California Going After Tax-Evaders
We have discussed the federal government’s efforts to track down tax-evaders many times before, but the IRS isn’t the only tax agency looking to crack down on those who don’t pay their fair share of taxes. The California Franchise Tax Board is in the middle of a five-and-a-half-year effort to automatically find and identify noncompliant taxpayers. Judging by the returns so far, their plan is working.
According to reports, the modernization of the Board’s IT system is finding a lot of tax money owed to the state of California much quicker that expected. Since July 2011, when the project began, the system has already identified and collected $1 billion in tax revenue owed to the state.
Overall, the project, which is called the Enterprise Data to revenue Project (EDR), is expected to garner an additional $4.7 billion in tax revenue for the state through 2015. The gains don’t stop there, however. The new system is also expected to earn California an additional $1 billion in extra tax revenue every year after that.
According to an EDR spokesperson the majority of the money already collected comes from those whom the state considers to be noncompliant taxpayers, which consist of both individuals and businesses. With the tax gap in California estimated to be about $10 billion between what people owe and what they actually pay the early returns from the new system might just be the tip of the iceberg.
If you’re worried that the state considers you noncompliant then you should contact GROCO today for help with your tax planning and tax returns. Click here to contact us or call us at 1-877-CPA-2006.
We hope you found this article about “California Going After Tax-Evaders” helpful.
If you have questions or need expert tax or family office advice that’s refreshingly objective (we never sell investments), please contact us or visit our Family office page or our website at www.GROCO.com. Unfortunately, we no longer give advice to other tax professionals gratis.
To receive our free newsletter, contact us here.
Subscribe our YouTube Channel for more updates.
Alan Olsen, is the Host of the American Dreams Show and the Managing Partner of GROCO.com. GROCO is a premier family office and tax advisory firm located in the San Francisco Bay area serving clients all over the world.
Alan L. Olsen, CPA, Wikipedia Bio
GROCO.com is a proud sponsor of The American Dreams Show.
The American Dreams show was the brainchild of Alan Olsen, CPA, MBA. It was originally created to fill a specific need; often inexperienced entrepreneurs lacked basic information about raising capital and how to successfully start a business.
Alan sincerely wanted to respond to the many requests from aspiring entrepreneurs asking for the information and introductions they needed. But he had to find a way to help in which his venture capital clients and friends would not mind.
The American Dreams show became the solution, first as a radio show and now with YouTube videos as well. Always respectful of interview guest’s time, he’s able to give access to individuals information and inspiration previously inaccessible to the first-time entrepreneurs who need it most.
They can listen to venture capitalists and successful business people explain first-hand, how they got to where they are, how to start a company, how to overcome challenges, how they see the future evolving, opportunities, work-life balance and so much more..
American Dreams discusses many topics from some of the world’s most successful individuals about their secrets to life’s success. Topics from guest have included:
Creating purpose in life / Building a foundation for their life / Solving problems / Finding fulfillment through philanthropy and service / Becoming self-reliant / Enhancing effective leadership / Balancing family and work…
MyPaths.com (Also sponsored by GROCO) provides free access to content and world-class entrepreneurs, influencers and thought leaders’ personal success stories. To help you find your path in life to true, sustainable success & happiness. It’s mission statement:
In an increasingly complex and difficult world, we hope to help you find your personal path in life and build a strong foundation by learning how others found success and happiness. True and sustainable success and happiness are different for each one of us but possible, often despite significant challenges.
Our mission at MyPaths.com is to provide resources and firsthand accounts of how others found their paths in life, so you can do the same.
Which Startups to Keep an Eye on in 2017
Which Startups to Keep an Eye on in 2017 Pindrop (Atlanta, Georgia) Listening closely and you might hear about Pindrop. This company offers fraud protection and an authentication tool that is already being used by three of the top four banks. Pindrop’s service can even detect when someone is trying to steal your identity via…
Use Your Hobby to Make Some Extra Cash
Photography Many people love photography, and many people are very good at it. This is one hobby that a lot of people have turned into an extra source of income. With so many websites that sell photos, you can make some extra money if you know how to get an image just right. Dog…
Which College Majors Will Lead to Satisfying Careers?
Which College Majors Will Lead to Satisfying Careers? Medical Laboratory Science About 97 percent of people who work in this field find their job meaningful, even though the median pay is only about $61,500. Although you might not get rich pursuing a degree in medical laboratory science, you will likely find your career to be…
Top 10 States With the Highest Taxes
Top 10 States With the Highest Taxes No one enjoys paying taxes and just about everyone feels like they pay too much. However, there are definitely some people that pay more than others, like the nation’s top 1 percent of earners for example. However, when it comes to high tax rates, how much you earn…