Los Angeles California Tax Attorney BlogInternal Revenue Service IRS TAX and United States Tax Court US TAX COURT released information regarding tax fraud related scams using the name of the IRS and US Tax Court.
Economic Stimulus Payments Scam
Los Angleles Tax Problem Attorney – IRS Tax Refund Fraud Targets California IRS Taxpayers
Internal Revenue Service IRS TAX and United States Tax Court US TAX COURT released information regarding tax fraud related scams using the name of the IRS and US Tax Court.
“Taxpayers should take steps to keep their personal information out of the hands of identity thieves,” said IRS Commissioner Doug Shulman. “That includes not falling for any of the phony e-mails or faxes now in circulation pretending to come from the IRS.”
California Business Tax Audit – IRS Tax Audit and Tax Court Avoided By IRS’ Tax Resolution Program
Internal Revenue Service IRS TAX announced that California businesses and associations have until Aug. 31 to submit tax issues to the Internal Revenue Service to be included in the Fall 2008 review in the Industry Issue Resolution (IIR) Program so that these issues could be resolved outside of IRS Tax Audit or the involvment of the United States Tax Court US TAX COURT. This program really does help address many common tax issues and may help California business owners avoid a full blown IRS tax audit which can be costly and time consuming to taxpayers.
IIR is an IRS IRS TAX program to resolve business tax issues common to significant numbers of taxpayers through new and improved guidance. In past years, issues submitted by associations and others representing both small and large business taxpayers, resulted in tax guidance that has affected thousands of taxpayers.
IRS TAX RETURNS FOR CORPORATION AND PARTNERSHIPS REVISIONS AFFECT ASSET PROTECTION AND IRS PAYROLL TAX
The Internal Revenue Service IRS TAX has released for public comment draft revisions to Form 1065, U.S. Return of Partnership Income, Form 1120, U.S. Corporation Income Tax Return, and certain related schedules. Included in the release are new Schedule B for Form 1120 and Schedule C for Form 1065. These forms will be for use for tax years ending on or after Dec. 31, 2008.
“The draft revisions and new forms will increase transparency about the ownership and relationships between entities that make up complex enterprise business structures,” said Frank Y. Ng, Commissioner of the Large and Mid-Size Business Division of IRS. “This will enable IRS to better assess compliance risk.”
IRS TAX AUDIT: US TAX COURT DENIES EXPENSES CLAIMED FOR BUSINESS
Los Angeles Tax Attorney: Internal Revenue Service IRS Tax Audit case.
In a recent IRS Tax Court case, DOUGLAS K. AND GAYLE L. BARRETT, Petitioners v.
COMMISSIONER OF INTERNAL REVENUE SERVICE, Respondent, July 21, 2008,
LOS ANGELES IRS TAX AUDIT GUIDELINE FOR BUSINESS AUTO EXPENSE
Los Angeles Tax Attorney Internal Revenue Service IRS TAX today announced an increase in the optional standard mileage rates for the final six months of 2008. Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
The rate will increase to 58.5 cents a mile for all business miles driven from July 1, 2008, through Dec. 31, 2008. This is an increase of eight (8) cents from the 50.5 cent rate in effect for the first six months of 2008, as set forth in Internal Revenue Procedure 2007-70. IRS TAX AUDIT – Auto Expense Miles
In recognition of recent gasoline price increases, the IRS made this special adjustment for the final months of 2008. The IRS normally updates the mileage rates once a year in the fall for the next calendar year.
IRS Tax levy, Tax Collection, Tax Lien, Foreclosure Debt Foregiveness Rules May Be Amended.
Los Angeles, California – IRS will be improving IRS tax procedures to protect victims of tax-related identity theft and expanding outreach and education to individuals who have lost their homes to foreclosure concerning the “cancellation of debt” tax consequences they face.
IRS Taxpayer Advocate’s office stated that IRS tax procedures concerning the following areas will be reviewed and updated:
1. IRS Collection Practices. IRS collection practices including tax levies, allowable living expense standards, tax installment agreements, IRS offers in compromise, and early intervention techniques have been the recent focus of various tax attorneys who have been concerned with IRS tax collection procedures. There have been many cases in which IRS has resorted to tax levies and seizures before all viable collection alternatives have been exhausted, under-utilization of partial-pay installment agreements, and excessive delays in collection that increase IRS taxpayer delinquency tax problems because of the increase tax interest and tax penalties.
California Tax Problems -Criminal Tax & Fraud
Sacramento woman guilty of grand theft, state tax fraud
On April 3, A Sacramento woman pleaded no contest to one count of grand theft with an enhancement for a theft involving more than $150,000 and three counts of filing false state income tax returns.
Jill L. Platt, 36, pleaded no contest to the charges in a plea agreement. According to court documents, Platt embezzled more than $150,000 from her former employer, a local engineering firm. Platt had access to the company’s credit card and used it from September 2004 to October 2006 for personal items such as food, beverages, and entertainment. Platt also failed to claim the credit card purchases as income on her 2004, 2005, and 2006 state income tax returns. All income is taxable including income from illegal sources.
IRS Tax Free Withdrawal From IRA Retirement Accounts
Los Angeles Tax Attorney – Economic stimulus payments directly deposited into IRAs and other tax-favored accounts may be withdrawn tax-free and penalty-free, the Internal Revenue Service announced today.
This relief is designed to help taxpayers who may have been unaware that by choosing direct deposit for their entire regular tax refund, they were also choosing to have their stimulus payment directly deposited as well. If a taxpayer elected a split refund, however, their stimulus payment will be paid by a paper check.
This relief is available for amounts withdrawn from these tax-favored accounts that are less than or equal to a taxpayer’s directly deposited stimulus payment.
Tax Problem in California? Check to see if you owe taxes.
California Franchise Tax Board lists names of individuals and businesses that owe taxes to the state. Top 250 who owe taxes to California FTB
According to the FTB, there are several notable individuals owe a lot of taxes to FTB.
Among the list are O.J. Simpson, the comedian Sinbad, and Dionne Warwick, who owes over $2.7 million.