Entries by Jeff

U.S. Supreme Court Provides Relief From FBAR Penalties – What You Must Know About IRS FBAR Penalty Negotiations

In recent years the IRS has made the Report of Foreign Bank and Financial Accounts (FBAR) penalty enforcement a top priority and this is alarming the taxpayers worldwide. Even in the course of every routine domestic IRS audit, IRS agents are looking for undisclosed foreign bank accounts. This is what happened to Alexandru Bittner, a […]

IRS and FTB providing tax relief for victims of severe winter storms, flooding, and mudslides in California

New announcement extends tax deadlines to October 16, 2023. The IRS announced on January 10, 2023 that California storm victims have until May 15, 2023 to file various federal individual and business tax returns and make tax payments. Subsequently on January 13, 2023 the California Franchise Tax Board (“FTB”) announced that California storm victims also […]

Tax Planning For Businesses – What You Need To Know About Business Meals, Business Travel, And Advertising And Marketing Costs

Under prior law, a taxpayer generally can deduct business-related meal and entertainment expenses paid or incurred in entertaining a client, customer, or employee. The taxpayer had to show that the item was directly related to (or, in certain cases, associated with) the active conduct of the taxpayer’s trade or business.  In such case, a deduction […]

IRS Issues Guidance On Taxability Of State Tax Payments

On February 10, 2023 the IRS announced  the federal tax status involving special payments made by 21 states in 2022.  The IRS has determined that in the interest of sound tax administration and other factors, taxpayers in many states will not need to report these payments on their 2022 tax returns. The IRS stated it […]

IRS and FTB providing tax relief for victims of severe winter storms, flooding, and mudslides in California

The IRS announced on January 10, 2023 that California storm victims now have until May 15, 2023 to file various federal individual and business tax returns and make tax payments. Subsequently on January 13, 2023 the FTB announced that California storm victims also have until May 15, 2023 to file various California individual and business tax […]