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IR-2021-59, March 17, 2021 The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS... Read More

The Internal Revenue Service (IRS) is aware that “virtual currency” may be used to pay for goods or services, or held for investment. Moreover, many taxpayers are unaware of the rules of taxation of crypto currency. Virtual currency is defined as a... Read More

The United States Tax Court is established as a court of record under Article I of the Constitution by section 7441 of the Internal Revenue Code. The Tax Court’s jurisdiction is generally prescribed by Internal Revenue Code section 7442, but specific grants... Read More

If the CDTFA is auditing your business’s sales tax returns, you may need to become familiar with the CDTFA’s mark up test. Taxpayers often ask how to prepare for an audit. A CDTFA tax auditor is concerned primarily in ascertaining whether the... Read More

If you use part of your home for business, you may be able to deduct expenses for the business use of your home. The home office deduction is available for homeowners and renters, and applies to all types of homes. If you use... Read More

Any purchaser who buys a business or a stock of goods and fails to withhold a sufficient amount of the purchase price to clear the account of the seller, or who fails to obtain a clearance, may be liable for the seller’s... Read More