Tax Blog and News
California Board of Equalization NOTICE TO APPEAR Letter (BOE-420-R) — What you need to know if you received this letter
In 2008, the California State Board of Equalization initiated a program to increase prosecution of violations California Revenue and Tax Code section 6071 (engaging in a sales business without a valid California seller’s permit). If you received BOE-420-R Letter,...
California State Board of Equalization is Increasing Criminal Prosecutions. What You Need to Know If You Received a BOE-1246-B Letter, FINAL NOTICE BEFORE PROSECUTION
On May 13, 2008, the Chief Counsel of the State Board of Equalization issued its legal opinion supporting the Board's program to pursue criminal violations of Revenue and Tax Code Section 6071 (engaging in a sales business without a valid California seller's permit)...
New Development in Offshore Tax Enforcement — UBS and Justice Department Agree on Major Issues
The United States government has been pressing UBS AG, one of the Switzerland’s largest banks, to release the names of a reported 52,000 wealthy Americans with accounts at the bank. Federal authorities suspect that some U.S. taxpayers may be using accounts at UBS to...
UBS Client Pleads Guilty to Filing False Tax Returns for Failure to Report Swiss Bank Accounts
Offshore Tax Evasion by UBS Client
California State Board of Equalization will Accept IOUs for Payment of Sales Taxes
The California State Board of Equalization (“SBE”) announced on July 21, 2009, that it will accept California State issued registered warrents, or IOUs, as payment of taxes from certain vendors doing business with the State of California.
California State Board of Equalization Announced that Sales to Mixed Indian/Non-Indian Couples are 100% Exempt from California Sales Taxes Instead of 50% Exempt.
On July 9, 2009, the California State Board of Equalization (“SBE”) announced that it is proposing a change to it’s position regarding sales to mixed Indian couples. In particular, the SBE’s proposed new position is that sales to married couples (and domestic partnerships) which consist of both an Indian spouse and an non-Indian spouse will now be considered 100% exempt from sales tax if they otherwise meet exempt requirements.
IRS Collection Update — Health Savings Accounts are Subject to Federal Tax Levy
In a recently issued Chief Counsel Advice (CCA 200927019), the IRS stated that it can issue a levy on a taxpayer's health savings account (HSA). What is even more interesting, in such a case, the taxpayer will be liable for a 10% excise tax on an HSA distribution to...
Employment Taxes and the Trust Fund Recovery Penalty (TFRP)
In order to protect payment of withheld income and employment taxes, including social security taxes, railroad retirement taxes, or collected excise taxes, Congress passed a law that provides for the Trust Fund Recovery Penalty (“TFRP”). These taxes are called trust...
Statement from IRS Commissioner Doug Shulman on Offshore Income
March 26, 2009 My goal has always been clear — to get those taxpayers hiding assets offshore back into the system. We recently provided guidance to our examination personnel who are addressing voluntary disclosure requests involving unreported offshore income. We...