The Tax Professionals Blog
Franchise Tax Board Contacting Business Tax Non...
The Franchise Tax Board (FTB) is sending letters to more than 45,000 California businesses that have not filed their 2012 state income tax returns. Each year FTB reviews more than 5...
Read MoreThe New IRS voluntary Annual Filing Season Prog...
On June 26, 2014, the IRS issued information about its new voluntary Annual Filing Season Program (AFSB). But before you get too excited, you should know that California Registered Tax...
Read MoreAny Gambler's In Your Tax Practice Clientele?
If so, you should take note of a tax court case (Hom (DC CA /6/4/2014)) decision requiring an on-line gambler to file an FBAR for an on-line gaming account with...
Read MoreGood News - You Can Get Rid of Those Annoying E...
The IRS has released (effective 6/12/14) the final Cir 230 Regulations dealing with written advice provided by tax practitioners. As part of the final regulations the IRS has listened to industry comments...
Read MoreSupreme Court Rules Inherited IRAs Not Qualifie...
When petitioners filed for Chapter 7 bankruptcy, they sought to exclude roughly $300,000 in an inherited individual retirement account (IRA) from the bankruptcy estate using the “retirement funds” exemption.
Read MoreIRS Reneges On Prior CA Short Sale Guidance
Background: As you all should know Sec 580b of the California Code of Civil Procedure (CCP) provides that no deficiency shall be owed or collected, and no deficiency judgment shall be...
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