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RECENT BLOG POSTS
Taxpayers should dispute their old IRS back taxes that have expired. Tax agencies only have a period of time by law to collect an owed tax. This is known as the Collection Statute Expiration Date (CSED). The IRS CSED is 10 years. There are certain instances that will toll an IRS CSED. Tolling mea...
05/24/2021
The California Franchise Tax Board (FTB) statute of limitations on collection action are worse than the Internal Revenue Service (IRS). The Franchise Tax Board (FTB) can collect an unpaid tax liability for up to 20 years after the date the latest tax liability becomes due and payable for that tax...
05/23/2021
It may be a good time to file your IRS Offer in Compromise (OIC) to settle your tax debt. This was my take away after attending a presentation by Erin Collins, the National Taxpayer Advocate (NTA). https://www.taxpayeradvocate.irs.gov/about-us/our-leadership/ Erin Collins' assessment after readin...
05/16/2021
The tax filing deadline for individuals filing Form 1040 with the IRS is May 17. Taxpayers should file by this date to avoid Failure to File (FTF) penalties which can be substantial. If they end up owing taxes, a Failure to Pay (FTP) penalty can be assessed if taxes are not paid by May 17. Even i...
05/15/2021
The Franchise Tax Board of California has created a new notice to inform taxpayers about the Power of Attorney representing them on file with the agency. FTB 3912 will be received by the taxpayer alerting them to the person who has the authority with the Franchise Tax Board to represent them in: ...
05/08/2021
Happy Cinco de Mayo! A federal court in the Northern District of California entered an order today authorizing the IRS to serve a John Doe summons on another cryptocurrency exchange today. The IRS is seeking information about US taxpayers that have engaged in cryptocurrency transactions in recent...
05/05/2021
The IRS has recently provided guidance on how to report unemployment compensation in a community property state when not filing jointly. This is mainly for married filing separately spouses. The new exclusion for unemployment compensation was a hot topic that has finally been put to rest.Q4. I'm ...
05/02/2021
The Franchise Tax Board of California (FTB) has suspended collection action related to their Interagency Intercept Collection (IIC) Program as a response to the pandemic. State tax refunds will not be seized to pay for outstanding taxpayer debts related to things like parking citations, tolls, fe...
05/01/2021
The IRS' $250,000 payment plan has been increased substantially according to reports from tax practitioners. It is now old and the IRS is allowing taxpayers with much higher tax debts to enter into a payment plan with no documentation required. How high? $1,000,000. They quadrupled the $250,000 t...
04/26/2021
The IRS issued a John Doe summons in US District Court on Circle Internet Financial Inc. requesting information on the identities of US taxpayers engaged in cyptocurrency transactions of at least $20,000 between 2016-2020. Cryptocurrency transactions have been used to conduct transactions that ar...
04/24/2021
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