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Taxpayers often need to determine whether their California residency status. A resident is defined as any individual who meets any of the following:• Present in California for other than a temporary or transitory purpose.• Domiciled in California, but outside California for a... Read More

An offer in compromise allows you to settle your tax debt for less than the full amount you owe. It may be a legitimate option if you can’t pay your full tax liability, or doing so creates a financial hardship. Furthermore, the... Read More

Generally, rental activities are passive activities even if you materially participated in them. However, if you qualified as a real estate professional, rental real estate activities in which you materially participated aren’t passive activities. For this purpose, each interest you have in... Read More

IR-2020-220, September 23, 2020 WASHINGTON — During Small Business Week, September 22-24, the Internal Revenue Service wants individuals to consider taking the home office deduction if they qualify. The benefit may allow taxpayers working from home to deduct certain expenses on their tax... Read More

Under the BBA partnership rules, after an IRS audit is completed, the general rule is that an imputed underpayment is imposed on the partnership rather than on the partners. This liability is computed by netting all adjustments and multiplying by highest individual... Read More

IR-2020-203, September 8, 2020 WASHINGTON — Later this month, the Internal Revenue Service will start mailing letters to roughly nine million Americans who typically don’t file federal income tax returns who may be eligible for, but have not registered to claim, an Economic... Read More