The LB&I IRS audit campaigns are a targeted combination of resources and expertise focused upon 13 separate areas. The IRS Large Business & International Group (LB&I) has established the following teams: IRC 48C Energy Credit Campaign - This campaign ensures that only those taxpayers whose advanced energy projects were approved...
More Trouble for the California Board of Equalization
There is more trouble for the California Board of Equalization or BOE on the immediate horizon. The California state agency is responsible for the collection of one-third of all California taxes including sales and use taxes, while carrying responsibility for many property tax issues as well as over 30 other...
Don’t Provide the IRS any more Information than Absolutely Necessary
If we could give one piece of advice to all US taxpayers it would be this: don't provide the IRS any more information than absolutely necessary to complete your tax return and any associated forms or worksheets. If they don't ask for it, don't provide it. If the IRS asks...
IRS Audit Rules for Partnerships Changing
The IRS audit rules for partnerships continues to evolve and change. In the fall of 2015 Congress passed the "Bipartisan Budget Act" that contained changes to the audit process for partnerships that goes into effect January 1, 2017. The old IRS audit rules for partnerships was based primarily upon the...
IRS Targeting Billions from Non-Filers
The IRS announced it has a new automated way to raise a substantial amount of taxes from US taxpayers who fail to file US tax returns. The new announcement from the Treasury Inspector General for Tax Administration says enforcement is aggressively increasing and has new focus at the IRS targeting...
The Future for Independent Contractors in California
There has been an historic change in how employees or independent contractors are classified, especially here in California. California employers with 1099 workers face audits from every direction. The US Department of Labor (DOL) recently added 700 auditors who will be entirely focused upon auditing businesses in search of misclassified...
Status of Banks Reporting Data to the IRS Under FATCA
When does the final onslaught of data to the IRS from banks around the world begin? What is the status of banks reporting data to the IRS under FATCA and when will FBAR and offshore related audits begin in earnest? These are questions tax experts around the world continue to...
IRS to Retire PIN System – How to Protect Your Business Information
The IRS announced plans to retire the automated PIN system for filing returns electronically, due to extensive hacking and compromised personal and business information of more than half a million US taxpayers. Despite its best efforts the IRS has not been able to protect your business information or your personal...
How was the IRS Audit Window Recently Expanded from 3 Years to 6 Years?
How was the IRS audit window recently expanded from 3 years to 6 years? What changes provided the IRS with more power to go back into prior year's returns than ever before? The standard IRS statute of limitations for an IRS audit was considered to be 3 years. The key...