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California Sales Tax Nexus

How does a business know if it has a California sales tax nexus? Even though use tax is owed by consumers, RTC section 6203 requires retailers who are “engaged in business in this state” to collect the California use tax owed on their sales to California consumers and remit the tax directly to the CDTFA....
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Does Bankruptcy Extend the IRS Statute of Limitations?

If you have filed a bankruptcy, your IRS statute of limitations may be affected. Most people who are considering bankruptcy are doing so for a fresh start. The IRS also offers the Offer in Compromise as a fresh start for those who qualify. However, what people may not realize is that filing a bankruptcy petition...
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Is Debt Discharge Income Taxable?

Debt exists where you borrow money and are legally obligated to repay a fixed or determinable amount at a future date. You may be personally liable for a debt or may own a property that’s subject to a debt. The IRS audits issues such as debt discharge income. If you have received an IRS audit...
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What is an IRS Audit Reconsideration?

Have you received a notice from the IRS saying your tax return was audited (or the IRS created a return for you) and you owe taxes, and you disagree with the tax the IRS says you owe? The IRS typically mails an audit report (sometimes called an examination report) to you within a few weeks after conducting...
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Are Mortgage Insurance Premiums Deductible?

Generally, home mortgage interest is any interest you pay on a loan secured by your home (main home or a second home). The loan may be a mortgage to buy your home, or a second mortgage. You can’t deduct home mortgage interest unless the following conditions are met. You file Form 1040 or 1040-SR and...
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CDTFA Cannabis Taxation Fundamentals

If you own a business in California that sells cannabis and/or cannabis products, the CDTFA will require your business to register with the CDTFA for a seller’s permit and regularly file sales and use tax returns. In addition to a seller’s permit, the CDTFA requires distributors to register with the CDTFA for a cannabis tax...
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The IRS made it easier to set up a payment plan

The Internal Revenue Service has announced a number of changes designed to help struggling taxpayers impacted by COVID-19 more easily settle their tax debts with the IRS. The IRS assessed its collection activities to see how it could apply relief for taxpayers who owe but are struggling financially because of the pandemic, expanding taxpayer options...
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California Sales Tax Remote Seller

California requires some remote sellers to register with CDTFA and collect and remit sales tax. Moreover, the new use tax collection requirement for a remote seller will apply to taxable sales of tangible personal property to California consumers on and after April 1, 2019, and is not otherwise retroactive. Retailers that exceed the $500,000 sales...
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Form 8300 IRS Penalties

Generally, if you’re in a trade or business and receive more than $10,000 in cash in a single transaction or in related transactions, you must file Form 8300. The Form 8300, Report of Cash Payments Over $10,000 in a Trade or Business, provides valuable information to the Internal Revenue Service and the Financial Crimes Enforcement...
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