Tax Headlines

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California ~ Personal Income Tax: Interplay of Proposition 30 Rate Increases With Estimated Taxes and Other Issues Discussed

An estimated tax underpayment penalty will not be imposed against taxpayers who underpay their estimated California personal income taxes to the extent that the underpayment was created or increased as a result of the personal income tax rate increases just approved by the voters with the passage of Proposition 30 (TAXDAY, 2012/11/08, S.5 ).

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IRS Stops Billions in Fraudulent Refunds, TIGTA Discovers (Reference Number: 2012-40-119)

More fraudulent returns are being filed but the IRS doing better job at stopping fraud, the Treasury Inspector General for Tax Administration (TIGTA) reported on November 9. “As of April 2012, the IRS prevented the issuance of $6.1 billion in fraudulent refunds,” a TIGTA official told reporters at a news conference in Washington, D.C., highlighting TIGTA’s review of the 2012 filing season. TIGTA also discovered growth in the use of IRS social media.

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