IRS Operations During the Government Shutdown: What Taxpayers Need to Know

Posted on by Paul Vargas Posted in Tax And Legal FAQs, Tax: Audits, Litigation & Collection
As the federal government shutdown continues, the Internal Revenue Service (IRS) has furloughed a significant portion of its workforce — a move that will impact millions of taxpayers and businesses nationwide. According to Reuters, approximately 34,000 IRS employees — nearly 46% of its workforce — were placed on furlough effective...
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Offer in Compromise – What You NEED to Know

Posted on by Erin Humbles Posted in State & Local Taxation, Tax And Legal FAQs, Tax Planning & Compliance, Tax: Audits, Litigation & Collection
What Is an Offer in Compromise? An Offer in Compromise (OIC) is a formal IRS or state agency application by a taxpayer to satisfy their tax liability for less than the full amount owed. It’s designed for taxpayers who do not have the resources to pay the full tax debt...
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Accountability Plans – Maximize your Tax Deductions, Minimize Your Audit Risks

Posted on by Erin Humbles Posted in Tax: Audits, Litigation & Collection, Audits Litigation and Collection, Law/Legal Practice Areas
How an Accountability Plan can assist you with Tax Deductions like the Home Office Deduction With more people working from home, you may be wondering if and how the home office deduction applies to you. What is the Home Office Deduction? The home office deduction allows qualified taxpayers to deduct...
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IRS Initiatives 2022

Posted on by Erin Humbles Posted in Tax: Audits, Litigation & Collection
Pass-Through Entity Initiatives S-Corporation Distributions S-Corporation Losses Claimed in Excess of Basis Campaign S-Corporations Built-in Gains Tax Sale of Partnership Interest Syndicated Conservation Easement Transactions Tax Cuts and Jobs Act (TCJA) Campaign U.S. Territories Self Employment Tax Virtual Currency High Income Non-filer International Taxation Expatriation of Individuals (International Tax) Forms...
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Preparing for a California Residency Audit

Posted on by Erin Humbles Posted in Tax: Audits, Litigation & Collection, State & Local Taxation
California taxing authorities aggressively pursue state revenue through taxation, and devote a significant amount of their resources to residency audits and litigation. Gilbert Hyatt made history and $90 million when he invented the integrated circuit microprocessor (the computer microchip). Little did he know at the time that he would also...
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Increased IRS Audits and Some Likely Targeted Taxpayer Groups

Posted on by Erin Humbles Posted in Tax: Audits, Litigation & Collection
President Biden recently announced that his administration is seeking $80 billion to beef up IRS enforcement. It is hoped that this move will provide the Administration with $700 billion in additional revenue over the next 10 years—paying for national plans like COVID relief and infrastructure improvement. It is also expected...
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