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Was an IRS Penalty Correctly Imposed Against You or Your Client?
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.
Battening Down the Tax Hatches for the Coming Economic Storm:
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.
California Franchise Tax Board Penalties 101
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.
FinCEN Extends FBAR Deadline for Persons Affected By Recent Natural Disasters
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.
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Recent Posts
- October 15, 2024 Michael Romero and Jinsoo Lee, Attorneys at Taylor Nelson Amitrano LLP, Invited to Participate in the October 2024 California Lawyers Association Sacramento Delegation
- October 14, 2024 AI for All? Proposal for an IRS Data Integrity and Ethics Lab.
- October 1, 2024 Taylor Nelson Amitrano LLP Attorney Dennis Nguyen Of Counsel, Presented at the American Bar Association’s Virtual 2024 Fall Meeting
- September 30, 2024 Taylor Nelson Amitrano LLP’s Senior Counsel, Robert Russell, Presenting at the Beverly Hills Bar Association Panel
- September 9, 2024 Taylor Nelson Amitrano LLP’s Senior Counsel, Robert Russell, Presenting at the 2024 IRS Nationwide Tax Forum