IRS CP14 Notice This next series of blogs will provide an understanding of some of the various notices the IRS issues to Taxpayers. First on the list is the IRS Amount Due or IRS CP14 Notice. The notice may also be referred to as a “Notice and Demand.” Many IRS tax cases start with an
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You are the Boss and We Help Bosses – An Employer’s Guide to Payroll Taxes and California EDD Audits
Payroll Taxes and California EDD Audits – Part 3 – Forms to Fill This next installment of our Payroll Tax Blog will discuss the forms an employer must file in California to comply with federal (IRS) and state (EDD) payroll tax obligations. While California EDD Audits are a common challenge faced by businesses, a lack
Frivolous Tax Returns Can Be a Serious Matter
Frivolous Tax Returns The IRS can charge penalties of $5,000 for Frivolous Tax Returns and other Frivolous submissions made to the IRS. The US Tax Court may impose penalties of up to $25,000 when a Taxpayer makes frivolous arguments in Tax Court. A list of some of the frivolous arguments that can lead to penalties
Supreme Court Resolves FBAR Penalty Dispute: Per-Report Basis Confirmed
Introduction to the FBAR Penalty Dispute: In a significant decision, the U.S. Supreme Court recently ruled the penalty for violating the “Report of Foreign Bank and Financial Accounts” (FBAR) rules applies on a per-report basis, rather than a per-account basis. This decision brings clarity to a previously divided area of law, as the Fifth Circuit
California Residency Tax Issues – Mr. Buehler Did Not Get a Day Off
California Residency Tax Issues The recent California Office of Tax Appeals (OTA) decision in the Buehler case highlights some of the California residency tax issues a California resident (or nonresident) may face when they have business interests or property inside and outside of California. Buehler involved a taxpayer who resided in California but held an
Insights from an RJS LAW EDD Audit Attorney
You are the Boss and We Help Bosses – A California Employer’s Guide to Payroll Taxes Insights from an EDD Audit Attorney Part 2 – Trust Fund Recovery Penalties This next installment of or Payroll Tax Blog will discuss Trust Fund Recovery Penalties. Trust Fund Recovery Penalties are penalties assessed against individuals for businesses’ failures
IRS Releases New Collection Financial Standards for 2023
IRS Collection Financial Standards The IRS recently released the new Collection Standards for 2023. The IRS Collection Financial Standards are significant because they often determine what a Taxpayer can “reasonably afford” when a Taxpayer makes a payment arrangement such as an Offer in Compromise, Currently Non-Collectable Status, or an Installment Agreement with the IRS for
An Employer’s Guide to California Payroll Taxes – You are the Boss and We Help Bosses
California Payroll Taxes Part 1 – Are you a Boss? This first installment on our blog series regarding federal and state (EDD) payroll taxes for California employers focuses on whether a business owner is a boss or not. In other words, are the people the business owner contracts with employees for federal employment tax and
Received an IRS Notice of Tax Lien?
Notice of Tax Lien Have you received an IRS Notice of Tax Lien? This is a notice stating a tax lien is about to or already has been placed on your property or other assets. Here is what it means and what you should do next. What?A tax lien is a legal claim against your
Increased Bankruptcy Homestead Exemption Allows More Homeowners To Keep Homes
California Homestead Exemption New Assembly Bill 1885 expands California’s homestead exemption enhancing the benefits of filing a chapter 7 and chapter 13 bankruptcy. This new legislation went into effect January 1, 2021. The idea behind the new bankruptcy California homestead exemption law is to help limit liabilities while protecting homeowners from losing their homes in