Valid Reasons for FTB Penalty Abatement As appearing at Spidell's California Minute on 10/9/16   You've been assessed a penalty for the late filing of your return or payment of tax . . . what are your options?  One is to claim that you had "reasonable cause" for the infraction.  Although it is an option, it is an extremely difficult case to make.  In fact, the only reasons that likely work are: taxpayer is seriously ill, taxpayer has died, or taxpayer is the victim of some egregious act over which they had no control, and neither the taxpayer nor their spouse were able to file returns and pay tax. In the attached audio clip (click on photo above to listen), Spidell Publishing's "California Minute" discusses the difficulties of proving reasonable...

(#235) IRS Issues Tangible Property Capitalization Audit Guide

A tool for IRS auditors to identify potential tax issues As posted to the IRS website on 9/14/16   Overview On September 14, 2016, the IRS issued an Audit Techniques Guide (ATG) on the Capitalization of Tangible Property.  The ATG is a tool to assist IRS examiners in identifying potential tax issues.  Examiners are advised to carefully assess risk and apply the law to the facts and circumstances for issues involving the capitalization and dispositions of tangible property. Background The IRS and the Treasury began a project in 2004, to revise the tangible property regulations.  In anticipation of these regulations, many taxpayers changed their method of accounting beginning as early as 1/1/06.  As a result, many of these taxpayers may now be using a method of accounting for tax purposes that...

Search Vehicle Recalls by Vehicle Identification Number (VIN)   The National Highway Traffic Safety Association (NHTSA) now provides a tool to search active vehicle recalls by VIN.  To use this tool, visit www.safercar.gov. Besides the VIN search tool, NHTSA offers additional safety information based on a vehicle's make, model, and model year and not tied to any particular VIN. A search by vehicle make, model, and model year gives you access to information about technical service bulletins, NHTSA investigations, and owner complaints, as well as safety recalls on aftermarket equipment that is often not linked to a particular VIN or even to your vehicle's manufacturer. To search NHTSA's safety information based on your vehicle's make, model, and model year, please go to the Safety Issues section and follow...