Tax News August 2010

Offer in Compromise

The Offer in Compromise (OIC) Program offers taxpayers who do not have, and will not have in the foreseeable future, the money, assets, or means to pay their tax liability in full.  / more+

Statutes of Limitations on Assessments and Refunds/Credits Following Federal Action

This is the third in a series of four articles on Statutes of Limitations (SOLs) relating to California tax law.  / more+

Erroneous Underpayment Penalties Issued

Unfortunately, our systems did not allow the $500/$250 tax liability prior year exception for a 2009 tax year return reporting an AGI equal to or greater than $1,000,000 ($500,000 for married/RDP filing separately).   / more+

Register for the IRS Nationwide Tax Forums

Join tax professionals from across the country for three days of the latest tax law information, hands-on workshops, networking opportunities, and exhibits of the latest tax products and financial services to improve your business.  / more+

No Change to Interest Rates

The adjusted interest rate has been determined for the period January 1, 2011, through June 30, 2011.  / more+

2009 Head of Household (HOH) Audit Letters

The first mailing of HOH Audit Letters for tax year 2009 began at the end of July.  / more+

Small Business

New Jobs Credit Still Available

There is still time for qualified businesses to claim the New Jobs Credit. California allocated $400 million for this tax credit.  / more+

Ask the Advocate

Did We Deny Your Client’s Child Care Credit?

Make sure your client provides a street address on Form 3506, Child and Dependent Care Expenses Credit, in order to receive the child care credit.  / more+

Inside FTB

Take a look at the changes happening here at FTB.  / more+

Criminal Corner

Our monthly summary on bringing tax criminals to justice, and closing the tax gap one case at a time.  / more+

Big Business

Suspension and Revivor 101 – Part 1

In a four part series of articles, we will cover why a corporation or LLC is suspended, how to revive your corporation or LLC, penalties associated with suspension, contract voidability, and how to apply for relief of contract voidability.  / more+