California Franchise Tax Board Offers One-Time Penalty Abatement
By Jaeyoung Lee, Esq. California finally follows the IRS, allowing one-time penalty abatement for certain civil penalties.[1] The Internal Revenue Service offers... Read More
The IRS Isn’t the Only One Out There. Watch Out for California Criminal Tax Investigations, Too
The IRS Isn’t the Only One Out There. Watch Out for California Criminal Tax Investigations, Too By Philip Wolf and Steven L.... Read More
Handling Audits of Delinquent International Information Returns
This article examines strategies for handling an IRS investigation of international returns, and recommends ways to improve audits, foster taxpayer compliance, and... Read More
Blog
IRS Provides Temporary Relief for Taxpayers in Audits and Collections – Certain Activities Continue
On March 25, 2020, the Internal Revenue Service issued a news release announcing the People First Initiative. See IR-2020-59 (03-25-2020). The new... Read More
Blog
District Court Lowers Penalties for Form 3520 Nonfiling to Zero
A recent taxpayer-friendly court decision from New York is worth reviewing for practitioners who handle late-filed Forms 3520, Annual Return to Report... Read More
Blog
Do You Own a Foreign Corporation? IRS Presses Form 5471 Penalties
The San Francisco Bay Area is a focal point for international business. It is common for individuals to start a business, and... Read More
Blog
Key Moves in Difficult Times -Options for Taxpayers Facing Economic Uncertainty
We are in tough economic times. A record number of Americans have filed for unemployment benefits, and business owners are forecasting a... Read More
Blog
Relief for Taxpayers Affected by Coronavirus Disease 2019 (COVID-19) Pandemic
The recent COVID-19 pandemic has already had a significant effect on our personal and professional lives. Between states and localities implementing “shelter-in-place”... Read More
Blog
Congress Passes New Law, Allows Early Distribution from IRAs for COVID-19
A new law allows individuals under the age of 60 to withdraw up to $100,000 from their IRAs without facing an early... Read More
Blog
Avoiding Civil Penalties for Failing to File or Pay
The IRS can assess a penalty for the failure to timely file a tax return on or before the due date, and... Read More
