November 6, 2020
Section 6751(b)(1) provides that accuracy related penalties imposed by the IRS must have written approval from the immediate supervisor of the IRS employee making the “initial determination” to impose that penalty. But what exactly constitutes the initial determination? Is the initial determination made when the IRS internally decides the assessment of a penalty is appropriate?
Taxpayers filing returns with Section 199A deductions—more likely to incur accuracy-related penalties under Section 6662
November 6, 2020
In 2017 and through the Tax and Jobs Act of 2017, Congress enacted a new section of the Internal Revenue Code that greatly benefits certain business owners. Internal Revenue Code Section 199A provides eligibility to certain taxpayers, to deduct up to 20% of qualified business income (“QBI”) from a domestic business operated as a sole proprietorship, partnership, S corporation, or trust or estate for taxable years, beginning after December 31, 2017.
November 5, 2020
Please join our very own A. Lavar Taylor on Thursday, November 12, 2020 at 12:00 pm for a speaking presentation hosted by The Orange County Bankruptcy Forum. For this Zoom meeting you will learn taxpayer tips and strategies for large and small business owners. We encourage you to register online soon as the event will fill quickly.
November 4, 2020
When the California Franchise Tax Board conducts a state tax audit, the Franchise Tax Board looks to impose an additional tax liability upon the taxpayer. In addition, state tax liabilities may result from piggy-backing federal tax assessments imposed by the Internal Revenue Service. In this article, Rami M. Khoury, Attorney at Law Offices of A. Lavar Taylor, explores why taxpayers should be especially wary of penalties that are often imposed, and that may be able to be reduced or averted, with the right tax counsel.
October 8, 2020
The Financial Crimes Enforcement Network (FinCEN) announced Tuesday that it is extending the deadline for filing FinCEN Form 114, Reports of Foreign Bank and Financial Accounts (the “FBAR”), for all persons located in several natural disaster areas throughout the country, as recently designated by FEMA.
- November 24, 2021 The Art Industry Must Prepare for Congressional Increasing its Regulation of Money Laundering in the Art Market
- November 24, 2021 The United States Code of Federal Regulations Specificity Requirement with Respects to Internal Revenue Service Refund Claims
- November 3, 2021 Inland Empire Chapter of California Society of Tax Consultants - November 17th
- October 1, 2021 Silver Sponsor of the 2021 Annual Meeting of the California Tax Bar and California Tax Policy Conference - November 3rd-5th
- October 1, 2021 NACBA’s Members-Only Workshop - November 30th & December 1st