Non-Profit Corporate Formation Non-profit organizations provide a wide variety of valuable charitable, educational, and scientific services to people throughout California and the nation. If you are considering forming a non-profit, it is essential to understand the legal and tax implications of how you structure and operate such an organization. It is not simply a matter
Tax Tips
Board of Equalization Audit
The California Board of Equalization (BOE) is tasked to the administration and collection of many non-income tax oriented taxes and fees for the state of California. Because many of these taxes and fees are an important part of the state revenue stream, enforcement of the collection of these fees is an important aspect of the
Independent Contractor Classification Audits Explained
Independent Contractor Classification The classification of workers as an independent contractor is often misused by many small businesses. In order to avoid some of the costs related to having employees, such as payroll taxes, worker’s compensation, unemployment taxes, and employee benefits, some businesses will attempt to classify workers as independent contractors, but often times these
IRS FBAR Requirements Part 2
To read part 1 of this post, click here. Offshore Voluntary Disclosure Program The IRS reopened the Offshore Voluntary Disclosure Program (OVDP) in 2012 after taxpayers continued to express interest after the closure of the program in 2009 and 2011. The Offshore Voluntary Disclosure Program, also known as the Offshore Voluntary Disclosure Initiative, gives taxpayers
FBAR Requirements
Do you need to file a Foreign Bank Account Report (FBAR)?Taxes are confusing, and international tax laws are even more complex. The IRS has been working diligently to create a better system to bring offshore accounts into compliance, and one way they have done this is through FBAR requirements including Offshore Voluntary Disclosure Program (OVDP)/Offshore
IRS Innocent Spouse Relief Rules
IRS Innocent Spouse Rules What is IRS Innocent Spouse Rules? When a married couple files their annual tax returns, both parties are jointly and severally liable for any unpaid taxes. This is based on the premise that a married couple jointly enjoys any income that is created by either of the parties within the marriage.
What are Informational Returns? | IRS Form 1099
Informational Returns 1099 tax forms are some of the most recognizable tax forms to the average taxpayer. These forms are considered informational tax returns because the IRS requires filers of informational returns to provide this information to individuals they have completed potentially taxable transactions with and also to provide this information to the IRS. This
First Time Penalty Abatement Program
The First Time Abatement (FTA) penalty waiver program is a relatively unknown program that allows taxpayers to request a waiver of failure-to-pay (FTP) and failure-to-file (FTF) penalties that have been applied to past due tax obligations. Introduced in 2001, this program allows taxpayers who have run into trouble with their tax obligations to avoid paying
Beware of Most Recent IRS Scam
We have been noticing a high volume of clients calling us claiming someone from the IRS is threatening to serve a warrant for their arrest immediately if they do not pay, and these calls are almost always a part of an elaborate scam targeting taxpayers. CNN Money published an article warning about these suspicious scams,
How the IRS calculates interest
How the IRS calculates interest Filing a tax return on time and paying any taxes due allows you to avoid having to worry about paying any additional penalties and interest the IRS may charge. However, every year there are taxpayers who find that they are unable to pay their tax obligations on time. These taxpayers