The Tax Professionals Blog

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 Preparers (CRTPs) will automatically be issued a Record of Completion if they are registered in good standing with CTEC for the 2014-15 year and have a valid PTIN.

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 an out-of-the-country on-line casino. He was fined for not making an FBAR reporting of his online account and the tax court sided with the government.

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 and modified the “covered opinion rules” thus eliminating the need for those annoying e-mail disclaimers.

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.

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 awarded, with regard to a purchase money trust deed on a dwelling for not more than four families given to a lender to secure repayment of a loan that was used to pay all or part of the purchase price of that dwelling, occupied entirely or in part by the purchaser.