Your business records are lost or damaged and now you get selected by IRS for an audit if your income tax returns. Just because you can’t back up all your business expenses with receipts does not mean that you lose deductions. Here is a case of a coin dealer who still prevailed despite his lack […]
On November, 2017 the House of Representatives released the first draft of the Trump Tax Reform Bill (the 2017 Tax Cuts And Jobs Act). With much discussion on the touted benefits of the plan, there has been very little discussion on what is missing. What Does Trump’s Tax Reform Bill Offer To Individuals? Compressed […]
A compilation based on more than 13.4 million documents dated from 1950 to 2016, uncovers a large number of global corporations, government leaders, and prominent people and their use of offshore accounts to avoid taxes or otherwise hide ownership of assets. On November 5, 2017 the International Consortium Of Investigative Journalists released what is now […]
Under the Foreign Account Tax Compliance Act (“FATCA”), foreign banks, insurers and investment funds must send the Internal Revenue Service information about Americans’ and U.S. permanent residents’ offshore accounts worth more than $50,000. Institutions that fail to comply could effectively be frozen out of U.S. markets. The U.S. has entered into intergovernmental Agreements (“IGA’s”) with […]
On June 15, 2017, the California Legislature passed Assembly Bill 102, which transfers nearly all tax administration and appeal functions from the BOE to two new tax departments: the Department Of Tax And Fee Administration (“DTFA”) and the Office Of Tax Appeals (“OTA”). Starting January 1, 2018, California State tax appeals will be heard by […]
Forgot To Include A Deduction? Did Not Pick Up All Your Income? Considerations On Filing An Amended Return If you filed a tax return only to later realize that it was not complete or you did something incorrect, you can correct this by filing a Form 1040X, Amended U.S. Individual Income Tax Return. But before […]
Paul Manafort and Richard Gates, two former top campaign officials for President Donald Trump, have been indicted on 12 counts, according to documents made public on October 30, 2017, making them the first people to be charged in special counsel Robert Mueller’s probe into 2016 foreign election interference. In a 31-page indictment, federal prosecutors alleged […]
The kids should be ready for Halloween but are you ready to take advantage of making this holiday to be tax deductible? Yes your Halloween Candy could be a tax deduction…. You can in fact deduct Halloween candy if you figure out a way to make it business related. The IRS doesn’t say a lot […]
With so many people whose lives were disrupted by the California wildfires, it is welcome relief that the Federal and State Tax Agencies are providing extra time to taxpayers to meet their tax obligations. Internal Revenue Service (“IRS”) The IRS announced that victims of wildfires ravaging parts of California now have until January 31, 2018, […]
The IRS is the world’s largest and most powerful collection agency (and the staggering fact that Congress has allowed them to start outsourcing debt collection to private third parties doesn’t change this). Therefore, if you owe the IRS money, there is nowhere to run and no place to hide. It is only a matter of […]
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