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Tax Controversies Archives

California judge disallows a 'DAD' tax shelter

Contrary to what may be considered common wisdom, tax law is not set in stone. It is updated on a regular basis as taxpayers and professionals struggle to keep up with it. Likewise, tax shelters are not illegal but can be legitimate ways to mitigate the impact of taxes upon a company's bottom line or on an individual taxpayer's bank account.

Property can be seized for as little as $400 in overdue taxes

There are a number of unpleasant consequences which can occur when someone is behind on their taxes. Two issues can be involved: how much is owed and what entity is owed the taxes. As we have stated in previous posts, it is possible to achieve a compromise or workout with either the Internal Revenue Service or with the state of California.

Overpay for house? Then pay $600,000 in property taxes.

Perhaps if you pay $100 million for your house or estate in Silicon Valley, it doesn't matter to you if you overpaid. According to a real estate assessor, a Russian billionaire paid way too much for his California purchase. The real estate taxes for the property used to be about $300,000 per year but the new owner will pay nearly twice that according to estimates.

June 30 is the deadline for foreign accounts tax reporting

Individual taxpayers in Sacramento no doubt have April 15 locked in their brains. Those who are self-employed also have June 15, Sep. 15 and Jan. 15 in their permanent memory banks. For those who have foreign or offshore bank accounts that earn interest, there is another date of which they should be aware.

Prosecutors drop tax fraud charge against San Francisco man. Why?

In an earlier post, our San Francisco Bay area readers learned about the Internal Revenue Service's increased efforts for compliance regarding earnings in foreign bank accounts. In light of that, why would federal prosecutors drop charges against a San Francisco man?

Internal Revenue Service involved in Oakland raid

Any California history buff will know that it was tax evasion and the Internal Revenue Service that finally put Al Capone behind bars. The IRS was also involved recently in an effort to allegedly shut down a medical marijuana operation in Oakland, California.

Tax controversy for some California filers as April 17 approaches

The vast majority of those in the San Francisco Bay area, who are preparing to file their personal income tax returns on April 17, do so in the belief that they are filing honest and error-free tax returns. Those in the lesbian, gay, bisexual and transgender community including couples in same-sex marriages or registered domestic partnerships, may have questions about just what the IRS code means to them and how they should comply with this ambiguity.

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