Tax Audit

Friday, June 9, 2017

I Missed the April Tax Deadline, What Should I Do?


What are the penalties for missing the April tax deadline?

So the April tax deadline came and went, and you failed to file on time.  Now what?  While missing the tax filing deadline can have potentially serious consequences, the good news is that usually you can remedy your failure to file with limited penalties.  Our San Diego, California tax collections lawyers discuss what penalties you could face if you miss the April tax deadline and what to do to remedy your default.


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Monday, March 20, 2017

Tips to Avoid an Audit


What steps can I take to avoid being audited?

The thought of an audit summons fear in any taxpayer.  The reality is that your potential for being audited is slim. With a personnel and funding shortage, the IRS audited just .70% of all individual tax returns in 2016.  Nonetheless, there are certain red flags that will greatly increase your chance of being subjected to a dreaded audit.
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Wednesday, March 15, 2017

Anatomy of a Tax Audit


If you are a business owner, navigating United States tax law can be a formidable task. The collection of rules and regulations which make up the US tax code is almost 4 million words long. In 2011, approximately 1.11% of tax returns were audited. The IRS often recovers billions of dollars in total via audits of large corporations.
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Tuesday, January 17, 2017

Corporate Tax Overhaul Could Have Global Effects


How might changes to the corporate tax code impact my business?

Most Americans are in agreement that the system for taxation of businesses in our country needs revamping.  The United States has one of the highest statutory tax rates for corporations, but collects less money than most other countries.  The current tax code incentivizes businesses to take out loans and move operations to other countries.  Now, with a Republican president, House, and Senate, overhaul of the tax system seems imminent.  Major changes to the tax code could have implications on a national and global scale, as well as an impact on your individual business.


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Monday, October 31, 2016

The Consequences of Not Filing or Paying Your Taxes

What could happen if I don’t file my taxes or pay what I owe?

As the last deadline to e-file your 2015 tax returns rapidly approaches, you may be wondering what will happen if you do not file a return or if you file, but don’t pay your taxes in full.  The following is a look at a few possible scenarios:


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Saturday, October 15, 2016

California’s Fair Pay Act Expected to Influence Federal Legislation

What should California employers know about the California Fair Pay Act?

California took a momentous step forward in achieving equal pay with the passage of the Fair Pay Act.  This law was signed by Governor Jerry Brown in October of 2015 and took effect this past January.  The law requires that employers pay employees of the opposite sex equivalent wages for substantially the same work performed, viewed as a combination of skill, responsibility, and effort, and performed under similar conditions.  California’s Fair Pay Act presents a significant change from the former requirement that all employees receive equal pay for equal work.  Now, employers will need to look beyond job titles to consider what is substantially similar work.


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Tuesday, September 27, 2016

Kiplinger Ranks California as Nation’s Least Tax-Friendly State


Why are taxes so high in California?

Financial and business forecaster Kiplinger has named California as the nation’s least tax-friendly state for the second time in a row.  Kiplinger looked at numerous factors, including sales tax, income tax, gas tax, and alcohol and tobacco tax.  California residents were taxed high in several areas.  While California has a 7.5 percent sales tax, several cities now have additional localized sales tax, which brings the state average in sales tax to 8.


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Tuesday, September 20, 2016

IRS Might Have Six Years to Audit Taxes, Up From Three

What should I do if I am audited by the IRS?

Filing your taxes can be nerve racking.  Even those who file as diligently and accurately as possible may be worried about the potential for being audited due to the many complexities of tax law.  It is helpful to know how long the IRS has to bring an audit so that you can rest easy once this statute of limitations has passed.  Now, however, taxpayers may need to wait even longer because Congress has ruled that the IRS has six years to look back on your taxes in certain cases. 

Six Year Statute of Limitations for Omission of Significant Income

Traditionally, the IRS has three years to audit your filing, but several exceptions exist to give this government agency far longer.


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Saturday, August 20, 2016

Tax Implications In California

Understanding your tax obligations can be a daunting project.  The state of California collects certain taxes based on designated income thresholds.  For example, there may be a six percent tax on earnings between the range of approximately $29,373 and $40,773.


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Monday, August 8, 2016

How can I prevent an electronic audit by the SAT?

Since 2011, companies operating in Mexico have been required to utilize electronic invoices (or e-invoices) in order to document business transactions with the country's tax authority - Servicio de Administración Tributaria or SAT. Then in 2014 tax reforms required the electronic uploading of  accounting records to SAT's website. Now, Mexico is enhancing tax regulations by implementing electronic audits as a means of enhancing revenues.

What is e-invoicing?

Electronic invoicing (or e-invoicing) is a method utilized by trading partners to exchange data such as invoices, purchase orders, debit and credit notes, payment terms and instructions and remittance slips in an integrated electronic format such as EDI or XML, or standard internet-based web forms.

The pending electronic audits should not come as breaking news to entities that have been involved in cross border transactions with businesses in Mexico.


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Wednesday, July 6, 2016

California Sunsets Come With A Price---California Taxes


Many residents of California regularly enjoy the beautiful sunsets often spotted in this popular state.  However, the high California tax rates might not be as beautiful as the state’s breathtaking landscapes.

California tax law can be a very difficult subject to understand.  Between the multitude of information available which relates to franchise, sales, use, income, employment and property tax law, and the variety of boards that are involved, such as the Board of Equalization or the Franchise Tax Board, it can be difficult to decipher what you owe the government.


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