California news

Tax

Crime Watch: May 2, 2013

A federal court in Los Angeles has entered an order permanently barring John Trunzo from preparing federal income tax returns and other tax-related documents for others, the Justice Department announced April 30.
Tax

IRS Summons Wells Fargo for Data on Offshore Accounts

A ruling in a San Francisco federal court on April 29 allows the IRS to seek information on US taxpayers who may have offshore bank accounts in the Caribbean. Judge Thelton E. Henderson authorized the IRS to serve a "John Doe" summons on financial services firm Wells Fargo & Co.
Tax

Crime Watch: April 29, 2013

Masood Chotani, a CPA from Los Angeles, was sentenced April 25 to two years in prison, followed by one year of supervised release, the Justice Department and the IRS announced. Chotani was also ordered to pay $60,705 in restitution to the IRS.
Tax

Crime Watch: April 19, 2013

Former IRS agent-turned-tax preparer Steven Martinez was sentenced April 15 to almost twenty-four years in prison for defrauding clients of more than $11 million and then plotting their murders to prevent them from testifying about the theft.
Practice

Mix of Old and New Comprise 2014 Vault Accounting 50

Vault.com released its 2014 Vault Accounting 50, a ranking of the fifty best accounting firms in the nation to work for. The survey asked more than 7,900 accountants to assess their peer accounting firms on a scale of one to ten based on prestige and quality of life factors.
Tax

UPDATE - Tax Man to MLB: "Take Me Out to the Ball Game!"

Smart tax professionals who are aware of existing reciprocity laws can save professional athletes a bundle in taxes they don't really owe. That's why players have to rely on their tax advisors to know where reciprocity laws exist . . . and get it right.
Tax

Crime Watch: April 12, 2013

The United States has filed a civil injunction lawsuit seeking to shut down Mo' Money Taxes of Memphis, Tennessee. The complaint alleges that the estimated tax loss from fraudulent tax return preparation at Mo' Money Taxes in 2011 exceeds $9 million.
A&A

Former KPMG Partner Scott London Charged with Insider Trading

A former KPMG LLP senior audit partner faces federal criminal and civil charges for his involvement in a web of deceit that included tipping off a friend about upcoming corporate earnings releases and merger announcements.
A&A

KPMG Resigns as Herbalife and Skechers Auditor Over Alleged Insider Trading

KPMG LLP has resigned as auditor at the nutritional products maker Herbalife Ltd. and the footwear retailer Skechers USA Inc. because a senior partner at the accounting firm who was involved with their accounts was being investigated for insider trading.
A&A

KPMG Fires L.A. Partner Over Alleged Insider-Trading Tips

The partner in charge of KPMG's audit practice in Los Angeles was fired immediately after the firm learned late last week of the partner's involvement in providing nonpublic client information to a third party and using the information in stock trades involving several companies.
Tax

Crime Watch: April 4, 2013

A federal jury in Montgomery, Alabama, found James Timothy Turner, also known as Tim Turner, guilty of multiple tax crimes. He faces a potential maximum prison term of 164 years, a maximum potential fine of $2,350,000, and mandatory restitution.
Tax

Online Sales Tax Court Decision Could Set Stage for Supreme Court Showdown

A court ruling last week that upholds a decision to force online retailers to collect New York State sales tax may force a Supreme Court battle or action by Congress to allow states to claim tax revenues they've lost to online purchases.
Tax

Billion $ Tax Bill? No Problem for Zuckerberg

When your income is in the billions, it stands to reason your tax liability will top a billion dollars too. On May 18, 2012, Facebook founder Mark Zuckerberg took his company public, and his income shot to $13 billion . . . with a "b."
Tax

Crime Watch: March 15, 2013

A federal court has permanently barred Crystal Ireland of Detroit, who does business as Master Mind Preparation, from preparing federal tax returns that claim the earned income tax credit. According to the complaint, Ireland fabricated businesses and reported fake business income on her customers' tax returns in order to claim the maximum credit for them.
Tax

Is This the Year for Tax Reform?

Is 2013 shaping up to the year of tax reform? "There are more proposals this year than we have seen in the last five years, and an unprecedented number of major state tax reform proposals," said Harley Duncan, a managing director at KPMG.
Tax

Crime Watch: March 4, 2013

Appearing before US District Judge Margaret M. Morrow, a Los Angeles woman was sentenced February 25 to three years in prison for her role in a scheme whereby she used the identities of others to defraud the federal bankruptcy and tax systems.
Tax

Crime Watch: February 26, 2013

The United States has asked a federal court in Memphis, Tennessee, to permanently bar Ahmed Grant and Lillian Madyun from preparing federal income tax returns for others. The estimated harm to the government is over $2 million for the 2010 tax year alone, and may be as high as $5 million.
Tax

Battle of the Governors: Low Taxes vs. High Tans

The battle of words between two governors sounds a little like a schoolboy exchange. Texas Governor Rick Perry seems to be thumbing his nose at California Governor Jerry Brown. Brown is clearly annoyed, yet responding as if Perry is more of a mosquito than a threat.
Tax

IRS Intensifies National Crackdown on Identity Theft

Continuing a year-long enforcement push against refund fraud and identity theft, the IRS announced the results of a massive national sweep targeting identity theft suspects in thirty-two states and Puerto Rico, involving 215 cities.
Practice

PMB Helin Donovan Continues on Fast Track with Latest Merger

PMB Helin Donovan LLP (PMB) is on an aggressive growth track, most recently merging with a San Francisco Bay Area CPA firm, BBR LLP. This is PMB's third significant merger in the past two years and is its largest.

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