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Posts tagged "tax reporting"

Pass Through Entities Become Focus of New IRS Compliance Campaign

The Internal Revenue Service (IRS) recently launched a new compliance campaign focused on S corporations and shareholder distributions. The three areas of concern include failure to report gain upon the distribution of appreciated property, failure to correctly determine the taxability of a dividend, and the failure to report non-dividend distributions in excess of their stock basis subject to taxation. The IRS will be conducting issue-based examinations and reaching out to stakeholders on this topic. For more information, click here.

IRS Announces New Virtual Currency Compliance Campaign

The Internal Revenue Service (IRS) is going to be taking a closer look at virtual currency transactions in a new compliance campaign focusing on education and guidance efforts about reporting requirements for convertible transactions involving digital currency such as Bitcoin. "Taxpayers with unreported virtual currency transactions are urged to correct their returns as soon as practical," the IRS said in its press release. For more information, click here.

Reality TV Star Pleads Guilty to Federal Tax Crimes

Mike "The Situation" Sorrentino, who formerly appeared on the reality TV series "The Jersey Shore," pleaded guilty to a charge of tax evasion for years in which he concealed a portion of his income to avoid paying the full amount of taxes owed. Sorrentino's brother, Marc, also pleaded guilty to a charge of aiding in the preparation of a fraudulent tax return for underreporting income and providing his tax return preparers with false information.

Do You Claim Losses or Deductions from Your S Corporation? You May Be Audited!

The IRS Large Business and International division (LB&I) is rolling out a series of campaigns focused on specific compliance issues. The division analyzed extensive data as well as suggestions from IRS compliance employees and the tax community to improve large business compliance activities.

Mid-Market Related Party Transactions May Lead to Audit

The IRS Large Business and International division (LB&I) is rolling out a series of campaigns focused on specific compliance issues. The division analyzed extensive data as well as suggestions from IRS compliance employees and the tax community to improve large business compliance activities.

Micro-Captive Insurance Transactions to Come Under IRS Scrutiny

The IRS Large Business and International division (LB&I) is rolling out a series of campaigns focused on specific compliance issues. The division analyzed extensive data as well as suggestions from IRS compliance employees and the tax community to improve large business compliance activities.

Nonresident Aliens with Federal Information Filing Requirements Must Also File in California

The California Franchise Tax Board (FTB) issued Legal Ruling 2017-02 on October 16, 2017, concerning the state filing requirements of certain nonresident aliens with respect to foreign financial assets.

IRS Sting Operation - Private Citizens Foot Bill

A group of private business owners have filed suit in a dispute with the IRS over reimbursement for their involvement in a sting operation to identify people filing fraudulent tax returns. "I think it is unusual for the IRS to use a private business in a sting operation," Betty Williams wrote. "If the plaintiffs are not made whole, this is simply a very sad story." Learn more in the Northern California Record, here.

California's Fast Track to Tax Reform

As of July 1, 2017, California's State Board of Equalization will likely be a thing of the past. Lawmakers voted on June 15th to pass Senate Bill 86, The Taxpayer Transparency and Fairness Act of 2017, which will rapidly create a new Department of Tax and Fee Administration that will fall under the umbrella of the Government Operations Agency and take over all of the Board's non-Constitutional functions from headquarters in Sacramento. The only responsibilities left to the Board will be property tax administration, tax rate setting, and some other minor duties.

IRS Recommended to Get Busy with Employment Tax Crimes

The Treasury Inspector General for Tax Administration (TIGTA) is recommending that the IRS expand the criteria used to refer potential criminal cases for investigation for certain employers that fail to remit payroll taxes to the IRS. TIGTA found that tax noncompliance in employment tax matters is growing, and as of December 2015 the IRS is owed nearly $46 billion in unpaid employment taxes, interest, and penalties.

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