Tax Blog and News
California State Board of Equalization Announced that Sales to Mixed Indian/Non-Indian Couples are 100% Exempt from California Sales Taxes Instead of 50% Exempt.
On July 9, 2009, the California State Board of Equalization (“SBE”) announced that it is proposing a change to its position regarding sales to mixed Indian couples. In particular, the SBE’s proposed new position is that sales to married couples (and domestic...
IRS Collection Update — Health Savings Accounts are Subject to Federal Tax Levy
In a recently issued Chief Counsel Advice (CCA 200927019), the IRS stated that it can issue a levy on a taxpayer's health savings account (HSA). What is even more interesting, in such a case, the taxpayer will be liable for a 10% excise tax on an HSA distribution to...
Employment Taxes and the Trust Fund Recovery Penalty (TFRP)
In order to protect payment of withheld income and employment taxes, including social security taxes, railroad retirement taxes, or collected excise taxes, Congress passed a law that provides for the Trust Fund Recovery Penalty (“TFRP”). These taxes are called trust...
Statement from IRS Commissioner Doug Shulman on Offshore Income
March 26, 2009 My goal has always been clear — to get those taxpayers hiding assets offshore back into the system. We recently provided guidance to our examination personnel who are addressing voluntary disclosure requests involving unreported offshore income. We...