Los Angeles California Tax Attorney Blog

January 10, 2012

2012 NEW IRS Voluntary Disclosure Program for Offshore and Foreign Bank Account Holders.

Foreign Bank Account Tax Amnesty Attorney:

Internal Revenue Service IRS introduced new 2012 offshore voluntary disclosure program to encourage IRS taxpayers holding foreign or offshore bank accounts. Previous programs introduced in 2009 and 2011 have been extremely successful for the IRS. Based on the result of the Offshore Voluntary Disclosure Program (OVDP), IRS understands that it is cost effective and time wise to obtain tax compliance through “carrot and stick” framework than “stick” alone.

Althoug past criminal tax investigations focused on the offshore banking problems in Switzerland, future IRS criminal tax investigations will focus on the Asia Pacific regions including China, South Korea, Taiwan, Australia, Japan, Indonesia and Malaysia.

The key component in any voluntary disclosure participation with the IRS has always been early disclosure to IRS before they find out about you.

October 10, 2011

California Sales Tax Audit: Who Needs to Pay California Sales Tax or Use Tax?

by Victor J. Yoo, Attorney at Law

OUT-OF-STATE SELLERS:

DO YOU NEED TO REGISTER WITH CALIFORNIA STATE BOARD OF EQUALIZATION FOR SALES AND USE TAX?

State of California taxes are governed by the following entities:

July 12, 2011

CALIFORNIA SALES TAX: OUT OF STATE SELLERS SALES TAX LIABILITY

by Victor J. Yoo, Attorney at Law

OUT-OF-STATE SELLERS:

DO YOU NEED TO REGISTER WITH CALIFORNIA STATE BOARD OF EQUALIZATION FOR SALES AND USE TAX?

State of California taxes are governed by the following entities:

May 4, 2010

IRS Tax Audit – No Good Deed Goes Unpunished: California Tax Attorney

by ederherrera

California Tax Attorney:

Here is a quick summary of a recent US TAX COURT case against the Internal Revenue Service to challenge the taxpayer’s right to deduct donations to a Catholic Church. The case involves a married couple who got audited by the Internal Revenue Service concerning donations they deducted on their Internal Revenue Service Form 1040 tax return.

Anonymous U.S. Tax Petitioners v. COMMISSIONER OF Internal Revenue Service

April 17, 2010

Tax Problem: Didn’t Pay Your Taxes? Neither Did Pamela Anderson – California Franchise Tax Board(FTB) Releases List of Taxpayers Who Owe Taxes – Los Angeles California Tax Attorney

by Victor J. Yoo, Attorney at Law

Los Angeles Tax Attorney:

California Income Tax – Franchise Tax Board FTB released

its annual list of top 250 California taxayers who haven’t paid their taxes.

April 13, 2010

IRS Charges Penalties for Improper Deduction on Tax Return – IRS Tax Attorney

by Victor J. Yoo, Attorney at Law

Los Angeles Tax Attorney:

Here is a quick summary of a recent US TAX COURT case against the Internal Revenue Service to challenge the taxpayer’s right to deduct tax losses from a “S” Corporation. The tax case involves an attorney who claimed a loss from his incorporated law practice on his individual IRS Form 1040 tax return. IRS charged taxpayer with penalties and interests based on improper tax deduction.

R.WEISBERG et al v. COMMISSIONER OF Internal Revenue Service

February 5, 2010

Tax Lien Release – California Gov Schwarzenegger Terminates IRS Tax Lien

by Victor J. Yoo, Attorney at Law

Los Angeles Tax Attorney:

Last year IRS filed tax lien against California Governator. The IRS tax lien against Schwarzenegger sought $79,000 for taxes or penalties related to informational tax returns pursuant to IRC 6721.

Almost a year later, Schwarznegger got his IRS tax lien released. According to TMZ, tax lien filed against the Governor was released last week.

February 5, 2010

Tax Attorney – IRS Releases Tax Audit and Tax Collection Results for 2009

by Victor J. Yoo, Attorney at Law

Los Angeles Tax Attorney:

Internal Revenue Service IRS

released information on its tax audit and tax collection activity results from 2009. Tax Audit, Tax Collection and Tax Audit Category base on income can be found here .

February 4, 2010

UBS Client Pleads Guilty to IRS Tax Case FBAR – Did Not File Voluntary Disclosure or FBAR

by Victor J. Yoo, Attorney at Law

California Tax Attorney:

Internal Revenue Service IRS catches another tax evader.

Another

February 4, 2010

Foreign Banks Worried About IRS – All Foreign Banks Will Disclose US Taxpayers – Voluntary Disclosure Attorney

by Victor J. Yoo, Attorney at Law

California Tax Attorney:

Last year Democrats Proposed 30% Tax on Foreign Banks that refuse to disclose US Taxpayers as part of continuing efforts by the IRS to quash offshore asset protection and tax evasion strategies conjured up by various financial planners. US Taxpayers with offshore or foreign bank account are required to disclose this information by filing IRS Foreign Bank Account Report.

The Baucus-Rangel bill proposed to impose a thirty percent (30%) withholding tax on income from U.S. financial assets held by a foreign financial institution unless the offshore bank agrees to disclose the identity of any U.S. taxpayers with an account at the foreign bank with additional condition to annually report on the foreign account balance including payments and withdrawals from the foreign bank account.