Will you recognize the Form 1099-K when you receive it from one or more third-party marketplace providers this year? A few years ago, the IRS implemented new reporting requirements for many popular peer-to-peer payment apps and providers, online marketplaces, ride-sharing platforms, platforms for craft or customized product producers, and even...
Are There Strategies to Reduce California Tax on Large Taxable Events?
We are often asked "Are there strategies to reduce California tax on large taxable events such as selling shares of stock or settling a lawsuit?" The central answer to this question may come down to residency at the time of the transaction. The nominal tax rate in California is one...
FTB Increases Audit and Collections Capabilities
The FTB's investment in new IT systems is starting to pay off for the California tax agency. The FTB increases audit and collections capabilities thanks to the integration of several IT platforms that allow the agency to collect more information "upstream" that inform FTB agency actions after returns are submitted....
IRS Tax Season Has Officially Begun
The IRS tax season has officially begun, as the Internal Revenue Service began accepting income tax returns for 2015 yesterday. Allen Barron is working with individuals and businesses to prepare and file federal and state tax returns. Remove all of the hassle of working with the IRS, the FTB or...