over $700 was supposed to go toward much needed car repairs. Much to her surprise, her refund check was nearly half a...
No one likes the idea of being audited by the IRS, but the reality is that many taxpayers will face this uncomfortable and sometimes tricky process. Audits may be as simple as a review, or as complicated as delving into previous tax years, item by item. While audits...
Readers in the Sacramento area may have seen reports regarding the tax issues surrounding Eduardo Saverin. Saverin is a co-founder of social media powerhouse Facebook, and the tax controversy stems from his renouncing his U.S. citizenship shortly before Facebook's...
The Internal Revenue Service (IRS) recently announced, under release IR-2012-53, that they will expand their "Fresh Start" initiative by offering more flexible terms in their Offer in Compromise (OIC) program. An OIC is one method a taxpayer can use to settle his IRS...
